The Life And Work of Sir William Van Horne

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No date was named. The story was cabled to the world's financial centres. The stock markets immediately responded, Canadian Pacific dropping several points in London and New York. Confidence was restored by a denial that he was about to resign. But plans were being made for his retirement, and he w r as discussing with his directors the steps to be taken to strengthen the organization.
A Holiday In California 261 "I have enough/' he wrote to a friend, "for my wants and those of my family, and j
...ust as soon as I can be re- lieved of the duties I owe to others in the Canadian Pacific and a few other things, I wish to retire from business entirely. " At a meeting of the board on June 12, 1899, Van Home resigned the presidency, and Shaughnessy reigned in his stead. As chairman of the board and a member of the executive committee he had no admin- istrative duties, but he retained his office in the com- pany's headquarters and told his friends, "I shall still hang about the old stand. " Various holiday plans, however, took shape in his mind.

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