New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-03
Firms Head and Four Part
ners Resign from 80
Corporations.
SAY 1T IS DUE TO
PUBLIC SENTIMENT
n Y. Central, New Haven
and u. S. Steel Among
Concerns Affected.
NOT UNEXPECTED
BY STOCK MARKET
BANKERS Read Signs of Times, -
Some Say-Wilson Interested,
Makes No Comment.

MAKES NO NOH1HleDl.
acknowledging the change that has
,,tsn place in public sentiment regard
,nr nterlockins directorates. which
we're attacked SO vigorously by Samuel
r-ntermyer. as counsel for the Pujo
committee. in his efforts TO prove the
existence of 2 money trust in Wall
s,-.st J. P. Morgan announced yes
,,rdsy the retirement Of himself and
four other members Of J; P. Morgan &
"a from the directorates OF thirty cor
n,rs,ions IN which the banking firm
Ia. welded for years a potent inhu-
ence
The companies affected include such
railroad systems as the New York Cen
,ral lines and the New Haven. such
Industrial corporations as the United
states Steel Corporation, American
Telephone and Telegraph Company
ard such banking concerns as the
Guaranty Trust Company. Chemical
National Bank. Bankers Trust Com
pany and Astor Trust Company.
While the resignation Of Charles
steele as a member Of the board Of
tho Steel Corporation goes into effect
At once. II is not the intention Of J. P.
Morgan. who is also on the board 10
sever that connection. Mr.. Morgan
feels a peculiar tie binding him 10 the
steel Corporation. due chiefly 10 the
ssct that Il was a product Of his
fathers creative genius. To withdraw
entirely from the board he believes,
IS neither necessary nor demanded by
public opinion. There are no fiscal re-
lations between the banking firm and
corporation as the latter does its own
financing
Action Not Taken Hastily.
The statement which was given out
by Nr. Morgan personally, made It
clear that as occasion arises he and
his associates viii withdraw from the
boards Of other concerns IN which they
are now represented. The head Of the
Morgan firm explained that this policy
was not determined upon through any
spiri, Of pique or annoyance because
of criticism Of the firms relations with
the New Haven road. but only after
months Of deliberation. He said he be-
heved the final decision VIII be for the
best interests Of the companies in
volved and Of J. p. Morgan & Co. His
statement follows:
The necessity Of attending many
board meetings has been so serious
burden upon our time that we
have long wished 10 withdraw
from the direetorates Of many cor
porations. Most Of these director
ships we have accepted with re-
luetsnoe and only because we felt
properties which we had reorgan-
lIsd or whose securities we had
recommended 10 the public. both
here and abroad.
An apparent change in public
sentiment in regard TO director
ships seems now 10 warrant us IN
seeking 20 resign from some OF
these connections. Indeed, Il may
oe, m view Of the change in senti-
ment upon this subject that wa
shall be in q better position to serve
such properties and their security
holders Il we are not directors:
We have already resigned from
the companies mentioned, and we
expect from time 70 time to with
draw from other boards, upon
which We feel there is no special
ooigstlen 20 remain.
NO designations from national banks
were Included in the designations an
nounced by the Morgan Arm. but IL Is
understood that this matter is being
held IN allegiance pending the passage
oi amendments 10 the currency Dill
Mary Connections Retained.
Nr Morgan remains a director Of
tnese corporations:
International Mercantile Marine Com
pany
National Bank Of Commerce.
National City Bank.
Northern Pacific Railway.
United States Steel Corporation.
Charles Steele remains a director OF
the following:
Atchison. Topeka & Santa Fe.
Lehigh Valley.
Northern Pacific
Erie
southern Railway
Chicago. indianapolis & Louisville.
chicago Great Western.
Alabama Great Southern.
General Electric Company.
international Harvester Company.
International Mercantile Marine Com
pany.
Mobile q Ohio Railroad.
Adams Express Company.
William II. Porter retains his con-
nection with these:
Continued on third page. second column.