The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-12-18
DEPEW OUSTED.
Bond SpecuIator J. PierpOnt
Morgan Practically Fires Out
Chauncey DepeW, President Of
the New York Central,
PUTTING In HIS PLACE
A Friend of His Own In Samuel
Spencer,
Now President of the Southern
Railway.
BRITISHERS OWN 1T.
s8O,OOO,OOO of the Stock Of
New York Central
n. 0,--,o4 a.. ErronnanS Whom
Vow President of the Southern
Railway.
BRITISHERS OWN 1T.
S3O,OOO,0OO Of the Stock Of
New York Central
rs Owned By Europeans Whom
Morgan Represents.

New York. Dec 1S--It is reported IN
wan street, on what is believed TO be
excellent authority, that President
Samuel Spencer. of the southern 1Aal4-
way company has been CHOSEN Ao slss
ceed Dr. Chauncey NJ DepeW as pEeSl-
dent of the New York Central railway.
md that the change Will probably take
place at an early day
Whether on not A1r Spencer VIII re
sign the presidency Of the Southern is
not known. and some Of those who are
watching the trend OF events say lIley
think they cam now understand why
MIR. Spencer has appointed Mr.. Frank
S. Cannon. his prolege in the railway
business. to be third vice president ana
general manager of the Southern; that
III means that the latter and many oth-
er great railway companies are to be
brought into closer and more harmoni-
Gus relations than ever before
As the story goes, Mr.. y Plerpont
Morgan, who has long been largely in
terested in the New York Central, and
whose predecessor. the firm Of Drexel
Morgan & Co. was for many years the
banker for old Commodore Vanderbilt
and his son. the late William Ell. an
derbiIt finds himself in q position
where he can name the occupant of the
presidency of the New York Central,
and as the representative of his own
house and the vast European interests
of which he is the trustee he had de
Cided to name AIr. Samuel Spencer, who
has been his personal representative in
all his great railway transactions for
nearly nine years past. Mr.. Spencer
is regarded as one OF the most remark
able men in the country lie is a di-
rector in railroads from the Atlantic to
the Pacific and ne is thoroughly famil-
lar with the affairs Of every one Of
them
DR.. Depew. when asked concerning
the report that Mr.. Morgan has sue
ceeded, or was about to succeed, the
Nanderbilts in the control of the New
Y YOrk Central replied. THE Wander
bilts have not had a controlling inter
est in the New York Central stock
since 1880. When William H Vanderbilt
sold $50 600 900 in stock to English buy
ers. represented by the Morgan house.
Ar. w H. Vanderbilt thought that the
ownership of a majority of the shares
of the company by one person or fam
ily would be to the detriment of the
property. Though the public used and
profted hy the railroad, it would be
more likely to complain of one than
many owners Tt was therefore,
deemed advisable to diffuse the own
ership among many persons, and there
are now 1900 stockholders, persons of
every condition of life, of course. and
the usual number of widows and or
phans. To return to Mr. Morgan. he
came into the board with Cyrus Field,
whom he nominated in 1880, when the
English sale of shares was made. Mr..
Norgan's house continued to represent
the English shareholders.
DR.. Depew said the Nanderbilts were
aud it could easily be seen why it was
to the interest of all the stockholders
than the Nanderbilts should remain JIM
Contr0l. They controlled the lines east
and west that fed the Central If the
business of those railroads were divert
Depew said, it would be greatly to the
injury Of the Central.