Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-11-24
STARTLING RESfGNATtOEs.
General Manager DeFunlak, Of
the l.. and NJ, aud Assist
ant Breed.
LOuisville Commercial.


ant Breed.
Louisville Commercial.
There was a genuine startling sen
sation in railroad circles yesterday,
which succeeded in focusing all the
rumors that had been leading up to
the facts for several weeks. The
sensation was the announcement
quietly OF the resignation of General
Manager Fred. DeFuniak, OF the
Louisville and Nashville railroad sys
tenn, aud Of the Assistant General
Manager and Purchasing Agent, Mr..
q. Q. Breed. The rumors were in
regard to the management of the road,
and the charge that the road was
travelling rapidly toward the goal
OF receivership. 1t was stated
10 well informed circles that
Mr. DeFuniak's resignation was
caused by unwillingness to
identify himself with the condition
OF the corporation and its alleged i'm.
proper management. In these circles
1t was said that the action of the
directory at the recent meeting in
bonding Sl2,O00,000 of floating debt
had caused the greatest dissatisfaction
to the holders Of stock, and that it was
recognized that the condition of the
road had been going from bad to worse
ever since. The stock quoted at 20
two or three months ago, closed YES
terday at 49i. The 70 election of
President Baldwin and the old direc
tory was said to have been considered
necessary under the circumstances as
an experiment to tide the road over
a difficult crisis. 1t has been
rumored for some weeks that the
management was engaged in discus
sions with the stockholders, and
the new issue OF bonds had been
placed with great difficulty; that the
management had been threatened with
an injunction to prevent its issue, and
that the taking Of the immense cor
poration into court upon an application
to appoint a receiver had only been
prevented by extraordinary efforts of
the New York managers. The facts
in the case are given this morning as
nearly as they could be obtained yes
terday, Mr.. DeFuniak's resignation
will take effect January !.
COLONEL D'FUNIAK TALKS.
Mr.. DeFuniak was found at his res
idenoe. He laughed as be invited the
reporter to an easy chair.
You have come to find out about
my resignation. haven't you?"
The reporter cheeFlully pleaded |
guilty to the soft impeachment.
well, all there is about it is that
| have resigned"
When did you send in your resig
nation2"
"a few days ego, but it don't take
effect till the lst Of January"
why did you resign2"
=" have been thinking Of doing 50
for some two or three months. / am
President Of the Pensacola and Allan
ticsnd wish to devote all my energies
tothat. After l get through there |
may 60 to Europe l don t know. That
is the only definite plan for the future
which have formed-to take charge
Of the Pensacola and Atlantic"
but has Mr.. Breed resigned also9"
HE has. His resignation as pur
casing agent goes into effect the same
day that mine does He will cease to
be assistant general manager"
1T looks rather strange that you |
and Mr. Breed should both resign at
the same time; was there no concert
between you2 Were you both inau-
enced by the present condition Of tho |
roadli - "
II don't know what Mr.. Breeds
reasons were. There was no concert
between US, aud my only reason was
that wished to devote more of my
time to the business Of my own road.
Il shall say, then, that you were
perfectly satisfied with the present
condition and management of the
Louisville and Nashville, and this has
no influence on you vhatever2'
mo, sir. don't say anything about
that" interrupted Mr.. DeFuuiak,
quickly and earnestly; don mention
the condition of the road; Just say [ |
left to give more attention to the |
Pensacols and Atlantic
ibid you and President Baldwin |
have any falling nutY'
mo, sir; | w..l leave without the |
least harsh feelings toward any gen
tleman connected with the L. and N"
Who will your successor be2"
II hardly know, but think that
Vice President Smith will. "
And who viii succeed Mr.. Breed2'
THE same gentleman"
THAT will put q great deal of work
on one man won itl"
Mr.. DeFuniak smiled and said he
thought it would.
"Will Mr.. Smith become purchas.
ing agent, too2"
II suppose he will, but don't
know positively"