The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1914-01-02
AS a Result of Apparent Change
in Sentiment of the Amer
lean Public.
RESIGN FRoM CoMPANIEs
And viii Now Be in Better Po-
sition to Serve Such Prop
critics, Says Morgan.


NEW YORK, Jan. 2.---J. r. Nor
gan and Company today announced
that they had severed their connec-
tion with some of the greatest corpo-
rations in the country. This step II
was announced was taken voluntarily
in response to IAN apparent change
in public sentiment on account oil
some of the problems and criticisms
having to do with so-called interloek-
ing ectorates." Among the cor
poratfons from which they retired are
the New York Central and New
Haven railroads. j. p. Morgan made
this statement:
THE necessity of attending many
meetings has been so serious afburden
upon our time that we have long
wished to withdraw from the direc-
toFates OF many corporations. Most
of these directorships we have ac-
cepted with reluctance and only be-
cause we felt constrained to keep in
touch with properties which we had
reorganized or whose securities we
had recommended to the pubic both
here and abroad.
IAN apparent change in public senti-
ment in regard to dIrecrorsn1ps seems
to warrant US IN seeking to re-
sign from some of these connections.
Indeed it may be in view of the
change in sentiment upon the sub
ject that we shall be in better po-
sttion to serve such properties and
their security holders If we are not
directors. We have already resigned
from the companies mentioned and
we expect from time to time to with
draw from other boards upon which
we feel there is mo special obligation
to remain
The companies to which Mr. Nor
gan referred from whose board mem
bers of the firm have already sub
mitted their designations as direc-
tors are:
y. p. Morgan-New York Central
and Hudson River Railroad Company,
West Shore Railroad Company, Lake
Shore and Michigan Southern Rail-
way, Michigan Central Railway Com
pany; New York, Chicago and st.
Louis Railroad; Cleveland. Cincin-
natl, Chicago and st. Louis railway;
New york, New Haven and Hartford
railroad; Central New England rail-
way; New York, Westminster and
Boston railway; Harlem River and
Portchester railroad; Milebrook
Company; New Haven Navigation
Company; New England Steamship
Company; Rhode Island Company;
Rutland Railroad Company; Hart
ford and Connecticut Western: New
York, Ontario and Western railway;
Western Union Telegraph Company.
other members of the firm have
retired from these companies:
Charles Steele-The Jersey Cen
trail Railroad Company, and the Y.
S. Steel corporation.
n. p. Davidson-American Tele-
phone and Telegraph Company; AS
tor Trust Company; Guaranty Trust
National Bank.
w. H. Porter-The Bankers Trust
Company, and Guaranty Trust Com
pany of New York.
Thomas w. Lamont-West
Electric and Manufacturing Com
pany; Utah Copper Company; Aston
Trust Company; Bankers Trust Com
pany.
BY withdrawing from these corpo-
rations. j. p. Morgan and Company
have cut the strings that have held
the couatry's most important corpo-
rations in community of interest
which has been assailcd within and
without congress. The house of Nor
gan feels that 1t has kept within the
law in all of its complex corporations
and that no legal necessity or threat
ened complications with the authors
ties at Washington have made it nee
essary TO adopt a sweeping change in
policy announced today.