New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-27
BANKER DIRECTORS OUT.
Members of Kuhn, Loeb s Co. Retire
from Railroad Boards.

Official announcement made yesterday
that the members Of the firm of Kuhn. Loeb e.
Co had retired from the boards Of directors Of
all railroads of which they were members This
action was taken on last Wednesday before
Jacob H. schiff, the head of the banking house
started on his trip to Japan. The official reason
given for the retirement follows:
The reason for this step is the steadily in
creasing difficulty which the members of the
nfm have been experiencing in meeting the de-
mands or their own business and at the same
time giving the necessary time and attention To
the performance of their duties as directors Of
corporations. u
When IL was learned that the action did MT
refer to banks, trust companies and industrial
corporations of the boards of which the mepo
hers of Kuhn, Loeb & Co. may be members.
wall Street found some reason to wonder and
was inclined to accept as a more plausibIa ex
PLANTATION that the feeling of resentment on +4a
part OF the public against dummy directors is
growing stronger all the time Moreover the
public is not altogether satisfied with the reIa-
tlohS Oh railroad banker in the position of a
borrower and lender at the same time
Kuhn Loeb & Co. have long been identified
with the Union Pacific and Harrin,or, ,,o,.r.,--
IN general. The relations between them b.,-o
oeeh unusually close. Recently, since The rurt-
ure between Stuyvesant Fish, president oF The
Aiihols central. and the Mutual Life Insurance
Company ana the Hartman interests there hava
beeh threats of Investigations by both sides NJ
Fish has been served with notice that or o.
'ouii'IiAe Vi MS financial relations with the Hi
hois central VIII be demanded and II has baap
SAID with authority that a counter dero.,,5 g.
d strict accounting and explanation of the fro,
clai AFFAIRS of the Union Pacific will ba r,.1o
IL was learned yesterday that Kubn rooh o
90 nave no intention of giving IN their stool
hoiolpgs IN various railroads. bur ONLY, So,
10 give up their places in the boards Of tta
various lines Those who Will take tboi. - 80
nave not yet been announced. but tho -
cies Will be filed by men who win - III
iePieSeLe Ihe bankers. In regard 10 tbe L.
rl1nah lines. 1t was said that the firm, -
rear that MIR. Hartman will not run tho Tr,,,1N
racine IN accord with their ideas There wa. ~
ground Tor the first impression that the act,ar
lhdieated that friction had arisen between 81
firm and Mr.. Hartman. '''e
Inc opinion was expressed in hankins- o,,.
yesterday that the action taken nv, L-,,b,, 80
~ 10, would likely reVolutionize the reia 49,
roeG tue large banking houses and the rail-
~ - - aetentloh was called TO the fact that
fi-o ION between the firm and the Harrin1an
es,eI,ar g. I me same as that existing betvyean
tionaI RaiIroa ana the Rock Island and the Ma
Me- rsl i'sSlIroad OF Mexico. and between 7 I,
MOI san q Co and the Erie the NeUVorl, q - =
udl, the New-Haven and a nuroba. os IN
a S, some months ago James Isiat. - ~
ssnee from the board of the Frisco sI,S 80 &c
5rarcaS 0eolge w Perkins resigned from ~
Irbs .oTa a.Iti!ittee OF the New-York Life W
V"'i's hst snows the railroad couneo-