Savannah morning news. [volume] (Savannah) 1868-1887, 1882-06-07
LOUISVILLE AND NASHVILLE,
M~. Albert Fink Declines the Presi-
dency Of the ROad-He Prefers to
Remain In the Trunk LINE Pool.
Mem York World. Sd.


Mr. Fink, the Pool Commissioner of the
trunk line roads, yesterday declined FORM
ally and finally the Droffered Presidency of
the Louisville and Nashville system. The
position was offered MIN six weeks ago, not a
great while after the Louisville and Nashville
stock had dropped from above par to 81 and
soon after the company had obtained relief
from an embarrassing financial situation by
means Of the placing of 10000 900 Of trust
bonds secured by over $25, 900, 0O0 of miscel-
laneous securities that were otherwise
unavailable. The fall In stock was
precipitated directly by an exposure
of the existence of a heavy floating indebt-
edness, and the proceeds of the trust bonds
were used In part TO tide over this trouble,
If not to wash it away. The fact that there
was such great foating Indebtedness, and
again, the fact that there was such great
stock OF unmarketable securities, were gen
orally referred to the policy that the man
agement had been pursuing for some wears,
and the very integrity of the company
had come to be questioned. That policy
had been apparently to extend the
rival could be checkmated, and the value
and earning power of the acquired lines
seemed to be a secondary and trif1ing con-
sideration: The company shouldered heavy
obligations on account OF every new pur-
chase, and then 1t went on to assume a new
liability on the pledge of the added prop
perty. Even the stock Of the Louisville
aud Nashville Company was doubled, and
dividends have been regularly paid, notwith-
standing the accumulation of floating in
debtedness and the difficulty in disposing
OF the various securities of the component
roada.
When Mr.. Fink was offered the Presi-
dency It was regarded In Wall street as q
confession that the management of the
as,vra - InNz Aa1 ~
perty into such difficulties that It required
the services of one of the ablest OF railroad
men to restore it to a healthy condition.
And as Mr.. Fink was known to be an uni
formlY successful railroad man and one who
would not leopard his reputation by taking
hold Of doubtful enterprise, his decision
was awaited as an experts verdict
on the value of the property; This way
of regarding 1t was probably the
cause Of the Tumor current some time ago
that he had agreed to accept the Presidency
on condition that two dividends should be
passed In order to strengthen the hands of
the company In the management of its seat
tered enterprises The rumor has been
semi officially denied. a broker said yes
terdsv: "l5 was doubtless untrue but, IL it
was a weed, It must, In view of Mr., Fipkis
declination, have been raey OF the soil.u
Mr.. Fink's letter declining the position
was received by President Baldwin, yester- |
day morningeand was as follows:
New YORK. June /. 1868.
G. c. Bdldt0in, Esq, Presiden. EouSsVjiae and |
NdshviHe RgilrQGG2 No. 50 WaH Street:
My DAAR STR-I have not been able before |
this to give final answer to the proposition OF
yourself and the directory of your road 10 ac- |
cept the Presidency Of your company, from /
which you desire to retire In case of my ac- |
ceptance.
The delay has not been from any fault oc |
mine, and l regret it the more es sla now |
compelled to decline 10 ACCEPT the position. It /
Is thought BY the management Of the railroads |
with which / am now connected that the sew |
erance OF my connection, with the worE or, !
hand at this time, would seriously embarTass /
its progress and do not feel that oughtko /
take any steps that would have that effect |
II were only to consider my own personal |
feelings would have gladly accepted Q posi- !
ton which would bring ro bask Ia work
with which haya Deen connected from itS |
in9anQy. and upon which have spent the best /
years OF my life. The reflection, however that
you and other friends have overvalued the
seavces which you expect me 20 ranGfss
lessons the regret which Y teal at HAVING "a /
disappoint yog bT declining the position.
The practical management Of your road Ia In
the hands OF able officers, and have no doubt
that they viii reach the best possible results
in the future as they have in the past. Yoiirs
truly, = ALERT FINK,