The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1914-01-08
MORGAN IS our OF
DIRECTORATE JOBS.
Leaves Corporation in Response
to Public Demand.
STILL INTERESTED IN OTHERS
Apparent Change in Public Sentl-
ment" and Criticism of InterIock-
ing Bodies Lead TO Step, Ac.
cordlnq &c Statements.

New York. ian. members Of the
firm OF J. Pierpont Morgan & Co, re-
signed on Friday from a large number
of corporations. including railroads,
banks and industrial concerns. This is
one of the results of the government $
campaign against the system of inter
locking directorates.
In connection with the designations
J. F. Morgan gave out the following
statement
The necessity OF attending many
board meeting has been so serious a
burden upon our time that we have
long wished to withdraw from the di-
rectorates Of many corporations. Most
OF these directorships we have accept
I'd with reluctance and only because
we feel constrained to keep in touch
with properties which we had organ
lied or whose securities We have rec
commended to the public both here and
abroad
An apparent change in public sen
timent in regard to diTCctOrships
seems now to warrant us in seeking to
resign from some OF these Connec
tons Indeed, it may be in view OF
the change in sentiment upon this sub
ject that we shall be in better po-
sition to serve such properties aud
their security holders II We are not
directors.
We have already resigned from the
companies and We expect from time
10 time TO withdraw from other boards
upon which We feel there is no !mpor.
tant obligation to remain.
In making this announcement the
firm iuaugurated a new system OF
dealing with the public. In times past
the head OF the house was almost un-
approachable. Telephone notice was
sent 20 various newspaper Offices ask
ing that representatives be sent TO
the Morgan banking house TO see Mr..
Morgan.
Mr. Morgan cordially greeted the
newspaper representatives:
Il have here little piece of news
to give you. We are resigning from
number Of directorates. | have the
list here and also a little interview
which explains the reason.
Among the corporations in which
Mr. Morgan still remains director
are the following
Steel trust, International Mercantile
Marine. commonly called the shipping
trust; Northern Pacific Railway com
pany, National City bank and National
Bank Of Commerce.
Charles Steele OF the Morgan firm
continues director In the harvester
trust, shipping trust, General Electric
company, Adams Express company
and the following railroad companies:
Atchison, Lebigh Valley, Southern
Alabama Great Southern, Chicago. In
dianapolS & Louisville and Chicago
Great Western.
No mention is made ia the announce.
ment OF the future Of the Morgan
firms connection with the Steel trust
Mr.. Morgan declined TO give the names
of the corporations from which his
firm intends Withdrawing in the lu
ture.
Following is the list OF companies
from which the designations have Ia
ken place:
]. p. Morgan-New York Central
lines. New York, New Haven q Hart
ford and subsidiaries, Western Union.
Charles Steele-Central Railroad OF
New Jersey, United States Steel cor
poration.
II =. Dawson American Telephone
& Telegraph. Aston Trust. Guaranty
Trust, Merchants National bank.
w. II. Porter Bankers Trust Guar.
anty Trust
T. W. Lamont Westinghouse Flee
trio & Manufacturing, Utah Copper,
Aston Trust, Bankers Trust.