Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-02
Companies Which Lose Mr.. Morgan.

Companies Which Lose Mr. Morgan.
.ferred. from whose board members of
- firm have already submitted their
ignatlons as directors. are:
+. Morgan
ew York Central and Hudson River
lroad Company.
lest Shore Railroad Company.
axe Shore and Michigan Southern
fway.
Ichisan Central Railroad Company.
New York, Chicago and ST. Louis rail-
road
Cleveland. Cincinnati, Chicago and st.
-o9is Railway.
New York, New Haven and Hartford
risiIroad.
-entraI New England railway.
>-ew York, Westchester and Boston
rai;way.
Harlem River and Portchester rail-
road
Milbrook Company
New England Navigation Company.
NV England Steamship Company.
i{ode Island Company.
Rutland Railway Company.
Hartford and Connecticut Western.
Sew Yo.k. Ontario and Western rail-
~.
/ estern Union Telegraph Company.
Others of Firm Also Out.
red from these companies:
aarles Steele:
Jersey Central Railroad Company.
United States Steel Corporation.
Il. p. Dawson:
American Telephone and Telegraph
pmpany.
Astor Trust Company.
Guaranty Trust Company OF New York.
hemical National Bank.
$. H. Porer:
;ankers' Trust Company.
Guaranty Trust Company of New York.
homas W. Lamont:
.''estinghouse Electric and Manufac-
ring Company.
tah Copper Company.
Astor Trust Company
Bankers' Trust Company.
by Withdrawing from these corpora
ons j. p Morgan & Co. have cut the
rings that have held together MANY of
ne country's most important corpora
! Ions in a community of interests which
has been assailed within and without
Congress. The house of Morgan feels
mat IL has kept within the law I'm all or
rs complex operations. and that no legal
necessity or threatened complications
18th the authorities at Washington has
rade II necessary to adopt n sweeping
change in policy announced today.
Careful to Observe Law.
/ mat Morgan & Co. had been scrupulously
careful to observe the spirit as well as
4 the letter OF the law. and that the deci-
sion OF the firm was primarily a matter
7 of expediency. Conditions had SO shaped
/ themselves in the past. he said, that the
! firm had been compelled reluctantly to
/ accept the burden of management of va
I nous corporations, and that IL had long
I been seeking an opportunity to lessen
/ this burden.
The chief consideration. il was said.
! which has prevented the firm from TAX
/ ing some such action before this time
/ was the possible complications which
| might follow such action. Investors
| throughout the world have purchased
! securities marketed by the house OF
Morgan, and IL was felt that the firm
mad assumed a responsibility in this
connection which could not be lightly
laid aside. The recent trend of politi-
cal events. such as the money trust
investigation by the Pujo committee,
and reports from Washington that the
administration is considering legisla-
ZION against interlocking directorates
has created d situation which made it
possible 10 enter upon this change in
policy.
Street Hears Rumors of Change.
For several DAYS Wall street had
heard rumors that Morgan & Co. had
decided upon an important change in its
DOlicy. The report most frequently heard
vas that. as first step, the firm would
give up the trusteeship of several cor
porations, including the Southern Rail
way Company. No confirms ZION OF these
'eports could be obtained prior to to-
lay. and. in fact. II was understood that
= any action OF this kind We're taken
~ would be In the shape of resignations
rom time To- time Of various rnernbers
- the firm. whenever the occasion was
PRESENTED. No such blanket withdrayai
from no less than thirty corporations had
been even hinted al. and Mr. Morgan :
, aouncement created "A sensation s,Ict
q Wall street has rarely experienced
In spite OF the large number of res,g.
atoms announced today, Morgan & 90
are still represented on the boards Of :
'mber Of important corporations i. y
prsan remains a director In the United
ates Steel Corporation. Northern Pa,
z" railway, International MercanfiI.
~ Tinc Company. National City Ranl
nj National Bank OF Commerce OF New
Ork.
Nj. Steele is stiIi on the boards OF IN.
Continued on Second Page.l