New-York tribune., 1911-04-20
NEW BANKERS FOR
MISSOURI PACIFIC
Speyer & Co. Selected to Take
the Place of Kuhn,
Loeb & Co.
RAILROADS STOCK ACTIVE
New Bankers Buy l0,ooo
Shares, It Is Reported
To Name Directors
To day.
RAILROADS STOCK ACTIVE

To day.
Spever e. Co. have been selected as the
bankers of the Missouri Pacific Railway
Company. in place Of Kuhn. Loeb & Co.,
and at the meeting Of the board to-day
James Speyer, head of the firm OF
Speyer e. Co, will be elected director
10 succeed Paul NJ Warburg, of kuhn'
Loeb & Co. and II. I. Miller. receiver
of the Buffalo e. Susquehsnna Kali
way Company. to succeed Cornelius VAN
derbilt. according to the present piahs
of the Gould management.
It IS probable also that at to-day
meeting c. s. Clarke will retire as di-
rector. his place being filed by Benja-
min F. Bush. who was Elected president
Of the company on Tuesday. Mr.. War
burg has also sent in his resignation as
q director Of the st. Louis, Iron NOUN
tain e. Southern Railway Company
and IL will be accepted at meeting o.
the directors Of that road to be held TO-
day.
The prominent railroad identification
Of Speyer & Co. is with the Rock Island
system. Mr. Gould in his statement OF
Tuesday. in speaking Of the retirement
of Kuhn. Loeb & CO. as bankers for the
Missouri Pacific, said
"I part with them with personal re-
gret. but their interests in the Union
and Southern Pacific, both essentlahy
competitive lines 10 the Missouri IA
ci6c made q continuance of their rela-
tionship as bankers, in my judgment IN
advisable for the stockholders or the
Missouri Pacific. as well as for the pub
lie
Wall Street Draws Comparison.
IF that was the vital objection OF Mr..
Gould 10 Kuhn. Loeb & CO. as bankers
for his road, it was pointedly remarked
in Wall Street yesterday, it might De
difficult 10 understand why the same op-
lection might not exist as an obstacle 10
the selection of Speyer & co. as the
bankers for the system since the Rock
Island lines would appear from the map
TO be even more closely competitive with
The Missouri Pacific than is the Union
Pacific. both the Rock Island lines and
the Missouri Pacific reaching ST. Louis.
Omaha. Kansas City and Denver, and
the Rock Island lines. like the st. Louis
Iron Mountain G. Southern. of the Mis-
souri, Pacific system. extending down into
Texas.
T. D. Adams, representative in the
United States OF the Deutsche Bank. and
+. T. Gates, John D. Rockefeller's rep
resentative on the Missouri Pacific board.
will continue as directors. it was learned
yesterday, although both men. who with
George ]. Gould. constituted the special
COMMITTEES charged with the task Of
selecting a new president, voted at Tues
days meeting against Mr.. Bush. the
choice of Mr.. Gould. Mr. Gates said
Yesterday that the Rockefeller interests
were not opposed 10 Mr.. Bush, who had
done excellent work on the Western
MARYLAND, and that the reason he had
voted against Mr.. Bush was that he
thought that the new president should
be a man upon whom all of the interests
IN the board could unite.
The selection of Speyer & Co as bank
ers for the company was tentatively
made some little time ago. It was said
Yesterday by a man intimately associ-
ated with George j. Gould The rela-
tions between the Speyer firm and the
Deutsche Bank are close. and Arthur
von Gwinner. managing director Of the
bank. Is the husband OF James Speyer's
cousin. daughter Of the late Philip
Speyer. who founded the New York firm
in 1887
Speyer & Co. il is reported on good
authority, bought yesterday about 10000
shares OF Missouri Pacific. and therefore
now have substantial stock interest in
the property. The stock was exceed
ingly active yesterday. with sales of
about $4,000 shares. 1t opened at 45l1.
unchanged from Tuesdays close, dipped
one-eighth to new low for the year
and then rose to 4s%, closing at that
figure. which represented a net gain for
the day of 215 points
Kuhn, Loeb & Co.'S Attitude.
The position OF Kuhn, Loeb G. Co, IL
understood 10 be that they took part In
the effort to secure representation on
the Missouri Pacific board for interests
in the property outside of the Gould
party primarily because the raising OF
the road TO the standard of the other
great lines in its territory would benefit
the general railroad situation. but that
they felt that as the responsibility would
rest upon them of furnishing for I'm
provements great sums which would
come from connections Of their own. who
would make the investment In reliance
upon the word of the firm, they were
unwilling TO accept that responsibility
unless the president upon whose recon-
mendations the funds would be spent
should be a man in whose Judgment
they could place entire trust.
1t is further understood that their son.
timent toward Speyer & co. is cordial,
and that their hope is that the new bank
ers will be able to bring the Missouri
Pacific up to standard. in that way bone
fitting the whole railroad situation.
II. |. Miller. who Is 10 enter the Mis-
souri, Pacific board TODAY. vas sor