New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-04
fHER BANKERS MAY
DO AS MORGAN DID
, E. Baker Already Has
announced He Will Quit
Directorates.
,nW HAS PLACE
ON 81 BOARDS
.-esm Rockefeller Is in 49
Corporations and James
Stillman in 80.

s poirtcd out yesterday that the
So, retirement of J. 7. Morgan
sa''e ~ his partners from corpora
80 .'-.-,or9tes in The management OF
~ -, had been active for years
~ ..,,n.orthy. Tor the reason that ait
:. ,snparat.vely young men.
- ..atement made on FRIDAY 10y
nc BAKER. chairman Of the First
st.s5 Rank that IL was his intention
Ni'N his connections with the nu-
.,-norotiors in which ne is d.
r'''-' ..,ss,oned little surprise. He an
T'',o - two years ago his desire to be
- from the duties Of these posi-
vr Baker has reached the ase
90 -, business men would he glad
- 10 private life and this alone
;. considered sufficient reason for
~. - N bls many directorships.
psts~ saw the beginning Of tho
-, banking system IN this city. and
80, -, rrouinent longer In the AFFAIRS
- s.1ts and corporations than any
s-o,cier. His only peer in this
-, was J. Pierpont Morean. Mr..
- vas one Of the incorporators OF
y ~, National Bank. which began IN
- - Oas the first bank here TO do
-. under the national banking act
..s'.' ,he boards Of dfty-seven imam
- Institutions and corporations Inc
.o., important Of these are:
RS. National Bank. chairman; Adams
v,,-,.s Company. American Telephone
az telegraph Company. Astor Trust
-.-,.,v BANKERS safe Deposit Com
80 president: Central Railroad OF New
-, chase National Bank, Chicago.
v--l,nston & Quincy Railroad, Big four
r,nrosd. Colorado & Southern Railroad
r,,solldsted Gas Company Delaware
r,,kswanna & Western Railroad Erie
p.s,oss Farmers Loan and Trust Com
.,,v First Security Company. chair
a.. Guaranty Trust Company, Lake
as-s & Michigan Southern Railroad
fshlgh Valley. Michigan Central Mutual
~. Insurance Company. National Bank
= Commerce. New York Central New
ps,,u New York Edison Company
vo-,hsrn Pacific. Philadelphia & Reading
cosl ani Iron Company, Reading Raul
,,,d and the United States Steel Cor
y-siion
ys1t 10 Baker in the number OF d.
,.-orships held is William Rockefeller
,,s ats on the boards Of forty-nine COM
,,.ss. or these. thirty arc railroads. in
sgd.nE the New York Central. the New
v,y,n which he ruled jointly with j.
Ps-po.t Morgan. Lackawanna, St. Pau
ri Union Pacific In addition, he holds
yss ras and electric company director
r,s That Rockefeller must soon sever
/ .ay.relations with those companies is a
h.sa,s conclusion. if for no other rea-
A.. iran his axe. Whether he will read
a. -ssns OF the times" and resign before
!. 3 forced TO do 50 by legislation Is
ST I mooted question.
Is-ss stinman. chairman Of the Ma
tosa City Bank, and for many years It's
RESIDENT. is on thirty-fOur directories.
n these. twenty-one are railroads and
we. are banks and trust companies.
nee is much in common between Still
rlr and Baker. Each organized COM
NY to permit his bank TO hold securi-
t. forbidden by the national banking
~
All o. these three are members Of the
S,E York Central board, while Baker
sat Rockefeller are associated on the
sss Haven board All rub elbows in
o. ard electric companies. and they have
uznon interests in the large Wall
s-sss banks
Essa called on 10 testify before the
~ Congressional committee on the con-
,Hczton Of control Of banking resources
IS slnter Baker admitted that in his
\ f1Ensnt the movement had gone far
soEt Even IL IL stopped where IL was.
y ~. the peril would be great II ambi-
r'ss and not prescriptions men should
~ INTO the places Of power. Therefore
~ let the safety OF the system lay in
hs eoaraeter Of the men In control.
Z Wien Morgan issued his statement on
My announcing the resignation Of
enss' and his partners from many di-
nscfaiss he prefaced II by saying that
$ ssasyed such policy would be for
~ best interests not only Of J. T. Nor
"a Co. but for the companies as well.
ne Saestlon now arises. bankers say,
.AeAe' the new interests 20 be injected
-" Ne companies will be as advan-
ass'sI S the old.
"ss'essntauon OF great banking con-
s''ns u railway and industrial director
80 vas started 70 insure in the COM
s~.'@ own affairs the personal voices
"stehfulness Of responsible financial
-'S 10 guard against friction or com
.11A'h between two or more enterprises,
''.sh the presence Of closely affiliated
s''ork These directors have contended
hey could not. in the nature OF the
exert a controlling influence when
activities were distributed over so