Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-01-02
Banking Kings Alter Poll
cy in Response to Pub
lie Sentiment.
CUT CONTROL STRINGS
Community CT Money Interests
AssaiIed by Congress Now
TO Be Dissolved.

New York, Jan. Il. p. Morgan &
Go. today announced they had severed
their connection with some OF the
greatest corporations in the country,
Including the New York Central and
New Haven railroads, with which they
had long been connected. The step
vas taken voluntarily in response to
an apparent change N public senti-
ment" on account OF some problems
and criticisms having 10 do with So
izlled interlocking directorates-
J. P. Morgan made the following
statement: Necessity of attending
many board meetings had been so
serious a burden upon our time that
We long. wished 20 withdraw from the
directorates Of many corporations.
Most Of these directOrships We accept
ed with reluctance. and only because
We felt constrained TO keep in touch
with properties which we had reorgan-
ized, or whose securities we had rec
ommended TO the public both here and
abroad
no Ooltgation 10 Remain.
Apparent change in public senti-
ment in regard TO directorships seems
10 warrant Us in seeking TO resign
from some of these connections. In
deed II may be, in view of the change
OF sentiment upon the subject. we
shall be in a better position to serve
such properties and their security hold
ers, II We are not directors. We have
already resigned from-the- companies
mentioned. and expect from time to
time to withdraw from other boards
upon which we feel no special obli-
CATION to remain"
The companies from whose boards
the members of the firm already have
unlimited designations as directors
are:
J. P. Morgan-NeW York Central :
and HsdsOn River railroad; West /
Shore rxlroad; Lake Shore and Mich I
ig2n Southern railway; New York, 4
Chicago & st. Louis railroad: CIeye- /
land. Cincinnati. Chicago & ST. Louis .
railway; New York. New Haven & I
Hartford railroad; Central New Eng
land railway; New York. Westchester :
Boston railway; Harlem River 4
Port Chester railroad: Milbrook COM
pany; New Haven Navigation CON-
pany; Nev England Steamship COM
pany; Rhode Island company: Rutland
railroad company; Hartford. Connecti-
cut & Western; New York. Ontario *
Western railway; Western Union TeIe-
graph company.
Others Follow, Suit
Other rlembers OF the firm retired
nom the following companies:
Charles Stede-Jersey Central rail
road; United States Steel corporation.
n ?. DaEisol-American Telephone
ana Telegraph company: Astor Trust
company. Guaranty Trust company.
chemical National bank, New York.
W. II. Porter-Bankers' Trust COM !
pany Guaranty company. New York.
Inonas W. westinghouse ,
Eieetnc Manufacturing company, Utah !
copper company. Astor Trust COM ,
pany' Bankers Trust company.
Claim to Hive obeyed Laws.
5y Withdrawing from these CORPORA
uons the Morgan company has cut {
NE strings that held together many {
Oi tne oountry's most important cor !
Dol4uons In a community Of interests ]
~hlen have been Iassailed within and
Eltnout By congress. a
The house OF Morgan feels IL has a
Kept within the hw. in all its COM I
Die1 Operations. ind that no legal Il
necessity or threaEened complications e
Nltn the authorizes at Washington Fl
h1aae II necessary 10 adopt the sweep 4
ing enange Of polid announced today. r
Feared conpIieations.
Inc chief consid cation. 81 was said.
Nhleh prevented Tie firm taking some :
s1en action before at this time. was :,
sOssioie complicatDns which might
-oI0E such action. Investors through
o1t me world have purchased securi-
marketed by tht house of Morgan. V
ielt the firm lad assumed a re- c
ioihty In this connection which [
-o-Io not be lightly laid aside. The I
trend OF DoItical events. such =
- ne money trust investigation by
w ru)o COMMITTEES. and reports from
@snington that ne administration d
- - considering leelaation against IN p
.s..'Iins directorss Is. has created q
,a- s,--e'ol which made II possible TO en- s.
n epon change oipolicy. I
spite the large pumber OF resig- Il
- announced. be Morgan COM q
- I = sun represeaed on boards or
lumber Of imporunt corporations.
p Ing NJ the corporatbns OF which J.
-, -aoIsan remains director is the j
seeei Corporation ,ke Lamont and G