The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1914-01-02
]. P. Morgan & Col So
Important Financial Conl
nections Today.
SWEEPING CHANGE / (
IN COMPANY PoLICi
Trend Of Public Sentiment .otvcns I,
Causc-Most Important Move II
fecting Financial Worid-Dec1.s
Better Service Will Resslt. &

New York, Jan. 2.-J. p. Morg
and company today announced It hs
Severed connections with some Of &
greatest corporations in the COUNTS
with which it has long been conns}
ed. st.
This step. the firm announced,
taken voluntarily in response to ~
apparent change in public sentiment
and on account of some Of the proil
lens and criticisms having TO do wiT
so-callcd interlocking directorateaS
Among the companies from White
the Morgan firm retired are the NedI
York Central and New Haven raif}
roads. 1s
The Morgan company made I'll
statement: THE necessity Of attend
Ing many board meetings has been y,
serious q burden upon our time th(
We have long wished to withdrew
from the directorates Of many co(ej
porations. Most Of these directorshil
we have accepted with reluctancs
and only because we feel constrains
to keep in touch with pfopertii
which We had re-orKanised or who'd
securities We had recommended u
the public. both here and abroad.
AN apparent change In publie
sentiment in regard to the directols
ships seems now to warrant VI 81
seeking to resign from some Of Thea.
connections Indeed, 1t may be, s.
view Of the change in sentiment u&
on the subject. that We shall be IN s
better position to serve such prosper
ties and their security holders, if ~.
are not directors. We have ALREADY
resigned from the companies mem
toned. and we expect from time Cd
time to withdraw from other board
upon which we feel there 10 no spss
cial obligations to remain"
The companies to which Morgan re-
ferred, from which board member.
resigned, include: The New Yort
Central: Hudson River railroad; Yves,
Shore railroad; Lake Shore, Michigan
Southern; Michigan Central: NeH
York. Chicago, &. Louis; Big Four
L.NlSsA1ven; central New EngI4hd;
New York, Westchester and Boston:
I{as1nt River. and .Portchassee.A GiE
ton company; New EnehaAd Stern:
ship company: Rhode Island COM
,pany; Rutland Railway; Hartford and
Connecticut Western; the New YORK
Ontario and Western railway, and
Western Union Telegraph.
!. Other members Of the firm retired
from many companies including the
United states Steel corporation,
American Telephone and telegraph,
Westinghouse Electric and various
trust companies, copper companies
and national banks in New York.
BY Withdrawing from these cor
porations. ]. p. Morgan and Com
pany have cut the strings which hello
together many of the country's most
important corporations in community
interests, which have been assatled
within and without congress.
The house Of Morgan feels It. kept
within the law. in all its complex op-
erations and that there was NO legal
necessity of threatened complications
with Washington authorities to make
it necessary to adopt the sweeping
change Of policy.
McReynolds Not Surprised.
Attorney General McReynolds.
whose presence here the last few days
is supposed to be in connection with
negotiations for the dissolution Of
several large corporations, did not
seem to be surprised at the news. He
did not intimate he had any advance
information on the subject, and re-
fused to make a statement.