The San Francisco call., 1899-11-21
ASKED
RECOGNITION
ON THE BOARD
Railroad Events in
New Mexico.
INCIDENTS OF RECENT DEALS
WHY W. n. CRoCKER RETIRED
FROM S. P. DIRECTORATE.
More Information as to the Value of
Mrs. Stanford's Interest in the
Pacific Improvement
Company.
INCIDENTS OF RECENT DEALS
WHY W. n. CRoCKER RETIRED
FROM S. P. DIRECTORATE.

Inquiries by wire from New York ndi-
cate that special significance is attached
there 10 the retirement of w. II. Crocker
and Edward Searles from the directorate
of the Southern Pacific Company.
The Call, which gave the reading pub
lie OF the Pacific Coast the first news
and the only accurate story relating 10
the sale CT the Crocker and Stanford in
terests in the Southern Pacific, is In
formed that Mr.. Searles retired at his own
request. He never manifested any desire
for active participation in the manage
ment OF the Southern Pacific. He pre-
ferred rather that his associates, Hubbard
and Stillman, should look after the orig
inal Mark Hopkins interests in the COM
pany, but when c. p. Huntington scheme
of reorganization took definite shape il
was suggested that Mr.. Searles should
go on the board of directors. The sugge5-
tion emanated from Stillman and Hub
bard and in obeying it Mr.. Searles sim
ply needed the advice OF his lawyers.
When the reorganization was effected
there was no special reason Why Mr..
Searles should extend his term of service,
so he elected TO retire. His retirement
does not signify that he has sold his in
terest in the property or is contemplating
sale. II would not be surprising, how
ever, If Speyer & Co., who seem TO have
unbounded confidence in Southern Pacific,
should make him an offer that would
tempt a sale.
When Speyer & Co. bought the southern
Pacific stock belonging to the Crocker es-
tate II was stipulated in the agreement
between the buyer and seller that a rep
resentative of the syndicate should go on
the board Immediately after the Crocker
stock was transferred TO the purchaser.
In compliance with the agreement w. II.
Crocker retired and Speyer & Co. named
his successor. George Crocker will prob
ably serve until the next election.
N iz
posed OF several corporations, and among
the several is the Southern Pacific OF New
Mexico. Events of Importance to tire
railroad world are foreshadowed by the
haste of Huntington and Speyer TO make
changes in the directorate OF the South
ern Pacific of New Mexico 1t is probable
that Huntington is seeking 10 circumvent
some plans of the Santa he IN the South
west.
The estimate which The Call recently
placed on Mrs. Stanford's one-fourth in
terest in the Pacific Improvement Com
pany is not too high. The company is
regular corporation, with 100000 shares of
stock. Mrs. Stanford owns 5000 shares.
c. Il. Huntington and Edward Seares
each owns the same number of shares.
The Crocker Estate Company also owns
5000 shares. The property consists OF
town sites, steamships, hotels, coal mines
oil lands, ranches, mortgages, notes
stocks, bonds, etc. The inventory reveals
Another administration of national af-
fairs under the auspices of the Republican
party ana the consequent reinsurance or
prolonged prosperity in California would
add largely to the value of the property.
| The present valuation of Mrs. Stanford's
interest-seven millions-is low. \ con-
tinuance OF good times and prudent man
agement would surely bring IL up to ten,
IL not TO twelve. million dollars. What
ever sum is derived from her share will
go to the endowment fund of Stanford
University.
Word comes from New York that c. p.
\ -Huntington's views concerning higher
education have undergone a change since
the rapid rise OF Southern Pacific stock.
The magnate is softening toward the
world. The Call gave such accurate and
extensive accounts of his social and in
| tellectual triumphs when he was here
last spring that he is looking forward
with delight TO another and a more ex-
tended sotourn in California. Mr.. Hunt
/ ington may yet testify 10 his admiration
OF California and his liberation OF higher
! education by endowing a professorship at
Stanford University