The Birmingham age-herald., 1914-01-07
Morgan's Action Generally
Looked Upon as Taken
With Entire Sincerity
BUT WILL NOT ALTER
TRUST PROGRAMME
Administration Will Look Especially
Toward Depriving Financiers of
Influence in so Many Diff
ferent Concerns
by C. Il. STEWART

by C. It. STEWART
Washington, January 6-(special)-The
epochal step taken by ]. P. Morgan &
Co. by the withdrawal of several MEM
bers of the Morgan firm from the boards
of directors of some of the big concerns
with which they were identified. is viewed
In Washington in many different ways.
Leading democrats who have been moro
sor less prominently connected with the
trust investigation and trust legislation on
.he whole are inclined to the belief that
the step taken by Mr.. Morgan and his as
socjates marks the beginning of a gen
eral movement by big business to get as
far away as possible from even the ap-
pearance of violating the Sherman law.
There are a few who disposed to
look with some suspicion upon the ten
dency of the interests" TO fall into line
with the administrations antitrust pol
icies, and no less a person than Samuel
Untermyer, the legal sleuth, who has
been camping upon the trail of "interloali-
ing directories" "voting trusts" and all
the combinations of big business, is of
the opinion that the scramble to get
aboard the band wagon now is for no
other purpose than to minimize the dras-
ticness of the administrations trust pro-
gramme, upon which Representative Clay
ton. chairman of the judiciary committee,
and his associates are now engaged.
Believe Financier Sincere
In official circles. however, the action
of Morgan is taken at par. There is a
tendency TO believe that the financier ard
his allies are sincere and suggestion that
-bar vii ~ n is
frowned upon. However, it is declared
that the administrat ton will firmly indi-
cate its belief that there should be no
half way methods adopted, but that the
huge banking houses of Morgan and
others must as soon as practicable take
the remaining steps that will finally lead
TO a zeal dissolution of the unwholesonie
and dangerous community Of interests
among corporations that the President
has pointedly declared to he the founda-
tion of the trust troubles of the country.
Whether the steps be taken in advance,
BGd voluntarily before legislation dl-
rects is immateria as to results. but for
the business men of the country to an
tioipate legislation and themselves recoS-
nize the justice in such a movement is
gratifying to the administration and will
go long way toward making it easier
and more readily adjusted
The President has devoted little of his
PUBLIC priv ate utterances on trusts to
the question of interlocising directories
about which there has been so much dis
crssion in Congress and the stump.
Directors themselves are frequently dunn
mics; it is the big power that controls
them and pulls the string. and pulls it in
so many different concerns. combinations
of which destroy competition. that the
administration is after. If the President s
attitude is rightly interpreted. lie has
asserted that he does not deem the ex-
.stcnce of Individual combinations and
coporatfons the most serious element in
the trust situation. But the real danger
Is the combination of combinations. the
same groups of men controlling chains
of banks, systems OF railways, etc. and
that threaded together in the per-
sonnel of a series of boards of directors,
is & community of interest more formida-
HE than any conceivable combination in
T The United States
Reach Controlling Powers
Accepting this view of the President as
hint at his legislative programme in the
House. about which 10 one really yet
knows anything definite. it is to be as
Aumed that the trust laws of the present
session of Congress will be designed to
reach these controlling powers that give
the word upon which the combinations
within combinations do their work Per-
haps, and it is quite likely, they will lie
held criminaliy responsible, and {. proper
punishment provided The dummies will
of course, come in and be held in Il
measure responsible also, but The man
'higher up it is believed, will be the
game for which trust legislation will 20
cunning.
But it is the frank hope and by many
the belief that there will be no game to
gun fer Morgan has set the example,
which it is believed others will follow
and that he himself will continue OF
coul Sc, everyone recognizes the delicac,'
of the operation of severing the big strings
-, In big business. The President and mis-
advisers are sensible of the fact that
Morgan & Co, Kuhn, Loeb & Co, and
other great banking houses are closel;'
1nterwoven with the business of the big
concerns for which they have stood spon-
sor and the separation must be by de-
gfees in many instances or it might be
attended with disaster. No such end is
desired, and no such consummation will
be allowed. Drastic legislation that
s would bring about such conditions will
\ not be passed by this Congress-
Two Ways of Doing Things
1r other words general feeling nre-
walls that there is a harsh and drasti,
< method of doing things, and there is also
another way that will answer fully The
\ same purpose and do less damage to the
country. The sure but friendly method
Will be adopted, and the business of the
country may rest assured that there Is
going to be nothing to disturb it. AMI
the people can also rest assured that bis
business and the combinations must com,
to terms with the department of justice
and comply with the law
8 GRANDSTAND PLAY
IS CHARGE MAnE OE