The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-07-05
MANAGER wALDRoN,s TROUBLES.
The Directors Leave Him to Paddle His
Own Canoe.

The Directors Leave Him to Paddle His
Own Canoe.
The friends of E. H. Wadron, general man
ager of the Lake Erie & Western road, have
rather sympathized with him from the day he
accepted the position, more especially from the
time the road was taken out of the hands of a
receiver and operated on it's own merits, as it
has been well understood that this road,
to do business, it must be car
ried at cut rates, at least a large
per cent. of it, This remark will apply equally
to both passenger and freigat traffic. and 1t costs
just as much to haul trains carrying property or
persons at a non-paying as at a paying rate;
hence the revenue derived therefrom is largely
reduced, and really it is rather surprise to rail-
road men posted as regards the business of the
road and the rates which have ruled that Mana
ger Waldron has done as we'll as he has Manager
Waldron talked quite plain to a reporter of the
Lafayette Courier as to the condition of the road
and his reasons for resigning. a portion Of which
that the combination of trunk lines to break
down interior lines, the conveying Of products
to Chicago and other lake ports and shipping
them by water through to Europe or by rail to
New York, had left but little for the interior
lines to do. For the past six months, he said,
the road had done practically nothing owing to
the above cause ana the poor and meagre crops
of last season. added to the fact that the farmers
had been holding on tight to what
resignation, Mr.. WaldroD said his position as
general manager of the Lake Erie d Western
road mad not been a pleasant one, owing TO the
fact that the road had never been in the condl
ton it should be, and the various lines ineorpo-
rated from time to time into the system being
badly built or run down, and their connections
unsatisfactory. Since January, 1880, he had
spent 100000 in improvements; had built
twenty miles of switches, and purchased ten
new engines. This year he bought 5000 tons of
steel rails; he had kept the management Only
and fully informed of his transactions, and had
met uniformly with their approval, although
they had uniformly failed to provide for the in
terest falling due each quarter despite his earn
est solicitation. They had left him to worry
| through the problem, ard heretofore he had been
able to do SO, but it had cost him much trouble
and anxiety and had prompted him more than
| once to send in his resignation. At the
| last meeting of the directors he plainly stated
that If the interest not provided for the
quarter ending July 31st, he would resign. The
income of the road had gone to make the
necessary repairs ana purchases. which would
not have been necessitated had the money on
the first mortgage bonds been rightly expended.
The directors in view of the fact that he had al
| ways managed TO pull through, paid no attention
to his threat of resignation, and the time for the
\ $95, 900 quarterly interest rapidly maturing,
with no provision to meet the same having been
made he carried out his deferred intention. Mr..
WaldrOn alleges that the directors Of the road,
with one two exceptions, had no material in
uerest in its success or failure that at the last
| meeting several sent out proxies with lnstruc-
lions to enter one share OF stock to their credit
having unloaded ali their other stock, retaininc
| but the one share each in order to retain their
| nDsi tiOuS