The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-11
lNGAl[
TIA OUT J.
VIII Retire From Presid encysof ches-.
apsak e and ! d! /! Ohio . il,
. an UGCEss0R No KNOWN N ], n !,
Will. However, Remain the Head of
the Big I1ou,-N r. = gals Tells OF 5iEs
sE svhat:Hc Has Done toN1ake the sssz.
81 O, 81 %. "a Great Road. s.ss.


President N. E. 3Nngalls viii retire from
the presidency of the Chesapeake and
Ohio but will remain the head of the Big
Four. The following is taken from the
Cincinnati Enquirer, ich pa PER pr.r'ts
/. IL as u special from New York. s$$s
M. E.slngalis. Is out Of the Chesapeake
and Ohio Railway. That he would sever yer
his connection with that great iron thor
oughfare has been the gossip in some 1rA2
railroad circles, and has been limited at
pointedly and otherwise in newspape ar
ticles. 1t was not settled ...sio wever,S ur-a
til to-day that he would step down ana i
out as the president Of the road. The ln-
terests inE,lhe road of himself and his
friends have been disposed of to Others
and his retirement as president followed
AS to this retirement, Mr.. ingalls,. be-
leved that no man could serve two mas
ters-that is could serve as president oil
the Big Four and as president Of the
Chesapeake and Ohio, which roads Will
now be Of divided ,iEterests-Without$ be-.
ing continually at war with himself or at
least making a great deal OF trouble for
himself. Therefore llis resignation as
president of the Chesapeake and Ohio
was to-day rendered to the managing.
powers of the new interests in that road
and by them accepted. The resignation
does not go into effect at once
WILL BE SOME TINE. - 81, s
AS might be imagined some. time. will
hayeSto elapse before Mr.. ingalls, can
SO arrange affairs Of the Chesapeake and
Ohio which have so 2long. been Entrusted
to his keeping, so as to permit or ms
turning that trust over to another. But ' /.
that he will start in at once to soEshapei
| M r= a. n rive his successor
is fact. 49,
When Mr. ingalls,, came to New York:
| a few days ago. he was not altogether
prepared for the big turn that ha $3.50
Cured in connection With the affairs OF
the Chesapeake and Ohio Railroad. He
had believed that there had been consldt--55
cradle buying Of the stock of that COM
pany, but that the buying had reached
the extent it had was not known to him
or his friends They found that interests
in other roads had quietly absorbed, or
! at least they so held, stock sufficient to
dictate terms.
Then it was that the ingalls, crowd lis
tened to a proposition to dispose of their
interests. A big price was named for
their holding. 1t was accepted and the
deal was closed. signed, sealed, and the
stock delivered to-day. AT the same time
the money was paid over and Mr.. Ingalls,
and his friends now have the wealth in
their possession Just what sum was
! paid over is secret. All agree, however,
that it was a good. big price.
WILL RETIRE.
! s"T shall retire from the presidency of
the Chesapeake and Ohio railroad" said
Mr. ingalls, 10 the Enquirer correspond
ent this evening at the Waldorf-Astoria
! Hotel. This was after the meeting at
! which the finishing, touches had been put
! to the transactions by which the control
of the Chesapeake and Ohio had passed
| into the hands OF others. This is de-
| termined upon to-day. he added u mo-
ment later.
HAS controlling interests in the Chesa-
peake and Ohio road actually passed in
TO the hands: of persons other than
| those who have had control III the paSt?''1
! was asked.
Yes said Mr.. ingalls,, they have.
The stock has been turned over and we
| have all got our money in our pockets. AT
| least, 1 hope they have. I know I have
| mine. And we were paid a good big
| round price, too, for our holdings a
good. big price, musingly added Mr..
ingalls,.
| .SYho are the parties to the purchaser"
| was asked.
Philadelphia interests might say
| chiefly Pennsylvania railroad interests :.
| said Mr.. ingalls,. and combination OF
various New York interests
To a question as to what these. New
I York interests comprised Mr.. ingalls, said
| that he was not prepared to state 9th.
ers however, who should be in position to
know. claim that the New Workers in the
combination are. those who within the past
few months have been directing matters
In connection with the inside managerial
| affairs of the Baltimore and Ohio and the
| Pennsylvania roads.
isn't there something suddenszin this
rather radical change in connection with
the Chesapeake and Ohio?" was asked.
"Oh, have known for some time that
! there was something going on said Mr..
Ingalls, The stock was on the market,
and they: simply bought it. Any one
| could have done the same: thing. It was
! on the market to be sold and they bought
it."
| There has been a great deal said in
| print about purchases of G. and o: stock
that We're to be made" was remarked.
| Yes, said Mr. ingalls,, "and ] have nc
doubt that they were being made right
along: The Chesapeake and Ohio was a
! thorn; i'll the side OF other ttroush-line
1 people It's success has been phenomc-
y a7F~1,.