The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-20
PRESIDENT WALTER RESIGNS.
MEAD or THE LEHIGH VALLEY
RAILROAD QUITS.
Difference Of Opinion Regarding the Man.
asement OF the Company Civ zen as the
ReasOn-1hc Attack Of T.. \. COtticr
Said 10 Have Had Some influence.


PHrLADELPrIA, Nov. I9-Alfred Walter.
president OF the 1fhigh Valley Railroad.
who has held that Office since July, 1897.
resigne4 to-day. This action is the climax
Of the troubles that for months have beset
tho Management, II the manner in which the
retiring president left tho meeting Of the
board of directors shortly after o'clock.
is any niica,io The announcement
~ his rcsigna'io and its acceptance fol-
lowed most turbulent session.
Mr. Walter rushed away from the Le-
high Valley offices and took the next train
for New York. He refused to give any
reasons for his e,ireincnt and referred all
inquiries 80 Mr.. Schappcrcotter. the neral
agent The latter subsequently gave out
tee following statement:
'Mr. Alfred Walter has resigned a presi-
den, If the Lchigh Valley Railroad Com
rany 20 take eject on Nov. 30 inst. Differ
.nccs Of opinion regarding the manage
ment az the company are assigned as the
reason
None OF the directors would discuss tho
sudden retirement of their chief. II is
known. however. that. while Mr.. Walter
came 10 tho road as the representative Of
the Morgan interests, his financial manage
ment of the corporation has aroused much
opposition, and that trouble al the annual
meeting OF Jan. 20 was anticipated.
+. A. Cottier who holds ZOO shares
Of the 10000 that represent the capital
81 the railroad. has recently made bitter
attack on the Walter management. He
alleged that an analysis Of the reports Of
the company showed that while the earn
ings reached handsome figure. they were
the stockholders were being deprived Of
their dividends.
Mr. Cottier has been urging the stock
holders TO see that their shares were trans
ferred 10 their own names so that the min
orty could gain representation on the board
Apparently his arguments have had some
effect az applications for transfers have
been numerous of late. The transfer books
which close tomorrow and the lively bid
ding in the exchange to-day for Lehigh
Valley shares indicate that some one
was strer gthening his hand in preparation
for contest.
II was said to-day that the retirement
Of Mr.. Walter was a sop thrown out In the
hope Of allayins the protests against the
present management A friend OF the
retiring president said that Walter is not
TO blame for the financial methods that have
made dividends impossible. He pointed
out that in almost every one OF his annual
reports Mr.. Walter had urged the stock
holders 10 provide more capital. II was
current report to-day that this would be
done by a new bond issue.
The directors have the right TO issue
annually 10000 per cent. collateral
600 900 have been issued. Up to date 81 300
600 Of these certificates have been author
lied.
Edward T. Stotesbury. the direct repre-
sentative of j. Pierpont Morgan; Beauveau
Borie. and George r Baer. al Of whom are
leading factors on the board would not
discuss the resignation. Mr.. Baer Ia talked
Of "a Mr.. Walters successor. This would
bring tho property into closer relat ions
with both the Reading and the Jersey Gem
lral.
There is little doubt hut that Mr.. Walter
Ingsr,i- himself a. il-used He was elected
president Of the company in 1897 by the
interest tha, financed the concern after
iIving ont the Packer interests. His gift
for detail was the chief reason for giving
Lin the post
VI Walter has been al the head of the
'"high Valley for five years, having been
ri in charge in 1907 by the interests repre-
r'ued bv J =. Morgan 4 Co, which had
l"come the dominating element in the
property
Al he local Offices Of the Lehigh Valley
company, 20 Cortlandt street, inQuirers
about the cause Of the resignation were
rferrnd 80 7 W. Hume. the assistant real
".tat" agent Of the company.
Nr. Hume said of the statement given
,it hv rljr officials
That statement tells all I know; that's
III" whoio STORY"
Was the disagreement between Mr..
Walter and the hoard Of directors OF the
companyt' was asked.
That would b. naturally So"
Was It between Mr.. Walter and the
whole board o. between Mr.. Walter and "A
faction in the boardf'
u don't know"
Had the resignation anything 10 do
With tho attacks made recently upon the
companv's management by 4. T.. Cottier
Of Phlladelpha?"
Il don't know anything about that
Two lo"si directors ot the Lehigh Valley
company. II Mex Twomby and George
I Baker. declined 20 make any statement
regarding the resignation. The idea pre-
vailed IN some railroad quarters that II
J ad resulted from disa grcerrent be' waen
Ir Wall"' ,ard President George + Baor
of the Rosdug corpar~. Mr. Raor i, a
dlractor Of tho Iohich Valley
Mr.. Walter was born in 1851 in Brooklyn
he began his m lwav service in 1872 a.
rodman in the engineer corps of tho Ale
ghanv Valley road Ia 1874 and 1875 he was
asa' STAN supervisor Of the PonnS vlvania
Railroad. ISIS to 1873, supervisor of the
Northern Central: 1873 to 1881, assistant
engineer Of the Northern Central: 1881 To
1892, assistant engineer Of motive power of
the Pennsylvania, 1889 to 1850. siperin-
tendent Of the Sunburv division of the
Pennsylvania; ,ssa to 1892 general super
ntendent Of the Baltimore and Ohio east
II the Ohio River, 1892 10 1894. general
manager Of the Eric division Of the Now
York, Lake Erie and Western: 1894 TO 1897,
president Of tho Delaware. Susouehanna
and Schuylkill, and 1897 TO tho present
l. r.l. IL. III.