New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-20
PRESIDENT WALTER OUT.
HEAD OF THE LFHIGH VALLEY RESIGNS
OWING TO FRICTION IN MAN
AGEAIENT.

Philadelphia. Nov 19.-President Alfred Wal
ter of the Lehigh Valley Railroad, to-day ten
dered his resignation to the board Of directors
IT the regular monthly meeting Of that body,
10 take effect November 30. The resignation was
accepted The only explanation of President
Walters action that could be obtained from the
directors was that differences of opinion existed
between the president and the directors regard
ing the mana cement of the companys affairs.
Mr. Walter left this city for New-Yor imme
diateIy after presenting his resignation. At
the railroad station he asked to the
causes which led to his retirement. but he de-
cined to make any statement for publication.
IT is said President Walters action was sur
prise TO most of the directors, only few Of
them having any previous knowledge of his in
tention. The annual meeting will be held on
January 80
IN financial and railroad circles the present
faucial policy Of the Lehigh Valley Railroad
Company is believed to be the of the
differences" said to exist. President Walter
in his last annual report, covering the fiscal
year ended June 80, 1902 announced that it
would be necessary to adopt some financial plan
by which funds might he secured from other
sources than from the net earnings of the COM
pany TO meet the operating expenses, which
have frequently been so great TO result in
deficit instead OF a profit
n is believed the presidents suggestion did
not meet the approval of the management Ru-
mors have been current that an issue of $1,000
COO of collateral trust bonds under the mort
gage of 1897 had been considered. but it could
not be learned whether or not action author
Ting such an issue was taken at to-day's meet
ing Of the directors. The mortgage plan pro
vides for the issuance Of S1500OoG0 of bonds.
S7.oG00G0 be issued at the rate OF not more
than Sleoooo in any calendar year beginning
The recent attack upon the management by
A 2. Cottier a large New-York stockhoder. is
believed here to have had no bearing on Presi-
dent Walters retirement Mr.. Walter Is said
to have been in accord with Mr.. Cottier's views
Inquirers at President Walters office in this
city yesterday afternoon were referred to T. w
Hume, assistant real estate agent. Asked
whether or not the series of open letters re-
Gently published by A. Z. Cottier. shareholder
criticising the alleged peculiar methods of book
keeping used by the Lehigh Valley had any
thing 10 do with President Walters action Mr.
Hume said that he did not know, could he
say whether the differences Of opinion" men
toned in the dispatch were between the presi-
dent one side and the board of directors on
the other or between Mr.. Walter and party in
the board. The Lehigh Valleys board, which
formed by Nj. Morgan with view to car
rying out the community of interest idea, con-
sists Of Mr.. Walter +. T. Stotesbury and
Charles Steele of J. P. Morgan & CO.. Z. b
Railroad Company: George +. Baker. president
Of the First National Bank who is a director Of
the New-Jersey Central and manager of the
Lackawanna; J. Rogers Maxwell. chairman of
the executive committee Of the Central of New
Jersey and a manager of the Lackawanna;
George T. Baer. president of the Reading and
the Central Railroad of New-Jersey; II. Nick.
TwOmbly. representing the Lake Shore and
other Vanderbilt interests in the road: Joseph
Wharton Beauveau BoTe and Robert c. Lip
pincotU
Mr.. Walter has been president Of the Lehigh
Valley Railroad Company since July ID 1897,
when he elected to the Office TO succeed
Elisha p Wilbur. Representatives Of the Nor
directors at that meeting. and the finance COM
ruittee was reorganized, with the Morgan mem
hers in the majority Nj Walter has always
been understood have been the personal
lection Of ! Pierpont Morgan for the Lehigh
Valley presidency. He born in Brooklyn
October =. 1871. and his first railroad expert
ruce Was as rodman and assistant engineer of
The Allegheny Valley Railroad. from July, 1872,
To June. 1874. Thereafter he served in various
apacities the Pennsylvania Railroad the
Northern Central and the Baltimore and Poto-
and March !. 1892. he general superin-
tendent Of the Baltimore and Ohio lines east Of
the Ohio River. From March l. 1892 to De
cember l, 1894, Mr.. Walter was general man
ager Of the NeW-York Lake Erie and Western
Railroad Soon after his resignation of that
Office ne became manager - the coal property
Of Coke Brothers and president of their coal
carrying road, the Delaware, Susquehnnna and
Schuylkil. This connection he severed in the
summer Of 1897. when he accepted the presl-
dency Of the Lehigh Valley.