New-York tribune., 1919-05-10

administration. Able business men, in
Guiding John D. Rockefeller and his
counsellors, were of the opinion that
the acquisition of the Denver control
was wise and prudent action in behalf
of the Missouri Pacific.
"Whiie the transcontinental control
was urged by bankers and through
newspapers it was not the moving con-
sideration for Denver control which
was to build up the Missouri Pacific
business. No hazardous gamble was
Mr.. Rockefeller and the executors to
secure the D. e. r. G. control.
"Mrs. Shepard Knew Business
II have no doubt that Mr.. Rookie
feller's action was with an eye single
to the benefit of the NJ. P. and quite
apart from the idea of a transconti-
mental line, and know that the ac-
tion of my brothers and myself was
prompted by the same reasoning"
Answering allegations by Frank
knew little about her fathers railroad
interests and did not understand
Georges handling of them, Mr.. Gould
quoted from q letter written by Mrs
Shepard after trip over the Gould
railroad properties. ~ send you few
suggestions which / gathered on the
Western trip in july" she wrote
"With the great competition in rail
reading, presume it advisable to do
as much as possible to diminish oper-
atng expenses in the way of lessenng
grades and having good equipment. 1t
would seem pity to have the Missouri
Pacific relegated to second place,
would it not 2"
Mrs. Shepard inclosed a memoran-
dunn suggesting number of extern
sions and branch lines, with ideas for
the purchase Of competing lines and
cities. Further understanding and in
terest by Mrs. Shepard is shown in
this letter to her sister Anna, written
in 1896:
George has let me know that you
feel dissatisfied with our conduct
Is guardians and particularly that
some of your money should be used
in protecting the property in which
you hold so large financial inter-
est. My dear sister, / do not think
you fully realize the conditions. Not
only was it our fathers desire that
+: we stand by the properties that he
as to ourselves, would be very great
il we should not sustain our interest
in these bad times. The last three
years have been unusually hard on
railroad properties and many have
been forced into the hands Of re-
ccivers because of insufficient back
ing" ST.
George wrote the Duchesse de Tai
leyrand In 1914, in part:
Some weeks ago the railroad sit
nation was looking so uncertain that
ard, decided to sell the Missouri Pa
ciic stock held by the estate and
have all go except one share. 1t
looks as if we might drift intoa re-
ceivership, and if the road does there
is no telling where the stock might
go to. AS we stand now, we are the
biggest creditor and can afford to take
chances with the rest. | don't think
Helen approved, and I know she did
not like the way the sale was made
She thinks Mrs. Sage and lot of
others should have been taken IN,
but that was impossible"
Mr.. Gould says in his affidavit, "The
business of the estate may be likened
to- that of a department store. Some
of the departments show losses, but
their continuance is nevertheless nee
essary to insure success of the whole.
The executors could not wait to finish
one part of a general project before
starting another. Had this been done
competitors would have sensed the
ultimate object and by blocking one
phase the whole plan might have been
destroyed. This throws light on many
transactions which, standing alone,
might, as Mr.. Walker (attorney for
Il pv,1r l =
involve questionable investments of
funds"
Any amounts he came to owe the
full. He says that for several years
prior to the financial panic of 1907 he
owed the estate nothing. II stood be-
tween the roads and the estate" he
says, clearing large. personal risk"
nIsoften asked my brothers and Helen
to assist me in the support of the
roads, but they were unable to do so
at the time" he continues. edwin
needed all his ready cash to support
the Southwestern and the Bowling
Green Trust Company, which he did.
Howard was improving a large estate
on Long Island. Frank was interested
in racing. Helen was interested in her
charities and Annals income was tied
up by her creditors. They we're in no
position to help out with their individ-
ual funds. The burden fell wholly
upon me.
"My co-executofs knew this and also
how | came to owe the estate from time
to time, and, because thereof, they
made no demands upon me of any kind.
They then appreciated the situation,
but time has caused some of them to
forget. My personal fortune was such
that | could always have settled with
the estate at any time"
Stecher Beats Zbyszko,
Worlds Mat Chamnion