Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-21

Although the break between Thomas
r. Mitten, president of the Philadelphia
Rapid Transit CO., and T.. T. Stotes-
bury is said to be final. financial in ;
terests in this city and New York are
working arduously in the hope of es-
tablishing peace.
In reply to all inquiries today Mr..
Stotesbury, recently resigned director of
the Philadelphia Rapid Transit Co.,
emphaticly stated that he had nothing
to say in reference to his resignation or
on transit matters.
A spirit of defiance is bristling in
both camps, however. and Judging from
the sentiment Of those on both sides
of the controversy today the peacemak-
ers will have an extremely difficult task.
Mr.. Stotesbury. chairman of the ex-
ecutiva committee Of the board Of di-
rectors; Horatio G. Lloyd and G. s. w.
Packard resigned from the board on
Monday because they could not agree
with the .Mitten view of fare increases.
Supporters Of Mr.. Mitten today ex-
pressed confidence that he would have
little difficulty in obtaining. the neces-
sary financial backing to keep the com
pany's system moving along. His rec
ord in Chicago and the demands for his
services in New York and other cities
were pointed to as an indication of the
confidence in which he is held by power
full financiers.
Has Public's Confidence
As further indication that he would
surmount the present difficulties. de-
sDite the loss of Stotesbury's support,
his friends on the board assert that he
has the confidence of the public and
the employees of the company, which
they contend are big factors in estab-
fishing financial support.
Mr.. Mitten's last word in the con
troversy is substantially that the com =
pahy will go right along serving the
people as though nothing happened. The
final and they meant every word they
said at the meeting on Monday night
which led to their withdrawal
Mr.. Stotcsbury returned to this city
last night after brief visit to New
York.
New Directors Mitten Friends
No intimation as to the possible sue
cessors Of 'Messrs. Stotesbury. Lloyd
and Packard on the board of directors
came from Mr.. Mitten yesterday. The
three new directors, officials said, would
in all probability be friendly. to the
Mitten management. The Present board
of directors has power to appoint sue
cessors to fill any vacancies that might
occur between sessions of the stockhold-
ers. who elect the directors. 1t was
stated yesterday one of the requirements
of director of the company was pos
session of at least 1000 shares of stock.
The company's most serious prob
lens now, 1t was predicted, are finan
cial rather than operating. Stotesbury
adherents say. the company is due to
strike snag. Speedy backing Of
other powerful money interests. how
ever, is predicted by Mitten friends.
The resignation Of the banking in.
terests from tho board and the deferring
of action of the dividend sent prices of
=. r. Il. stock to new low mark yes
terday. The opening dealings disclosed
considerable volume Of accumulated
selling orders over night. Monday
nights closing quotation, II, quickly
dropped to 14%. The decline was
checked temporarily. Fresh selling
during the second hour, however, forced
the stock down to IA, said to be the
lowest in several years.
The row between Mr.. Mitten and
Mr., Stotesbury started seven weeks
ago. The first break came when the
president announced his program for
1920. in which he intimated his plan
for the elimination of free transfers to
build UP additional revenue.