The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-03


drawal to-day OF j. P. Morgan & Com
pany from moro than score OF great.
corporations, and the statement short
~ afterwards by Gec~ge r. Baker, an
almost equally dom nant figure In
American finance. that he soon would
take similar action. gave Wall Street
generally thrill that almost brought
trading on the stock exchange to a
halt
While it probably is true that many
prominent bankers had information
foreshadowing this momentous move
toward ending interlocking directo-
rates. the public and brokers' had no
advance knowledge of what was taxi
ing place in the inner councils of the
greatest of nll American houses OF
nnance. Wherever telephone and
ticker flashed the news about the !.
81 street groups of men gathered TO dis-
cusF what was the all-ab absorbing topfc:s
Statement by Morgan. SS
Mr. Morgan, departing from, hIsS
hrms traditional policy of silence.
inade public statement announcing s
the withdrawal of five members Or 7.
+. Morgan Company from director
81. s,'lps IN twentS-seven corporations. and
the intention TO withdraw from moro,
He said: 49, =
me necessity OF, attending many
poard meetings has been SO serious a
burden upon our time that we bavab
iong wished to withdraw from theis
ulrectorates OF many corporations.
. sl o, these directorships we have
accepted with reluctance. and nr,,,, 80 1y$
cause we felt constrained to keen y,
eouch with properties which we bad
,eorsanized or whose securities We.
'ad !, recommended to the public. botbs
mere and abroad.
an apparent change in public SEM
,,,.r,e IN regard to directorships seems
now 10 warrant us In seeking IN -
sign from some Of these concerns ~
.e may be, In view OF the change
'he sentiment upon the subieot &
.nal we shall be In better poaitioo
10 serve such properties and their 90.
Gusiey holders II we are not directors. Z
we nave already resigned fron, 49,
companies mentioned. and MO a,. e,se
rom rom lime to time to withdraw fron,
other boards. upon which we raai Il
.neIe is no special obligation to re-
Baker to withdraw. 5
withdraa Aer r. announced his intention to
Whether he Intended to follow the eY.
ample ~. OF the Morgan firm. g
intend TO get out as director nj
al the companies that will let me,,s
haan AS matter of fact. have
oeeh heginning to do SO for the past&
two years." o past
me connection between Mr. Baker
anu .iio tne Morgan firm, and especiaIlv
win win the late j. p Morgan, generaIIv
!. esaruea as being so closo that it
- peHeVeu their common decision re
garding withdrawal from interIocti I'm.
uITectorates was reached as the res,,it 4
OF concerted action. There was no evfI !
uehce That any general agreement had
.s esen reached among other leading
nnancsers OF Wall Street It was pre-. 4
dlcted. nevertheless, by men In Wan
street that the days events were pro5
phetic OF the ending of the system OF
interlocking directorates, which has
peen attacked bitterly for years. and
recently by members OF the present
washington administration and menl-
bers OF Congress who have been fight4 =
ing what they termed the money
trust. That part OF Mr. Morgan's
statement In which he spoke OF ..an *
apparent change In public sentiment q
In regard TO directorships," was re-
ierred TO as sign of the times Un,,
international banker had this tcs say: sf ~
There Is not the slightest doubt in
my mind, that the announcements made
forerunner of many similar announce-s
ments, Only few days ago the An, er- Il
lean Telegraph and Telephone Company
showed that 1t was In sympathy with
the spirit of the times by announcing
that 1t would surrender control OF .tbs S
Western Union Telegraph Company
To-day's announcement Is Just another
Indication that our big men apnrecfata
that public be pleased policy is bef- st
ter than the old public be Il id idea = ~ ssE
Partners I'm Many Efrms.
j, p. Morgan, Sr.. at his death. vviist
a director In fifty-nine corporations, B
including many OF the foreniost raii- 4.
road and Industrial companies OF th.
country and several OF the sIarsest u
banking institutions, and to these lIi- g
rectorships, his son succeeded. Hts
partners are directors IN many more 4
corporations. and the hrn. for yearA
the dominant banking institution OF
the United States, has been SHANGHAI "
them George IN Baker is q direct0rs8
In more than sixty corporations. ~.
greater number than any other ORC sS
man In the country. Mr. Baker, " hp