The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-07-23
President of Santa Fe Likely
Will Retire Is RumOr.
Pessimistic Utterances Are Re-
sented by Financiers.
HE'S TAKEN TO TASK.
Effect on Market Prevents an
Immediate Change.
Grilling Given Him by Member
of j. p. Morgan Company.

New York July 23.-The spectacle
Of E. P. Ripley, president of the great
Atchison, Topeka & Santa F'e railway
system, and one Of the best known and
| most capable railway executives In
America, being severely reprimanded
by a member of the firm of ]. p Nor
gan & Company, for his recent pessi-
miStic utterances respecting the future
of American railways was presented in
this city a short time after the head of
the Santa Fe gave out his recent in
terview.
Mr.. Ripley's remarks Immediately
following the interstate commerce COM
missions ruling on the western freight
rates, was cabled abroad in full 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 inquiries
came to bankers in New York, ana
they SO stirred the ire of a leading
member of the firm of ]. P. Morgan &
Company, that he sought out Mr.. Rip
ley. and after obtaining from him an
Acknowledgement that his interview as
published correctly represented what
he had said, gave him, In the WORDS
of the Financial Worlds authority for
the story, such a 'jacketing" as he had
probably not had since he Went 70
school He was told plainly that ne
had made an egregious blunder OF SO
serious character that he had about de-
stroyed his usefulness as the head OF
the Santa Fe system, and he was told
pointedly that his resignation would
not cause any tears to flow from the
eyes of the directors of the Santa Fe.
Mr.. Ripley, in a state OF great aglta-
ton. is said to have declared then and
there that he would resign Sub
seouently the directors Of the road met
and had a most animated discussion
over Mr. Ripley's break" as 1t was
termed, and some of them were LOT at
once displacing him. Calmer consioera-
ton of the situation resulted IN the
decision to take no action at this time,
ST .e the resignation, 1t was realized,
might cause some further unsettiement
in the securities market, which mad de-
clined almost sensationany ana nan
caused heavy paper losses 10 I5e mem. =.
bers of the syndicate which underworld
the last issue Of the Santa FEES con-
vertibles.
The discussion of the matter reached
the point. however, OF canvasslng hsl
of proposed successors TO Rlpley.
Among the men being considered were
Paul Morton, president OF the Eqult-
able Life Assurance society. who mad
been a. railway executive for many
wears and knows the Santa Fe system
from one end to the other. and Howard
Elliott. president of the Northern Pa
cific both men were finally dropped
from consideration for the time being:
since it was learned that Morton would
decline the job, and Mr.. Elliitt's release
could not be obtained.
The status of the matter at present Is
that the relations between Mr.. Ripley,
on the one hand. and the directors and
J. P. Morgan & Company on the other,
are very much strained, and Mr. Ripley
is not yet out of the woods He may
n Is declared on good authority. retire
at later date when some other cause
than the recent episode can be adduced
as the reason.