The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-12-10
Financier Sewers His Con
nection With ]. P. Nor
gan & Co.
HOPEFUL OF MAKING
CONDITIONS BETTER
Retirement and Avowed Reason
Causes Much Comment on
Wall Street.

NEW YORK, Dec 1O-AII Wall
Street today discussed the retirement
Of George ". Perkins from the firm
OF J. P. Morgan & CO.-not so much
his retirement, as the avowed object
Of ii. .,
The announcement that Mt. Perkins
intends deyoting his time to imprOv-
ing conditions between capital and
labor has aroused the greatest inter
est among financiers- The possibility
Of his succeeding to a vacant trustee
ship in the Equitable Life is but little
discussed in comparison.
According TO the most reliable in
formation. Mr. Perkins proposes to
carry further the work which ne did for
the betterment Of the relations be
tween employers and employees, through
the establishment Of the profit-sharfnz
plan Of the United States Steel Cor
poration and OF other Industrial con-
Germs in which ne has been a proui-
nent figure in the ten years OF his
connection with the Morgan banking
houses
Many Theories Advanced.
Just how and along what lines he In
tends to continue this work is what IS
pUzzling Wall Street, and fnnumerabIe
theories are being advanced There is
no indication of a let-Up I'm the specula-
ton until Mr. Perkins himself puts an
end TO il by announcing the plan he
purposes to pursue
one other retirement from the Morgan
firm was announced yesterday-that Of
Edward T. Whitney
Mr.. Whitney had been associated with
the house Tor many years In charge OF
Its foreign exchange operations. and had
Hrrarar 4rnr,v In
The two new members OF the firm.
who Viii succeed MI Perkins and Mr.
" hItney, II is announced, are Thomas
W Lamont and William h Porter
Firms Announcement.
This announcement Of the changes
was made by the firm
Announcement is made BY Messrs.
J P Morgan & Co that Edward F.
Whitney and George W Perkins
will retire from the firm on Jan
uaTy !. 1911, and that William Il.
Porter. president Of the Chemical
National Bank. and Thomas W
Lamont. vice president OF the First
ners IN the firm
Mr. Whitney withdraws as he de-
SireS to retire from active business
Mr- Perkins withdraws from the
firm IN order to devote himself to
corporate work and matters OF a
public nature which require more
time and attention than II would
be possible for him TO give while
remaining in the firm
Mr- Perkins himself supplemented
this statement with this explanation
OF his reasons for withdra wing from
the banking house in which he has
been a very active figure ever since
he became a partner in 1901
In January I Will have been in the
firm OF J. P Morgan & Co ten years
and engaged IN business activities
over thirty years
I an Withdrawing from the firm for
the purpose, as the firms announce
ment states. Of devotinE more time
TO corporation work and work Of a
public nature In which I am deeply
interested
In continuing my relations with the
Industrial and other business organi-
ZatiOns with which am connected I
hope to find further opportunities
for extending the principles Of profit
sharing and other benefit plans IN
which I have long been interested
and which experience shows offer a
practical solution Of some Of the dIf-
fCulties existing between capital and
labor
At Columbia University two years
ago ard at Harvard University last
spring I spoke Of the Importance Of
solving the new problems at present