Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1914-01-09
MORGAN & GO,
RESIGN PLACES
Bankers Break Away From
Big Corporations.
DROP OUT OF 80 COMPANIES
Although Interested In Others, Action
Is Taken to Mean the End of Inter-
locking Directorates.

locking Directorates.
]. P. Morgan & Co. announced In
New York city that they had severed
their connection with some OF the
greatest corporations in the country
with which they have long been con-
nected.
This step, the firm announced, was
taken voluntarily in response to "an
apparent change in public sentiment
on account of some of the problems
and criticisms having to do with So
called inter-locking directorates."
]. P. Morgan made this statement:
1.-THE necessity of attending many
board meetings. has been so serious
burden upon our time that we haze
long wished to withdraw from the
directorates of many corporations.
Most of these directorships we have
accepted with reluctance, and only be-
cause we felt constrained to keep IN
touch with properties which we had
reorganized, or whose securities we
had recommended to the public, both
here and abroad.
can apparent change in public SEN
timent in regard to directorships now
seems to warrant us in seeking to re-
sign from some of these connections.
Indeed, it may be in view of the
change in sentiment upon the subject
that we shall be in better position
to serve such properties and their Sc
curity holders if we are not directors.
We have already resigned from the
companies mentioned and we expect
from time to time to withdraw from
other boards upon which we feel there
is no special obligation to remain"
The companies to which Mr.. Morgan
referred, from whose board members
Of the firm have already submitted
their designations as directors are
J. P. Morgan-New York Central
g. Hudson River Railroad company;
West Shore Railroad company; Lake
Shore G. Michigan Southern railway;
Michigan Central Railroad company;
New York, Chicago & st. Louis rail-
road; Cleveland, Cincinnati, Chicago
& st. Louis railway; New York, New
Haven C Hartford railroad; Certra
New England railway; New York
Westchester & Boston railway; liar
lem River & Portchester railroad;
Nilbrook company; New England Nav
igation company; New England Steam
ship company; Rhode Island company;
Rutland Railway company; Hartford
e Connecticut Western railway; New
York, Ontario & Western railway;
Western Union Telegraph company.
Other members of the firm have re-
signed from these companies:
Charles Steele-Jersey Central Rail
road company; United States Steel
corporation. H. P. Davison-American
Telephone and Telegraph company;
Astor Trust company; Guaranty Trust
Company of New York; Chemical Ma
tional bank. w. H. Porter-Bankers'
Trust company; Guaranty Trust Com
pany of New York. Thomas w. La
mont - Westinghouse Electric and
| Manufacturing company; Utah Copper
company; Astor Trust company and
Bankers Trust company.
By withdrawing from these corpora
ions, J. P. Morgan G Co. have cut
the strings that have held together
many of the country's most important
corporations in a community of inter
ests which has been assalled WITHIN
and without congress.
The house of Morgan feels that 1t
has kept within the law, in all of Its
complex operations, and that no legal
necessity or threatened complications
with the authorities at Washington
has made it necessary to adopt a
sweeping change in the policy just an
nounced.
In spite of the large number Of re
s,gnations announced, Morgan & Co
are still represented on the boards OF
a number of important corporations
]. P. Morgan remains a director in
the United States Steel corporation
Northern Pacific railway, international
Mercantile Marine company, National
City bank and National Bank Of Com
merce, of New York. Mr.. Steele is
still on the boards Of the Atchison, LIE
high Valley, Northern Pacific, Erie
Southern, Chicago, Indianapolis &
Louisville, Chicago Great Western a2t
Alabama Great Southern railroads
and the General Electric company, In
ternational Harvester company, Inter
national Mercantile Marine and the
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