The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-01-03
Morgan s Co. Drop Out
Ot Many Directorates
ACTION CREATES GREAT SUR
PRISE IN THE BUSI-
NESS WORLD.
But In Official Circles II Is Not
Viewed With Any Special De-
gree of Satisfaction.

NEW YORK. Jan. 2.-The with
drawal to-day OF J. p. Morgan a com.
pahy from more than a score of great
corporations and the statement short
~ atterward by George f. Baker. an
almost equally dominant figure in
american finance. that he soon would
take similar action, gave Wall street
generally thrill which almost
to a halt
While IL is probably true that MANY
OF the prominent bankers had informa-
move toward interiocking directorates.
the public and brokers had no advance
knowledge OF what was taking place
IN the inner councils OF the greatest
oI all American houses of finance.
W Mherever telephone and ticker flashed
tne news ABOUT the street groups OF
men gathered to discuss what was the
all-absorbing topic.
Mr.. Morgan, departing from his
nrms traditional policy OF silence
made a public statement announcing
the withdrawal OF five members OF j.
Morgan and company from direct
orships In twenty-seven corporations
and the intention TO withdraw from
more
Mr.. Baker announced MS intention
TO withdraw In response to a question
whether he intended TO follow the ex-
annpit Oi tnt Morgan urm.
Il intend TO get out as a director
of all the companies that will let me,
said he. AS matter OF fact, I have
been begging to do so for the past
two years"
Closely Allied.
The connections between Mr.. Baker
and the Morgan firm. and especially
with the late J. p. Morgan, were gen
orally regarded as being so close that
II Is believed their common decision
regarding withdrawal from interlock-
ing directorates was reached as the
result OF concerted action. There was
no evidence that any general agree
ment had been reached among other
leading financiers OF Wall street. Both
kuhn-l>oeb a. company and James
Speyer & company maintained silence
IL was predicted. nevertheless, by men
in Wall street who have followed the
trend OF events in finance and poll
tics in recent times that tho days
events were prophetic OF the ending
OF the system OF interlocking direc-
torates, which has been bitterly at
tackled FOR years and latterly by mem
bers OF the present Washington admin
istration and members OF congress
who have been fighting what they
termed the Money Trust"
In Wall street. that part OF Mr.
Morgan's statement in which he
spoke OF AN apparent change in
public sentiment in regard to director
ships" was referred to as a sign OF
the times. One International banker
who. In the past has served as a d.
rector In many well known corpora
tions. had this 10 say:
Similar Announcements COMING
There Is not the slightest doubt
In my mind that the announcement
made by J. p. Morgan & Company is
only the forerunner Of many similar
announcements that will be made IN
the near future and from my point Of
view the effect will be wholesome
and far-reaching. Only a few DAYS
ago the American Telephone q Tele-
graph company showed that Is was In
sympathy with the spirit OF the
times. by announcing that IL would
surrender control OF the Western
Union Telegraph company and to
days announcement IL just another
indication that our big men appre-
ciate that a Public be pleased policy
Is better than the old public be
damned idea.
For ten years We have had open
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