Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-01-02
J. p. MORGAN 4 CO. WITHDRAW
FROM DlREcroRATEs OF
GREAT CORPORATIONS.
ACTION DUE TO "cHANoE
IN PUBLIC SENTIMENT"
Constant Complaint Against "se Called
lnterIeeking Dirsotoratss" Leads TO
Radical Uphsavai IN Business Poll.
eiss Of Firm-Nsw York Central and
New Haven Railroads Affected.


gan & Company announced that
they had severed their con-
nection with some Of the great
est corporations in the country with
which they have been connected.
This step 1t was announced had been
voluntarily taken "in response to an ap-
parent change In public sentiment on
account "of some Of the problems hav-
ing to do with so-called interlocking
directorates." Among the companies
from which they retired are the Now
York Central and the New Haven rail-
roads.
J. P. Morgan made this statement:
The necessity of attending many
board meetings has been so serious a
burden on our time that We have long
wished to withdraw from the director
ates OF corporations. Many OF these
direotorates We accepted with reluc-
tance ana only because we felt con-
strained TO keep in touch with proper
ties which We had recognized or whose
securities We had recommended to the
public bota here and abroad.
Indeed It may be in view of tho
onange tn sentiment on tho subject that
We shall be In better position to serve
such properties and thet- security hold
ers II We are no: directors We al
ready have resigned from tho compan-
lee mentioned and ws expect from timo
to dins to withdraw nom othsr boards
on which wo feel thera Is no special
obligations to remain"
Many Direotoratss Affected.
Tho companies from which members
OF the firm retire as directors to which
Mr NoIKan referred arss
]. r. Mogan--New YORK Central d
Hudson River Railroad Company. West
Shore Railroad Company; Lake Shore
& Michigan Southern Railways Mich
igan Central Railroad Company; New
York. Chicago & st. Louis Railroad;
Cleveland. Cincinnati & st. Louis Rail-
way; New York, New Haven & Hart
ford Railway; Central New England
Railway: New York, West Chester &
Boston Railway: Harlem River & Port
Chester Railroad: Mtlbrook Company:
New Haven Navigation Company: New
England Steamship Company: Rhode
Island Company: Rutland Railway
Company: Oxford g. Connecticut West
ern: New York. Ontario & Western
Railway: Western Union Telegraph
Company.
Other members Of the firm have re-
tired from these companies:
Charles Steele-Jersey Central Rail-
way Company; United States Steel
Corporation.
H. p. NEUTRALITY-SUSPICIOUS. Tele-
phone Company: Astor Trust Company:
Trust Company Of New
York: Chemical National Bank.
w. II. Porter-Bankers' Trust Com
pany OF New York: Chemical National
Bank.
Thomas w. Observation-Disclosures
Electric and Manufacturing Company: =:
Utah Copper Company: Astor Trust
Company: Bankers Trust Company.
Community Of Interest Disrupted.
BY withdrawing from these corpor-
atoms J. p. Morgan & Company have
cut the strings that have held together
many Of the country's most important
in community of inter
ests which have been assailed in and
out Of congress. The house of Morgan
feels that it has kept within the law
and that no legal necessity and threat
ened complications with the authorities
at Washington have made It necessary
TO adopt the sweeping change in pol
Icy announced to day.
A member Of the firm said that Nor
gan & Company has been scrupulously
careful to observe the letter Of the law
and that the decision Of the firm was
primarily matter Of expediency.