New-York tribune., 1900-01-09
M. E. INGALLS, WILL RETIRE
SOON TO GIVE UP ACTIVE RAILROAD
WORK-THE GENERAL RAIL
WAY SITUATION

William K. Vanderbilt was at the Grand Cen
trail Station yesterday in consultation with
Chauncey NJ. Depew, Samuel R. Galloway,
president Of the New York Central; NJ. E. In
gals, president Of the Chesapeake and Ohio and
also Of the Big Four. and other railroad men.
The meeting of the directors of the Big Four
was the cause OF the gathering. At this meet
ing semi-annual dividend of " per cent upon
the common stock of the company was declared.
This is the first dividend upon the common
stock that has been declared in years, and the
statement showed remarkable earnings and
good surplus after paying the dividend.
1t is generally well known that recently Van
derbilt interests, always powerful in the Big
Four and Chesapeake and Ohio have been
buying large blocks of stock in these two rail
ways, and that Vanderbilt interests domi-
nate the two properties. Some sweeping changes
are said to be under consideration. The retire
melt of NJ. Z. Ingalls, as presidents of both Of
the roads is SAID to be decided upon and, in
deed, Mr.. ingalls, confirmed this himself yester-
day in the course of conversation. The Chesa-
peake and Ohio has always been a disturber of
traffic, and the recent purchases of stock in the
property are said to have been for the purpose
of getting the road into strong hands so that
it can be operated in harmony with the other
roads Whether not there will be an actual
merger of the Chesapeake and Ohio with the Big
Four the Baltimore and Ohio any other road
remains to be seen, but such a merger is not
looked for just at present
1t is generally understood that in the near
future the Big Four will be operated part
of the Lake Shore, and that means, of course,
part of the New York Central, and the Chesa-
peake and Ohio will be directed in policy by the
Pennsylvania. A meeting will be held soon for
the purpose Of reOrganizng the Board of Di-
rectors of the Lake Erie and Western, which
has been taken over by the Lake Shore. Will
lam H Newman, president of the Lake Shore
will be elected president. William K. Wander
bllt' II: Mckay Twombly and }. Plerpont Nor
gan will enter the directorate 1t Is said.
For long time The Tribune has indicated
that NJ. z. Ingalls,, president Of the Chesapeake
and Ohio and also of the Big Four likely to
retire from his executive positions. Mr.. ingalls,
has always been regarded a Morgan man.
and never especially Vanderbilt man, although
the head of the Big -Four, nominally Van
derbilt property. Now that the Vanderbilt IN
terests have become dominant in these two
properties The Tribune has pointed out they
would. Mr.. ingalls, is going to retire When
seen at the Grand Central Station yesterday
he said: Il do not expect to remain In active
railroad service much longer. 1 have worked
hard and now 1 want a rest I shall withdraw
from the prestdences of the Big Four and OF the
Chesapeake and Ohio just as soon as 1t Is possible
without any injury or inconvenience 10 lhe III
terests I represent.
There were no developments yesterday in
the railroad situation IN NeW-bngI gIana. 5 l. ere
grams received here from Boston YESTERDAY
quoted Lucius Tuttle, president OF the Boston
and Maine, emphatcally denying tnat van @
derbilt interests in any way controlled that
property. Despite this denial 1t is beleved that
the Vanderbilts through their American EX-
nress Company are g strong factor In TINS
property and may in time acquire It,
Another important r9fisoad .meetng was, Was neat t
yesterday afternoon at the WaldorT-As.oIiS' a. a.
which the same interests were represented as
at the previous meeting held on FRIDAY Iast:
As already told in The Tribune, j. Plerpont
Morgan has sold out the controlling interest
which he held in the Chesapeake and ONO Tal1 Kan1
road to the Vanderbilt and PennsylVana @ allIeu
interests This purchase was made IN pufsu-
ance of the general policy of a HARMONIOUS
ownership of all the trunk lines east OF tne
mississippi River in the near future, ana uIt-
matelv of all the trunk lines in the country
When this plan is carried out IN us entlTetS, &
there is no intention however, or placing tnese
various roads under one management, pOt
rather that there shall be complete harmony
in both freight and passenger traffic through
ont and that the roads running IN cerIdih
territory shall be under one ownership.