Evening star., 1896-12-16
M AY SUCCEED DEPEW
Samuel Spencer Slated for the Presidency
of the Central.
Said q" lie Mr. rierPont Norsan's DE.
sire - News Reported Todn,
From Wall Street.

dispatch from New York received here
today states that II is reported In Wall
street. on what is believed to he excellent
authority. that President Samuel Spencer
OF the Southern Railway Company has been
chosen to succeed DIR. Chauncey Dep.w as
president of the New York Central Rail
road Company. and that the change will
probably take place at an early day
Whether or not Mr. Spencer VIII resign the
presidency of the Southern IS rot known
and some of those who are watching the
trend OF events say they think they ,an
now understand why MIR Spencer has APP
pointed Mr.. Frank :. Cannon his protcge
In the railway business. to be third vice
president and general manager of the
southern; that IL means that the latter and
many other great railway companies are to
he brought into closer and more harmoni-
Gus relations than ever before.
As the story goes. MIR. J. Pierpont Nor
gan. who has long been largely interested
in the New York Central. and whose pre,le-
cessor. the firm of Drexel. Morgan a Co,
was for many years the banker for old
Commodore Vanderbilt and his son. the late
William III. Vanderbilt. finds himself in a
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 has decided TO name
Nj. Samuel Spencer. who has been his per
sonal representative In all his great railway
transactions for nearly nine years past
Mr.. Spencer is regarded one OF the
most remarkable men in the country He
is director i'm railroads from the Atlantic
to the Pacific and he is thoroughly familiar
with the affairs OF every one of them.
Mr.. Depew Indeantte.
A private dispatch from New York states
that Mr.. Depew. when asked concerning
the report that Mr. Morgan had succeeded
or was about to succeed. the Nanderblts
in the control of the New York Central, re-
Piled
The yanderbilts have not had a con-
trolling interest In the New York Central
stock since 1SS,. when William IA. Wander
hilt sold SbWUWO I'm stock to English buy
ers, represented by the Morgan house
MIR. W. II. Vanderbilt thought that the
ownership OF majority OF the shares Of
the company by one person or family would
be to the detriment of the property. Though
the public used and profited by the railroad
1t would be more likely to complain of ono
than many owners. 1t was deemed adyfs-
able to diffuse the ownership among many
ers, persons of every condition of life of
course, and the usual number of widows
and orphans.
TO return to Mr.. Morgan. he came in
10 the board with Cyrus Field, whom he
nominated in 1889. when the English sale
or shares was made. Mr.. Morgan's house
continued to represent the English share
holders. His advice in the management has
oeeli ihVaiuabie. He is a great upholder of
credit, and his relations with other roads
and with the banking world make his coun-
sci invaluable, just as the Nanderhilts are
invaluable with their knowledge of rail-
road management. Mr.. Morgan's relations
with the Eanderbflts and with the comDsny
are up to this minute precisely what they
have been for a long time and the cordial
cooper ation Will continue to exist