There was an unusually full attendance of the Board. Mr. Sloan, as was his prerogative through his office as President of the road, sat at the head of the long table. Near its foot sat Mr. Parsons, a cadaverous man, with prematurely white hair, given to much thought but little speech. The business of the meeting, the election of officers for the ensuing year, was perfunctory and quickly accomplished. The Secretary arose and announced that Mr. Parsons had been elected President of the R. W. & O. Sloan flushed, and then prepared to spring a _coup d'etat_. He brought a packet of papers from out of an inside pocket. "What do you propose to do with these?" he snarled. "What are they?" asked Parsons. "Notes of the road for $300,000 that I've advanced it, to keep it out of bankruptcy," was the reply. "Let me see them," said its new President.... He glanced at the papers for a moment, then reached for his check-book and wrote his check to Sloan for a clean $300,000. He handed it across the table. The retiring President scrutinized it sharply, placed it within his wallet and left the room. His connection with the road was terminated. At the best it was a sinister connection. There were few to regret his going. * * * * * With his hand firmly fixed upon its wheel, Parsons began the complete reorganization of his newly acquired property. He had his long-time associate, Clarence S. Day, elected as its Vice-President, and within a very few weeks had brought to the operating headquarters in Oswego a fine upstanding man, the late H. M. Britton, as General Manager of the road, a newly created title and office. Mr. Britton at once chose two operating lieutenants for himself; W. H. Chauncey, as Assistant Superintendent of the Western Division (west of Richland) at Oswego, and the famous "Jud" Remington, as Assistant Superintendent of the Eastern Division, at Watertown. Watertown had hoped that with the new management of the road--that railroad which it had been prone to call "its road"--would reëstablish the operating headquarters of the property there, also new and enlarged shops. In these hopes it was to be doomed to great disappointment. For not only was a Sloan policy to consolidate shop facilities at Oswego continued and enlarged--the shops both at Rome and at Watertown were reduced to facilities for emergency repairs only--but the corporate executive offices were removed from it to New York City, while the chief operating headquarters of the company remained at Oswego.