The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-01-03
MORGAN & CO..
(continued from ffrs. Parsy

NOouttnued lrcn Etru- RnR
antagonism between the public and
men OF affairs. Our big men have
now decided to meet the spirit OF
unrest on the part Of the public by
so adjusting their affairs as tocom-
ply with public sentiment, and / be-
lieve that today's announcement. and
those that will follow, will be met
by the public in the right spirit. In
brief. the vents OF the past few days
regarding corporation affairs have
encouraged me nor than anything
that has happened in many years"
In SO Corporations
j. II. Morgan, Sr., at his death was
a director in SO corporations, includ-
ing many of the foremost railroad and
Industrial companies OF the country.
and several OF the largest banking
institutions. and TO these director
ships his son succeeded. His part
ners are directors in many more cor
porations. and the firm. for years the
dominant banking institution OF the
United States, has been financial
sponsor for a considerable number
OF them. In the organization of sew
eral, including the United States
Steel corporation, the International
harvester company and the Interna-
tional Mercantile Marine company.
+. Morgan & Co. took the foremost
part, and IL was instrumental IN the
reorganization of others. notably the
Erie and Southern railways.
Director In 60 Corporations.
George + Baker Is a director in
more than sixty corporations, a
greater number than any other one
man in the country. MI. Baker. who
heretofore has adhered to a policy OF
silence as rigidly as Mr.. Morgan, ex-
pressed his views in his testimony
before h compression Pujo COM
mittee early last year. Speaking
the concentration Of money and
credit in the hands of a compara-
lively few men. he said:
Il thinks!t has gone far enough.
might not be dangerous, but still IL
has gone about far enough. In good
hands i do no not see that Il would
do any harm. II 1t go into bad
hands II would be very bad"
While Morgan & Co. are still rep
resented on the boards of many OF
.he countryls great corporations. MIR.
Morgan's statement THAT we expect
from time to time to retire from
otLer boards" was accepted as fore
shadowing the ultimate withdrawal
or N Morgan partners from all the
great outside enterprises with whica
they have been long connected.
Samuel Untermyer. counsel for the
ruJo committee. said he regretted
that the announced list of withdraw
ais did lot Include the more import.
ant interlocking d~irectorates in the H.
nancial districc held by the firm such
as those in the First National and Ma
tional City banks"
A Business Convenience.
II appears Also he said, that
WHILST Anmn nf tho Uareu.-- -
from the board OF a given
one or more remain. which would
seem TO Indicate hat this Is more in
the nature Of a business convenience
than a surrender 90 public Sentiment
n that nothing very substantial has
been as yet accomplished in the way
OF indicating the principle for which
the advocates of corporate reform
have been ~contending. But the prom
Use held out in the interview Is en-
couraging. II will doubtless all come
in time"
In c~onsection with Mr.. Untermyer's
statement, II was suggested the rea-
son the Morgan partners had not with
drawn from the boards OF the Ma
tional banks commonly referred 10 as
Morgan institutions. was that the
matter was being held in allegiance
pending the Interpretation OF the new
banking and currency Law.
What was Interpreted as sign OF
willingness on Bakers part "a give IN
such connections was the recent sale
OF the First-Securities Company, con
trolled by the First Natinal Bank in
t%erests. Of a large block OF stock in
the Chase National Bank. one OF the
largest financial institutions in New
York.
Vanderlip 70 Retire.
Frank a. Nanderlip. head OF the Ma
tional City Bank. said some time ago
he hoped TO retire from directorships
OF outside corporations as soon as pos
sible. and devote himself TO the bank.
ing business exclusively.
Still another indication Of the course
of events In Wan Street v.es the an
nouncement today that the voting
trut OF the Guaranty Trust Company.
consisting Of Mr. Baker and Messrs.
Porter and Dawson OF the Moran
firm. would be- dissolved January 30.
Action Approved.
WASIHINGTnN. n. O.. Jan. H-0fUrfrf
washington seemed Co approve UIf 4l-
ton ~ =. D. Morgan a COMPANY. hrt
was not believed tonight Thar ri would
prevent nu attempt in congress ~ tho
ur1hlnif intcriucklnT Directorate While
ofiicial comment was lacking there was
a. general impression that while tho rr-
ton was n nter IN the right direction. 90
nln n9t mFnaii1e The break up ~ tho
20 'alled money trust
lawyers who followed the course Of
The money trust iuveaffvafi0u b. u~
house committed. pointed out that 'whr.
NnI kan company had rivcu no dirsr-
t"fhnIpH IN several large banks ana fru-f
companies. the connection r.grr.f 49,
ne most part were with railroads ~.
Inr % these officials could sec from, fn.
information az hand the relations b.