The Savannah morning news., 1902-11-20
PRESIDENT WALTER QUITS.
Brusquely Resigns Presidency of
Lehigh Valley Road.

Philadelphia, Nov. 19.-Alfred Wal
ter, president of the Lehigh Valley
Railroad Company, has resigned to
take effect Nov. 80. Differences of
opinion regarding the management of
the company are assigned as the rea-
son.
The resignation of President Walter
was presented to the board of direc-
tors of the company, which met this
afternoon. 1t was the first meeting of
the board that President Water had
attended for some time. When the
directors had assembled, President
Walter arose and said:
Gentlemen, / hereby tender my res
ignation as president of the Lehign
Valley Railroad Company" and i'm
mediately left the room. President
Walter went at once to New York
None of the directors would discuss
the resignation.
There has been much criticism re-
Gently of the management of the rail-
road and President Walter has sew
eral times felt called upon to defend
his policy. The adverse comment on
the companys affairs has had the eff
feet of lowering the price of the stock.
Following the announcement of Mr..
Walters resignation, the stock be-
came quite strong on the local ex-
change.
New York, Nov. 1T. w. Hume,
assistant real estate agent of the Le-
high Valley Railroad, to whom all in
quiries concerning President Walters
resignation were referred, said this
afternoon that he was authorized to
say that President Walters resigna-
finn fO-HaNr ta FOL rf-
feet Nov. 80, and that the reason for
the step was disagreement regard
ing the management.
He was asked whether the circulars
sent out in the last few weeks by e.
A. Cottier, a stockholder of the road,
had anything to do with the action of
President Waiter. and said he did not
know that they had.
These circulars, the first of which
was sent out five or six months ago,
and the last two or three days ago,
criticised President Walter manage
ment of the road. and asserted that
the Lehigh Valley was in much better
condition than it was represented to
be by President Walter.
Philadelphia, Nov. BIN financial
and railroad circles the present finan-
cial policy of the Lehigh Valley Rail-
road Company is DelleVed to be the
cause of the differences" said to ex-
list. President Walter. in his last an
nual report for the fiscal year ending
June 30. 1902, recently published, an
nounced that 1t would be necessary to
adopt some financial plan by which
funds might be secured from other
sources than from the net earnings of
the company to meet the operating ex-
penses, which have frequently been so
great as to result in a deficit instead of
a profit.
1t is said the Presidents suggestion
did not meet approval of the manage
| ment. Rumors are eurrent that anis-
sue of $1,000, 00G Of collateral trust
bonds under the mortgage of 1897 had
been considered, but it could not be
learned whether such action was taken
at to-day's meeting of the directors.
The mortgage plan provides for the is
suance of $15,000,0 900 of bonds, $7,000,OO0
to be issued at the rate of not more
than $1000,000 in any calendar year
commencing with 1900.
The recent attack upon President
Walter and the management by A. r.
Cottier, large New York stakeholder,
is believed here to have had no bear
ing ON President Walters retirement,
as Mr.. Walter is said to have been in
accord with Mr.. Cottier's views.