The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-01-07
YIELD To PUBLIC
MORGAN'S new YORK FIRM CONES
half WAY ACROSS
some Directors Resign
Many of the Firms Connections With
Certain Railways Are Loosened by
the Removal of Some of the Inter-
locking Directors-More Changes
to Follow.

locking Directors-More Changes
to Follow.
The withdrawal Friday of j. P
Morgan & Co. from more than a
score of great corporations and the
statement shortly afterwards by
George F. Baker, an almost equally
dominant figure in American finance
that he soon would take similar ac-
ton. gave Wall street generally 4
thrill that almost brought trading on
the stock exchange to a halt
While it probably is true that
many prominent bankers had infor-
maticn foreshadowing this momen-
tous move toward ending interlock-
| ing directcrates, the public and
brokers had no advance knowledge
of what was taking place in the
inner councils of the greatest of all
American houses of finance. Wher-
ever telephone and ticker flashed the
news about the street groups of men
gathered to discuss what was the all
; absorbing topic.
Mr.. Morgan, departing from his
firms traditional policy of silence,
made a public statement announcing
the withdrawal Of five members of ].
P. Morgan & Co from directorships in
twenty-seven corporations and the in
tention to withdraw from more. He
said:
IAN apparent change in public
sentiment in regard to directorships
seems now to warrant us in seeking
to resign from some of these connec-
! tions. Indeed, it may be, in view of
| the change in sentiment upon the
subject, that we shall be in Letter
position to serve such properties and
| their security-holders if we are not
directors. We have already resigned
from the companies mentioned and
we expect from time to time to with
draw from other boards upon which
we feel there is no special obligation
to remain
George F. Baker followed Mr.. Nor
gan's lead and in response to a ques-
tion whether he intended to follow
the example Of the Morgan firm, said
he intended to get out Of as many
companies. as would let him.
"TheCe is not the slightest doubt in
my mind that the announcement
made by y P. Morgan & Co., is only
the forerunner Of many similar an
nouncements that will be made in
the near future, and from my point
of view the effect will be wholesome
and far-reaching. Only a few days
ago the American Telegraph and Tel
! ephone company showed that it was
in sympathy with the spirit of the
times by announcing that it would
surrender control of the Western
Union Telegraph company, and Fri
days announcement is just another
indication that our big men appre'
ciate that public be pleased policy
is better than the old public be
damned idea"
The companies to which Mr.. Nor
gan referred. from whose board
members OF the firm have already
submitted their designations as direc-
tors, are:
J. P. Morgan-New York central
and Hudson River Railroad COM
pany; West Shore Railroad company;
Lake Shore and Michigan Southern
Railway; Michigan Central Railroad
company: New York. Chicago and st
Louis Railroad: Cleveland. Cincin-
natl, Chicago and st. Louis Railway;
New York, New Haven and Hartford
Railroad: Central New England Rail
way; New Eorls, Westchester and
Roston Railway: Harlem River and
Port Chester Railroad; Milbrook
company; New Haven Navigation
COMPANY: New England Steamship
company: Rhode Island company;
Rutland Railway company; Hartford
and Connecticut Western Railway
company; New York. Ontario and
Western Railway; Western Union
Telegraph company.
Other members of the firm have
! retired from these companies:
Charles Stesle-Jersey Central
Railroad company; United States
Steel corporation.
H. P. Davison-American Tele'
phone and Telegraph company; Asto1
Trust company; Guaranty Trust
company Of New York; Chemica.
National bank.
". II. Porter-Rankers' TTdst
company: Guaranty Trust compan;
of New York.
Thomas W. Lamont - Westins
house Electric and Manufacturing
company: Utah Copper company: AS
tor Trust company; Bankers Trus
company.