New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-18

salo of the stock Of the IIsoV M
vas Tho difference between sol % ara
S97 20 n share. according 10 Is. !. J o"h'
Inn of New York. who conducted We
nagotiations for the Frisco stockno'u
ore The total amount OF actual ios''
Mr.. Yoakum thought, was ABOUT ~
100000.
Frisco Was Competitor.
Mr.. Yoakum, always actively con
nected with the Frisco lines, became
a member of the various Rock lsIano
hos rds Of directors wnen the FRISCO
stock was acquired by the Rock isiahd'
He said that while the control OF the
Frisco was in the Rock Island con-
petition between the two lines dio ho'
cease. .-,;.--
"Did you conduct thc negotiations
for The repurchase Of the frisco
stock?" asked Mr. Fo.f.
ayes, ! did /"
"What was the reason for thc re,
purchase Of the Frisco Ny you ana
your assocatcs?"
swell. | believed in the Frisco cnd
believe in il yet. !ealt concsrn,nk
the matter with d. g Reid principally
We agree upon price OF S@r5O q
share. and my associates and myseli
bought it. We paid for II in cash;
Personally, took about 10000 shares.
"Did you get the actual 5tock Wh !,'
YOU paid your money!" asked Mr. OH
you bet / did" replied Dir. Yoakum'
al got the real stuf'. | was not mem
her of the board Of directors e. ING
Rock Island Company of Ne" Jersey
when the loan Of 81 100000 was author
lied. The dissolution between me
Rock Island and Frisco was entirely
friendly, and L resulted, OF course, IN
a dissolution OF other common inter-
ests.'
Yoakum Describes Purchase.
Discussing the acquisition by the
Rock Island OF the Chicago e. Alton
road. in response TO inquiries by Mr.;
Folk. Mr.. Yoakum said he participated
in that purchase, acting a. one OF the
directors of the Rock Island Railway.
81 purchased much Of the Alton stock
in my name through six or seven
brokers. Other blocks of the stock were
purchased in the names of W. ID. Leeds
and William II. Moore. To get ma
iority of about 100000 shares of the
railroad property is a pretty good job.
We conducted it in the only way IL
could be conducted. OF course we had
to keep the matter as quiet as pos
sble."
"Was not +. II. Hartman in control
of the Alton at that time" asked Mr..
Folk.
81 think he was"
"Mr. Hartman was in Europe them"
suggested Mr.. Folk "Was that the
reason you were quietly purchasing
the property?
at was a propitious time to make the
purchase. Mr. Hartman happened TO
be in Europe, and the Rock Island
wanted control of the property and it
simply didn't wait Tor Mr.. hartman 10
return"
Mr.. Yoakum explained that he anil
Messrs. Reid. Leeds and William II.
Moore became members of the Alton
board and also members of the Chi
cago & Eastern Illinois board because
all the properties were controlled by
the same interests. The Rock Island
purchased control of the Deering Coal
Company and of the Indiana Coal Com.
pany, and perhaps some other coal
companies, Mr.. Yoakum explained, be-
cause it was regarded as good policy
to obtain control of what were the
largest fuel fields in the Middle West.
Sold Coal Interests.
The coal was necessary for the oper-
alton of the railway properties. and
also furnished a large tonnage in
freight. Several years later, the wit
ness further explained, it was regarded
as equally good policy, on account of
the dissolution of the several railway
interests. to dispose of the Rock ISL
ands interests in the coal companies.
"Do you consider governmental con-
troll of the issuance of railroad securi-
ties desirable ?" asked Mr.. Folk.
That's very broad question" re-
piled Mr.. Noakum. 81 think the gov
eminent must find some solution for
it. believe in the closest co-opera-
ton between the government and the
railroads and that it would be much