New-York tribune., 1913-11-13
GOULD DROPS CONTROL
OF MANHATTAN 4"
Rockefeller Interests Take Up
Last Railroad Holding OF
Rival Family.
OTHER SYSTEMS LONG GONE
Wabash, Western Maryland,
Wheeling & Lake Erie and
Missouri Pacific Sacri-
feed to Others.

What is considered as the first step Ia
the change os control Of the elevated lines
Of this city from the Gould family TO the
Rockefeller interests was the announce
ment following the annual meeting OF the
Manhattan Railway Company yesterday
OF the resignation Of George j. Gould as
president and the retirement of Kingdom
Gould. Frank ]. Gould and Howard Gould
from the board Of directors. The elder
Gould and his brother Edwin remain on
the board, but the designations OF j. Il.
McClement, Alfred Skitt and John l.
Terry, who represent Gould interests. VIII
give the two Goulds but little voice In the
management of the property.
The new directors are John d. Rookie
feller. jr., Edgar L. Marston, starr j.
Murphy who has long been identined
with the Rockefeller interests; Jerome ID.
Greene, another Rockefeller man; William
A. Day, president Of the Equitable Life
Assurance Society; +. G. Snow, president
Of the Home Life Insurance Company;
Alvin W. Krech, president of the Equit-
able Trust Company, and Henry {.
Phipps. OF the old board who remain
there are only George ]. Gould, Edwin
Gould, f. T. Jeffrey and r. VI. Galloway.
The companys executive committee Is
now composed of Edgar l.. Marston.
George ]. Gould, Edwin Gould, William
A. Day and Starr ]. Murphy.
The following official explanation was
issued relative to the changes
"Messrs. Gould, Jeffrey and Galloway
represent Gould estate holdings; Mr..
Rockefeller. the holdings OF the Rockefel-
Ter family and Of the University of Chi
cago: Messrs. Marston. Murphy and Greene
represent respectively the General Educa-
ton Board, the Rockefeller Foundation
and the Rockefeller Institute for Medical
Research: Judge Day. the Equitable Life
Assurance Society; Mr.. Snow, the Home
Insurance Company; Mr.. Krech, the Equi-
table Trust Company; Mr.. Slocum. the
| holdings Of Mrs Russell Sage; Mr.. Phipps.
| the holdings OF the Bessemer Investment
| Company.
Last July Mr. Rockefeller and Mr..
Could representing the two largest STOCK
holding interests discussed the advisa-
| bility Of having n general representation
| in the board of directors of other large
stock interests in the country. as well as
of the two principal interests. and with
| this end in view and believing that the
active participation in the affairs of the
company by the representatives OF a num-
Der of the leading stockholdng interests
i, would inure TO the benefit Of all the
| stockholders, It was agreed that they
would cooperate in inviting TO seats III
the board the representatives OF the prih-
| cipal stockhoding interests. asking tnem'
so far as possible, to select their chief
executive officers for these positions.
| "As Mr.. Gould had served the company
| for twenty years as its president ana was
anxious to be relieved of that responsioil-
| ity. he expressed the desire to retire at
the end of his term of office. and In view
of the fact that the next largest stock
holding interest outside of Messrs. Gould
and Rockefeller is the General Education
BOARD (of whose finance committee Edgar
| l.. Marston. of the banking nrm cl blalr
e. Co. is a member) it was decided TO rec
ommend to the new board the election
| OF Mr.. Marston as president OF the COM
| pany."
The Manhattan Railway was leased on
January 1, 1893, to the lnterporous"
| Rapid Transit Company for 1893 years, at
an annual rental of $4,000 from the date
Of organization, November l. 1870 ana
beginning April /, 1903, the lnteroorous"
| guaranteeing dividends Of per cent an
| nuallv and an additional amount, IL
earned. not exceeding l per cent unth
January 1. 1906. and after that date diVi-
dends OF per cent annually. Inc ainouh'
nj outstanding stock is s6O,OO"o
Although the company's statement gives
| no intimation Of George Gould ultiina'e
retirement from the Manhattan RAILWAY
Wall Street recalled yesterday that MS
| mower in the railroad and financial worio
haoar IN wane as far back as 1903, when
no attempted to extend the Wfoash
| po,,road into the Pennsylvania systems
| ,erritorv and parallel +. II. Hartman
Southern Pacific with the western ra-
| cidc. The Pennsylvania retaliated oy
breaking It's contract with the western
| Union. a Gould proposition and uproo,-
ing that companys telegraph poles Win
the aid OF locomotives.
Gould nevertheless succeeded In getting
into Pittsburgh, but the cost was 80
| beavv that his Wabash, his Western
| MARYLAND. his Wheeling & Lake Erie ana
his Wabash-Pittsburgh Terminal were
forcad into the hands of receivers. The
Missouri Pacific was ialiure uh''
| Gould retired from It's management pu'
with b. f. Bush at the helm the NV
poets are for better sailing.
Stockholders of the Manhattan Rsr
way at Yesterdays meeting also voted 10
approve a plan making second mort
gage of 50, 400 900 per cent bonds, in com
pliance with the lease to the INTERIOR
ough In 1903. which will be turned over 70
the latter company for expenditures IN
| improvements.