The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-14
LEHIGFS NEW PRESIDENT.
ALFRED WALTER CHOSEN TO sUC-
DEED II. p. WILBUR.

ALFRED WALTER CHOSEN TO BUC-
DEED n. p. WILBUR.
tho Railroad Passes Int the
Control OF tho Morgan nnterests-NTr. Will
bur Remains ss n Director-The New Presi-
dents Career In Actual Railroad work.
PHILADELPHIA, July l3.-Tho Board of Di.
rectors of the Lehigh Valley Railroad Com.
pany held their meeting to-day. accepted tho
resignation of Il. P. Wilbur as President. and
elected In his stoad Mr.. Alfred Walter. Edward
I. Stotesbury Of this city and G. II. Coster of
New York we're elected to the directorate. Ru-
mors Of these changes have been current In
financial circles ever since the deal was made
with J. p. Morgan & Co. and Drexel g. Co. in
March last. The transaction at that time gave
the banking interests n voice in the manage
ment. and 1t was taken as a matter of course
then that Mr.. Morgan would substitute off,
Gals Of his own choosing when the proper timo
arrived.
In its wider scope to-day's changes may have
material bearing upon the future of the coal
trade. and 1t is also presumed that there will be
closer relations with the Reading Company than
ever before. Important traffic changes with
other limos will probably follow In tho policy Of
tho new management to-day.
When the board met at noon the President Of
tho company, Mr.. +. p. Wilbur, said that It
had long been his desire, on account Of his other
largo interests and trusts. TO be relieved Of the
active charge OF Lchigh Valley affairs; and that
at various times no had 30 announced to members
OF the board. as also at the time Of the re-
cent negotiations with Messrs. Drexel C Co. and
Messrs. J. r. Morgan * Co.. who had promised
that they would endeavor at the earliest posi-
bic moment TO give effect to his wishes. He ex-
pressed the opinion that the time had now como
when he could consistently place his resignation
as President before the Board Of Directors. He
said, Furthermore, that the now interests In the
property had expressed n strong desire that he
ready 80 to do.
A resolution commencing Mr.. wilbur's de.
and the resignation was accepted. The resigna-
tons of Messrs. William l. ConynEham. Charles
T. Tho ske eomp pna ao %sTe IL ao M ! as an. DiTef Mss.r Of
Edward +. istotesbury. Of Philadeiphi n' 'snd
he Ii io S1stef the OF f Se% Yo PEe, SsTS elected Mrt lyt To-
bur, was also elected a, member Of the
board. Tho two new members of the board.
q philadelphia and j. +. Morgan & 90. Of New
tive Of the new elements which have acquired
eontr9l Of the property: The Finance Commit;
w. to l RSx SS%P =. sto Tss fSSrf chaTis. Il 4it GSs.
ter, +. 7. Wilbur. and Joseph Wharton:
bo mr. IN %1 bIo & th9 p e y. e os Get! PS E iss1t' T Tis
railroad eXpsrience has been: July IL, 1872. to
June !, 1874. rodman Engineer Corps and as
%sistant engineer Allegheny, Valley Railroad;
visor Pennsylvania Railroad; MAY l, 1875. to
May l, 1878. supervisor Northern Central Rail
way; May l. 1878. to Doc. ]. 1881, assistant en-
gineer Northern Central and Baltimore and Po-
assistant Engineer motive power department,
Pennsylvania Railroad; Oct. l, 1882. to Aug. l,
1889. superintendent Sunbury Division. Penn
sylvenia Railroad, and Shamokin, Division.
Northern Central Railway. at S%unbury. Pa;
tendent Baltimore and Ohio lines east OF Ohio
River; March !, 1892, to Dec. l, 1894, general
manager New York. Lake Erie and Western
Railroad.
Shortly after his resignation from the Erie in
1894, MI. Walter undertook the management Of
the large coal estate OF Coke Brothers. and his
administration there has been 80 successful as to
attract general attention. In connection with
the management Of their coal estate. he has also
rights over the Lehigh Valley Railroad. Tho
Presidency of the Lehigh Valley Railroad Com
pany Is n difficult place to I'LL, because 1t COM
bines not only railroad management, but also
It is understood that when the New York,
Lake Erie and Western Railroad was reor.
ganized in 1898 he was offered a Vice Presi-
dsncy In that company. but this position he de-
clined. The requirement Of the Iehigh Valley
makes 1t possible for the Morgan interests to
certainty Of profit to both the miner. the OPP
orator. and the carrier. The first aim OF the
new management, however, will be to reduce
expenses. Operating cost will. 1t Is said. be cut
to 20 per cent.
All Of the retiring directors have spent a large
part of their lives in the service OF the Lehigh
Valley. President Wilbur has been with the
company forty.hve years; Charles Hartshorne.
thirty-one years, twenty-five years OF which as
Vice President and three years as President,