The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-31
Mr.. DEPEW WILL RETIRE
:. IL. CALLAWAY TO BE PRESIDENT
OF THE NEW YORK CENTRAL.
Other Important Changes on the VAN
derbiIt ,system-Earnings of p, c.,
c. & St. l.. Lines for February.

President Depew, of the New York Cen
trail, yesterday auth ,rized the following
statement: ITO carry out the policy of
greater unity of administration in the Van
derbilt system, the following adjustment of
the management will ne made after the an
nual election of the New York Central &
Hudson River Railroad Company, which
occurs on the 10Th of April Chauncey M.
Depew will retire from the presidency of
the New York Central & Hudson River
Railroad Company and become chairman
of the board of directors of the New York
Central & Hudson River, the Lake Shore
the New York, Chicago & st. Louis and the
Michigan Central railroads. s. r. Galloway
will succeed Mr. Depew as president of the
New York Central e. Hudson River Com
pany; Mr.. Ledyard will remain president
of the Michigan Central. The presidents of
the Lake Shore and of the New York Chi
cago & st. Louis have not yet been chosen.
Cornelius Vanderbilt, in retiring from the
craftsmanship of the New York Central &
III dson River Company and the Michigan
Central Company and VIM. K. Vanderbilt
II. retiring from the craftsmanship of the
Like Shore and Of -he New York Chicago
& st. Louis companies, will remain in the
directories and continue their interest in the
property with which their names have been
Sc long identified, and in which they have
such large Investments
The Associated Press is authorized to say
with reference to the foregoing statement
that the Vanderbilt system heretofore has
been handicapped in competition with lines
which run through under one management
between New York and Chicago, like the
Pennsylvania, the Erie and the Baltimore &
MT.
Shore. the Michigan Central and the Nickel
plate had no other union than a controlling
ownership in the stock by the same peonle
Officially they had no connection with each
other except that Cornelius Vanderbilt be-
ING the chairman of the board of directors
OF the New York Central and the Michigan
Central, and William x Vanderbilt of the
LAKE Shore and Nickel-plate boards the
harmonious and cordial relations of the two
brothers Was Il bond of union BY this
change the Messrs. Vanderbilt retire from
these chairmanships. though they remain
IN the. different directories and continue
their full and active interest in the prop
city. Mr.. Depew, by becoming the chair
man of the board of directors of
tach OF these separate roads, unites
tnS office in one person instead of
two. Through him occupying this position
- secured a unity of admlnistra ton and
operation in all that relates to the general
me several lines. The Lake Shore. the
Mlchlgan Central and the Nickel-pate will
nave and maintain the same connections
Trey have always had. because they. have
ali OF them done great deal of business
with mes other than the New York Cen
trai, but the New York Central is placed
ON an equality in the traffic associations
and in the competition for through business
with the lines which run through under one
I9lttol between New York and Chicago, The
ldea is one that has been contemplated for
many years without, however, the time ever
having arrived until recently when it could
be practically put in operation II has AL
ways been felt that such union would in
ure to the benefit OF the Vanderbilt svs-
TEN, OF Its patrons and of the public 1t
strengthens III the general traffic of the
country the position of New York's great
road, which lies wholly within the State
and will benefit the State and the city. III
also gives the strength which always comes
from harmonious administration both 10
general and local business, to the lines west
OF Chicago.
For Mr.. Depew. after thirty odd wears
of service. ii is regarded as distinct pro
motion and a recognition of his ability and
wisdom. The Messrs. Vanderbilt. by put
ting Mr.. Depew in the official position
which they have occupied so long in their
own practical way, effect the unity of adj
ministration which they sought. 1t is be-
lieved that this policy will add greatly to
the efficiency of the system in lis service
to the public. 1t does away with the fric-
lions which have frequently arisen between
the presidents OF the several lines because
the chairman of the several boards of direc-
tors VIII be the arbiter through whom must
necessarily come a settlement of any diff
ferences that may arise In conversation
Mr.. Depew said that the Messrs. Vanderbilt
felt that Z they should die the relations
which heretofore existed between the sev-
eral roads might be broken up by antag-
onistic interests, impairIng the value of the
large Investments which they had in those
properties.
Mr.. Depew's services with the Vanderbilt
system began with his appointment i'm lSif
as attorney for the Harlem Railroad His
duties were soon extended TO The Hudson
River road. and he was elected director
In the New York Central IN 1874 In 1888 he
was elected second vice president and gen
eral counsel of the New York Central. He
was elected president OF the same road in
1855. and has held the office ever since. In
the interval beginning in 1856 he was elected
a director In al the Vanderbilt lines. These