The daily sentinel., 1914-01-02
MORGAN MONEY
TRUST OUT OF
BUSINESS
Big FinanCiers Bow to New
Freedom" As Expressed
by President Wilson.
PUTS END TO MONEY TRUST
Associated Press.

New York, Jan. 2.-J. p. Morgan
& Co., announced today that they had
severed their connection with some
OF the greatest corporations in the
country with which they had long
been connected. This step, 1t was
announced. was taken voluntarily in
response to the apparent change OF
public sentiment on account OF
some problems and criticism having
to do with so-called interlocking OF
the directorates. Among the COM
panies from which they retired are
the New York Central and the New
Haven railroad.
BY withdrawing from the director
ate j. p Morgan & Co. cut the
strings that held together many of
the country's most important COR
porations in the community interest
which assailed it in and out OF con-
gress. The recent trend of events,
such as the money trust investigation
aud reports of the administration at
Washington considering legislation
against the interlocking directorates,
created the situation which made II
possible to enter this change of pol
icy.
A member of the firm said he had
been scrupulously careful to observe
the spirit and letter of the law and
the decision, primarily, is one of ex-
pediency that the firm has long been
seeking the opportunity to lessen the
burden of participating in the man
agement of SO many corporations.
The companies from which j. p Nor
gan resigned as director are: New
York Central & Hudson River Rail-
road Co., West Shore Railroad Co.,
..lr -
railway Michigan Central ftafifoad
Co., New York, Chicago & st. Louis
railroad, Cleveland, Cincinnati. Chi
cago & st. Louis railway, New York.
New Haven & Hartford railroad.
Central New England railway, New
York. Westchester & Boston railroad,
Harlem River & Port Chester rail-
road, New England Navigation Co..
Milbrook Co, New England Steam
ship Co., Rhode Island Co., Rutland
Railway Co., Hartford G. Connecticut
Western, New York, Ontario & West
ern railway, and Western Union Tel
egraph Co.
Other members of the firm resign
ed from the directorates include
Chas. Sceele, H. p. Dawson, w p.
Porter and Thos. w. Lamont.
Washington, D. c., Jan. 2.-Offi-
cials have known for some time of
the movement on foot to separate the
Morgan house from some of the larg-
er directorates, and as expressed one
who was familiar with the affairs,
get in line with the wishes of the
people and the spirit of the times as
expressed by the President. This in
formation is gratifying to cabinet cir
cles, but in the absence of President
it was not known whether the move
ment had been made known to him.
Associated Press.
Washington. d. c., Jan. 2.-Mem-
bers of the money trust committee
are away from Washington today,
but their report declared that the
Morgan house had twenty-three di-
rectorates in thirteen banks and trust
companies. having total resources of
81. .406, 900. 900, and total deposits of
1888, 100000. There are four direc-
torates in four insurance companies.
controlling stock interests in another,
total assets being $1.249.000,0 900:
twenty directors in twelve transpor-
tation systems of capitalization of
s4,3S9, 900, 900; twelve directorships
in seven producing corporations capt.
tdiiLCu ~ ioot
rectorships in three public utility
corporations, capitalized at s1,013,-
100000.
The only effect on the stock mar
ket of Morgan & Company's an
'nouncement is to bring trade virtu-
ally to a stand still. The announce
ment will not effect the market.
Associated Press.
Gulfport. Miss, Jan. 2.-The Pres
ident read an Associated Press dis
patch telling of the retirement of ].
P. Morgan & Company from the di-
rectorates of many corporations, and
carefully remarked, That's very in
teresting."
When asked If he had anything to
say regarding the matter. he smiled
and answered, "Oh, no."
The President has been absorbed
here in the preparation of his mes
sage dealing with big business. One
of the subjects OF which he expects 20
treat is interlocking directorates.
That he expects legislation on this
phase of the trust problem is known
to those who conferred with him be-
fore leaving Washington.