Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1914-01-02
General Objection to Inter-
locking DirectOrates Chief
Reason for Action, Says
Morgan.
DROPS NEW HAVEN AND
NEW YORK CENTRAL
Withdrawal from Numerous
Great Companies Event OF
Profound Importance in
Financial Circles.
my LEASED Wire TO Evening Herald ]

lBy LEASED Wire 20 Evening Herald.
Ncw YORK, 5an. 2.--I, =. Morgan
a Co today announced that they had
severed their connection with some
OF the greatest corporations IN the
country with which they have Ions
been connected.
This step, the frm announced. was
taken voluntarily In response GO IAN
apparent change IN public sentiment
on account OF some OF the problems
and criticisms having 20 do with so-
called interloclCing directoratca
Among the companies from which
they retired are the New York Cen
tmi and the New Haven railroads.
j. T., Morgan made this statement;
THE necessity ~ attending many
board meetings has been so seri0ua
burden on our time that we have long
wished 10 withdraw from the direc-
torates of many corporations. Many
OF these dircctorshlpa we have ace
cepted with reluctance and only be-
cause we felt constrained 10 keep In
touch with properties which We had
reorEanized or whose securities We
had recommended to the public both
here and uhroad.
AN apparent change In public sen
timent in regard 20 dlrectorshipa
seems now 10 warrant us In seeking
to resign from some OF these connec-
tions.
Indeed il may be, In view OF tho
change in sentiment on the subject,
that We shall be IN a better position
TO serve such properties and their Sc
curity holders II we are not directors.
We have already resigned from the
companies mentioned and We expect
from time 90 time 10 withdraw from
other boards on which We feel there
is mo- special obigaslon to remain"
Tho companies to which Mr. Me-
Enn referred. from whose boards
members OF the firm have already
submitted their resignations as direc-
tors are.
j. y Morgan New York Central
a Hudson River Railroad company;
West shore RailrOnd company; Lake
shore A. Michigan southern railroad;
Michigan central Railway company;
New York, Chicago a A. Louis rail-
road: cleveland. Cincinnati, Chicago
a 81. Louis railway; New Haven s.
Hartford railway. Central New Eng
land railway; New York, West Chea-
tor a Boston railroad; Harlem River
a. Port chester railroad, MllbrOok
company. Sew England Navigation
company. New England steamship
company; Rhode Island company;
Rutland Railway company, Hartford
a Connecticut Western: New YORK,
Ontario a Western railway; Western
Union Telegraph company,
other members OF the firm have
retired frum these companies,
Charles Stooie--Jersey Central Rail-
road company, United States Steel
corporation.
a. 4. DnVison--American Tele-
phone a. telegraph Companys Astor
Trust company; Guaranty Trust Com-
pany of Sew York. Chemical Naiion-
al bank.
W r. Porter Bankers Trust COM
pany, Guaranty Trust Company OF
New York.
Thomas W. --WestinghOusa
Electric a Manufacturing company.
Utah copper company, AHtor Trust
company Bankers Trust company.
Ry Withdrawing from these cnrpo-
rattons j. =. Morgan A. co, have cut
the strings that have held together
many of the country's most import
ant corporations IN community of
interests which has been assaiied
within and without congress The
house of Morgan feels that il has kent
within the law, iu ali its complcx OPP
erdtions. aud that mo- leRnl necessity
or threatened complications with the
authorities al Washington has made
u necessary to adopt Rweeplng
change IN policy announced today.
one of the members at the arm
said that Morgan a co. had been
scrupuiously careful 10 observe the
spirit az well AZ the letter OF the law.
aud that the decision of the firm was
primarily a. matter of eNpodlency.
Conditions had So shaped themselves
in the past he said that the arm had
been compelled reluctantly 20 accept
She burden of manRgemsnt Of varl-
Gus corporations. and that Il had long
boon seeking nn opportunity 80 lessen
this burden. The chief confederation.
Il was said which has prevented the
nrm from taking some such action
before this time vas the possible
complications witch might follow
s,fh action. Investors throughout