Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-07-30
RIPLEY MAY QUIT
IS REPORT FROM
new YORK
MORGAN AND COMPANY
REPRIMAND RAILR0ADER
Head of Santa Fe System Was
Too PeSSimiStic in His Utter
anceS to Suit Capitalists
Wells Fargo Cuts Rates,

New York, July 25.-rhe spectacle
of f.. p. Ripley. president of the
great Atchison, Topeka & Santa Fe
railway system, and one of the best
known and most capable railway ex-
ecutives in America. being severely
reprimanded by a member of the firm
Of j. p. Morgan & Co. for his recent
pessimistic %utterance respecting the
future of American railways, was pre-
scented in his city a short time after
the head of the Santa Fe gave out his
recent interview.
Mr.. Ripley's remarks Immediately
following the interstate commerce
commissions rulings on the western
freight rates, was cabled abroad in
fun and had the effect of impressing
foreign bankers more with the notion
that something was radically wrong
with American roads and finance than
any single occurrence since the 1907
panic.
A flood of cabled and letter in
quiries came to bankers in New York,
and they so stirred the ire of a lead
ing member of the firm Of j. =. Nor
gan & Co. that he sought out Mr..
Ripley. and after obtaining from him
an acknowledgment that his interview
as published correctly represented
what he had said, gave him. in the
words of the Financial Worlds au-
thority for the story. such a Jacket
ing as he had probably not had since
nc went TO school. He was told plainly
that he had made an egregious blum
der of so serious a character that he
had about destroyed his usefulness as
the head of the Santa Fe system. and
he was told pointedly that his r%esigna-
ton would not cause any tears to flow
from the eyes of the directors of the
Santa Fe.
Mr.. Ripley, in a state of great agi-
%tation, is said to have declared then
and there that he would resign. Sub
%sequontly the directors of the road
met and had "a most animated discus
sion over Mr.. Ripley's break" as it
was termed, and some of them were
for at once displacing him. Calmer
consideration of the situation resulted
In the decision to take no action ~
this time. since the resignation, il
was realized. might cause some
further unsettlement in the securities
market. which had declined almost
sensationally and had caused heavy
paper losses to the members of the
syndicate which underwrote the last
issue OF the Santa FEES convertibles.
The discussion OF the matter
reached the point. however. of can
wasting a list of proposed successors
To Ripley. Among the men being con-
sidered were Paul Morton. president
Of the Equitable Life Assurance So
ciety. who had been a railway execu-
tive for many years and knows the
Santa Fe system from one end to the
other. and Howard Elliott. president
OF the Northern Pacific. Both men
were finally dropped from considera-
ton for the time being. since it was
learned that Morton would decline the
Job. and Mr.. Elliott's release could not
be obtained.
The status OF the matter at present
is that the relations between MIR. Rip
ley. on The one hand. and the directors
and J. r. Morgan & Co. on the other.
are very much strained. ms Mr.. Rip
ley Is not yet out OF the woods He
may. II Is declared on good authority.
retire az a later late when some other
cause than the recent episode can be
sdduced as the reason.