The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1914-01-07
MOMENTOUS MOVE
IN WALLy STREET
Morgan & Company Withdraw from
DirectOratcs Of Several Huge Con-

than score of great corporations
and the statement shortly after
wards by George T.. Baker, an almost
equally dominant figure in American
finance, that he soon would take sim
liar action, gave Wall street generally
thrill that almost brought trading
on the stock exchange to halt
While 1t probably is true that many
prominent bankers had Information
foreshadowing this momentous move
toward ending interlocking direc-
torates, the public and brokers had
no advance knowledge Of what was
taking place in the inner councils Of
the greatest OF all American houses
ticker flashed the news about the
street, groups Of men gathered to dis
cuss what was tho all-absorbing topic
The Morgan Plan.
Mr.. Morgan, departing from his
firms traditional policy Of silence,
made a public statement announcing
the withdrawal Of five members OF J.
p. Morgan & Co. from dircctorshps
in 81 corporations and the intention
to withdraw from more.
J. p. Morgan made this statement:
"The necessity Of attending many
board meetings has been so serious n
burden upon our time that we have
long wished to withdraw from the d.
rcctorates Of many corporations. Most
Of these dircctorships we have accept
ed with reluctance and only because
wo felt constrained to keep in touch
with properties which we had reor-
ganized or whose securities we had
recommended to the public, both here
and abroad
"An apparent change in public SEN
timcnt in regard to directorships
seems now to warrant us in seeking to
resign from some Of these connections.
Indeed, 1t may be, in view OF the
change in sentiment upon the subject,
that we shall be in better position
to serve such properties and their Sc
curity holders if we are not direct
ors. We have already resigned from
the companies mentioned and we eX-
pect from time to time to withdraw
from other boards upon which we
feel there is no special obligation to
remain"
The Withdrawals.
The companies to which Mr.. Nor
gan referred, from whose boards
members Of the firm have already sub
mtted their resignation as directors,
arS:
j. p. Morgan-Ncw York Central &
Hudson River Railroad company;
West Shore Railway company; Lake
Shore & Michigan Southern railway;
Michigan Central Railroad company;
New York, Chicago & ST. Louis rail
road; Cleveland, Cincinnati, Chicago
& ST. Louis railway; New York, New
Haven e. Hartford railroad; Central
New England railway; New York,
Wcstchester & Boston railway: Har-
lem River & Port Chester railroad;
Milbrook company; New Haven Navi-
cation company; New England Steam
ship company: Rhode Island com
pany; Rutland Railway company;
Hatford e Connecticut Western Rail
way company; New York, Ontario &
Western railway; Western Union Tel
egraph company.
Others members Of the firm have re-
tired from these companies
Charles Steele Jersey Central Rail
road company; United States Steel
corporation.
II. p. Davison--A american Tclc-
phone C Telegraph company: Astor
Trust company; Guaranty Trust Com
pany Of New York; Chemical National
bank.
w. n. Porter-B Bankers Trust COM
pany; Guaranty Trust Company Of
New York
Thomas w. Westinghouse
Electric & Manufacturing company;
Utah Copper company; Astor Trust
company; Bankers Trust company.
Within the Law.
"By withdrawing from these cor
porations, J. p. Morgan & Co. has sew
cred tho connections that have held
together many OF the nations most
important corporations in commun-
ity Of interests which has been as
sailed within and without congress
pNl, 81 th,k hnc