Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-01-04
MAN OF MANY DU TIES
President James McCrea to Re-
Iinquish Several Berths.
PENNSY TAKES HIS TIME
Will Leave Directorates of N. and W.
and B. and O. Railroads.
PROMINENT PART FOR FRICK
Will Resign From Three Reading
Boards to Go on Others-Wood
for First Vice President.
PROMINENT PART FOR FRICK

PHILADELPHIA. January 4.-lmportant
changes in the directorates of several east
ern trunk lines are to be made following
the election of James McCrea to the presi-
dency Of the Pennsylvania Railroad Com
pany, and the seating of Henry c. Frick
on the board of directors of that corpora
ton.
President McCrea is to resign from d.
rectorates of the Norfolk and Western and
the Baltimore and Ohio. Mr.. Prick is to
leave the directorates of the Reading COM
pany. the Philadelphia and Reading Rail
road Company and the Philadelphia and
Reading Coal and Iron Company. He will
retain his membership on the board of the
Norfolk and Western. representing his own
interests as well those of the Pennsyl-
vania railroad although it is probable that
a director of one of the PENNSYLVANIA COM
panes will get the place to be vacated by
Mr.. McCrea and so officially represent the
companys holdings.
Mr.. McCrea, president of the Penn
Sylvania railroad. will take the place on the
board of the New York. New Haven and
Hartford which Mr. Cassatt occupied. The
will be necessary If the Pennsylvania
president is to be in direct touch with the
management of the New York. New Haven
and Hartford. which is to form part of
the link in the proposed all-rail line con-
Meeting Boston, Chicago and ST Louis.
The reason assigned for the resignation
of President McCrea from the dIrectorates
of the Norfolk and Western and the Balti-
more and Ohio is the many additional Off
cial duties he will have to perform in con-
nection with his own company. These
will so occupy his time. it is said, that it
will be impossible for him to look after
business of the other companies.
Dates Of Railroad Meetings.
The Norfolk and Western board will meet
either on January % in this city or in New
York January "a. At that time, 1t is
derstood, Mr.. McCrea's resignation will be
presented and accepted. 1t is probable that
Henry Tatnall, fifth vice president, will be
chosen to succeed Mr.. McCrea. First Vice
President Green and Third Vice President
Rea the other representatives of the
Pennsylvania railroad upon this board
Fourth Vice President Thayer resigned as
a director when the Pennsylvania Company
recently disposed of a large part of its
stock holdings in the Norfolk and Western.
1t is probable that a special meeting of
the Baltimore and Ohio directors will be
called to act upon Mr.. McCrea's resignation
from that company This board usually
meets in New York, and call may be is
sued within few days. The Pennsylvania
representatives on this board, in addition to
dents Green and Rea. 1t is probable that
Mr.. Tatnall will succeed Mr. McCrea in this
position, or the place may go to ]. J. Tur-
ner, second vice president of the Pennsyl-
wanna lines west of PittSburg.
Tricks Resignation.
Mr.. Prick will resign from the three
Reading boards SO that no legal complica-
tions may arise in connection with his po-
sition director of the Pennsylvania rail-
]
financial interest. 1t is believed that he
has already disposed of his Reading stocks
to a syndicate associated with the First
National Bank of New York. In fact, a
large part of his holdings was sold some
time ago in anticipation of an early cleo
ton to the Pennsylvania board
The constitution of the state of PennSyl-
vania contains a clause which, according
to the Interpretation of counsel for the
Reading and Pennsylvania railroads. might
have embarrassed Mr.. Frick had he desired
to remain on the boards of both corpora
lions. The law cited is contained in section
4, article II. 1t reads:
"t Nor shall any officer of such rail-
road or canal corporation act as officer
of any other railroad or canal corporation
owning or having the control of a parallel
or competing line and the question whether
railroads or canais are parallel or COM
petIng lines, when demanded by the party
complainant shall be decided by a jury,
in civil issues
This section, it is declared, prevents Mr..
Prick holding places the Reading and
Pennsylvania boards, as they compete for
business in many instances. The section
removes from further consideration Edward
T. Stotesbury of Drexel & Co. a proba
be successor to Mr.. McCrea as a stock
| holders director of the Pennsylvania road.
Mr.. Stotesbury Is a director in the three
Reading companies, and also in the Lehigh
Valley board, another competitor of the
Pennsylvania road.
Wood for Vice President.
Officers of the Pennsylvania and Reading
roads would not deny yesterday that Mr..
Frick had already presented his resigna
ton for action of the Reading directorates
when they convene at the Reading Terminal
| on Wednesday. January 16. Charles E In
gersol director of the Grard Trust Com
pany ard other financial institutions and a
| large individual holder of Reading stock, is
| those boards.
There is a growing impression that Joseph
Wood, second vice president of the Pennsyl-
vanla lines west of Pittsburg, will be made
| first vice president of that system. succeed
| ing Mr. McCrea. 1t is also reported that
| Mr. Wood will probably be made a stock
| holders director of the Pennsylvania road,
| to take Mr.. McCrea'S seat. so that he can
| represent the Pennsylvania Company, a
| corporation controlled by the railroad COM
pany There is much speculation to this
| pace however, and 1t may be that Mr.