Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-03

more than sixty corporations greater
number than tNv alhcI ono man IN
the country alr Raker who mere (
tofory Bats adhered Go policy Of ST. I
irNee Or rig,6b as Nr MWgn. eN
j rescd his views IN hts ,csumury be-
fore the congressional pNo commit /
te9 early lasi NeW. SntlNinp oi the
concentration ef monog ana yrei iit NM
iho hands of comparatively rcVl
men. Ne said
+ think il nas snnc far ouoten. Itl
might not he dangerous, tut stiil itl
gone about far epoush In lend
hands do not see that L would do
amy harm II Il got into bad hands
ii would be very had"
while Morgan aud company are
stln represented on the boards OF
many Of the counuN's great corpora
tions, Mr. Morgans statement that
we expect from time to time to re-
tire from other boards, was accepted
as foroshadoWlng the ultimate with
drawal Of Morgan partners from am
which they have been long connected.
Samuel Untermyer. counsel for the
Puio committees, said he regretted that
the announced list of Withdrawals did
not include the more important in
terlocking dMcetoratcs In the financial
district held by tne firm such as
those of the First National and Ma
tional city banks
"It appears Also" he said that
whist some of the partners. resign
from the board of a given company.
one or more remain which would
sociu 90 indicate that this is more In
the nature OF business convenience
than 4 surrender to public sentiment,
and that nothing very substantial has
as yet been accomplished in the way
of vindlcatlng the principle for which
the advocats Of corporate reform
have been contendins But the prone
lie held out IN the interview is en-
couraRing. II will doubtless All eoNe
in time
In connection with Mr. untermyer's
statement It was suggested mat the
reason that the Morgan partners had
rot withdrawn from the boards Of the
national banks commonly referred 20
Is Morgan institutions, was trut tbs
sGhicct was being held in abcyance
pending the Interpretation Of tho new
ldrKlng and currency law
What WAS Interpreted as sign Of
willingness on Mir Bakers part to
give tp such connections Was the rec
cent sale by the First Securities cum
lpany controlled by First National
bank interests, of inrge plock II
stock IN the Chase National bank, one
Of the largest financial institutions IN
I New ork
/ Frank A. Vandorlip, head of the
y uoaa city hank, recently sold that
se houed TO retire from dircetorshlps
Iof outside corporations as soon az pos
I slide aud devote himself to the bank
ing 1usness exclusively
sun another indication ~ the
eoufse of events i'm Wall street Was
itht announcements today thai the vote
ng rBst of tho Guaranty tust com
pnny, consisting Of Mr. Baker and
Mcav. Porter and Davlsoh of tho
Morgan firm. would be dissolved bt
January 80.
j. p. Morgan made this statement.
The necessity Of attending many
loard meetings has been SO serious 4
( burden on our time that We have long
wished to withdraw from the director
ates al many corporations ManY
of these drestorsaps we have ac-
ceptcd with reluctance ana only be-
cause we folt constrained to keep In
touch with properties which we had
teorgln2ed or whose securities we
/ had recommended to the public both
/ here aud abroad.
"An apparent change IN public sem
timent in regard to direetorships
seems now 20 warrant us i'm seeking
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