The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-19
The Passing of DepeW.

If one may judge by the tone OF the
eastern financial press, and the attitude
of publications of influence towards
him, the indications are that the genial
Depew has lost his grip and is fast
sliding away from his former position
in the money world. The latest fea-
ture is the plain statement of jour-
nal of high standing that, in fairness
to thousands concerned, Mr.. Depew
should resign from his position on the
board of the New York. Central rail-
road.
This is the severest slap of all. The
mixup Of Depew with the Equitable
affair, and the showing of the use OF
influence for personal advantage and
against the interests Of the society was
bad enough; still there was a stencil
about the whole Equitable matter, men
of great prominence financially had had
their regulations blasted by the disclo-
sures, and perhaps, after all, Depew,
in the general display Of financial mas
special condemnation. But the sugges-
ton that he should sever his connec
ton with the New York Central inter-
ests is a body blow. Depew has stood
for the Vanderbilts for many years,
and the Vandervilts made him. He
has been looked upon by thou
sands Of railroad students of rail-
road economics and railroad man
nagement as the indispensable man.
To have it suggested, then, that the
would long ago have done better with
out him; that, in fact, instead Of being
the wonderful help to the road that
he has generally been supposed to be,
he has become as barnacle that
should be scraped off, is to strike at
the heart of all that has made Depew.
It is to destroy the idea Of great
ability that clings around the reputa-
tion Of the man and leave only the
shallowness of the joker and creator
of after-dinner amusement. It is to
take away substance and leave what
in the street language of the day is
known as "hot air. ~
Nevertheless, it is a fact that within
the past five years the New York Cen
trail, great railroad that it is, has not
held it's own, nor have the Vanderbilts
held their own relatively, in the railroad
world. The reasons for it are many.
The old Vanderbilts are gone and the
later generation gives moro time to
amusement than to business, and while
the present head Of the family appears
Ito have inherited no small share of the
ability Of his progenitors, there is a
lack of that aggressiveness that char.
acterized the founders of the name. But
this is only one reason. Principally, if
we may believe good authority, the evi:
dences Of dry rot in the Central s man
agement are the result of what is called
HDepewism.' just what constitutes
HDepewism it would be difficult tc
explain in brief, but it is said, for in
stance, that the free list of the New
4 York Central is astonishing in, length;
that to exchange passes over the road
for theater tickets and like favors has
been the practice, and that, in fact, any
one who knew Chauncey could get any
, thing he wanted, and anyone who die
not, found it hard to get anything. This
is just one little illustration Of Depew
ism. It means the running of great
corporation by joker.
Today the Vanderbilts do not contro
New York Central as they once did
There is a powerful element in it know
as the Stillman- Rockefeller crowd, {
group Of men without spark Of senti
ment, interested not in Jokes or after
: dinner speeches, but in the running q
the road as road should be run.
This is the element that may pu
Depew out if he does not brace up
little, and it may be that the Equitabl
scandal will be the starting point of tn,
& Depew decline.
The London Outlook brings the new
$ that Mr.. Root resigned from the cabine