Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1914-01-03
MONEY TRUST IS
BEGINNING TO OUT
MORGAN, BAKER AND ollll.kN
RESIGN FROM MANY BIG
DIRECTOR\TlS
CAUSED A Bic sensation



N1,yy YORK Jnuuar, The
- ,,......,. ..,,,
"'''u'"""' '"'"S ~ o.
company from moro IMAM "a score "'
great corporations ana the statement
shortly aftrrward by George d. Baker
an almost equally dominant figure IN
American finance, that ne soon would
! take similar action, gave Wall street
generally thrill that almost brought
| trading ON the stocI, exchange To
| halt.
While it probably is true tint many
| bankers had information loroshadow-
| ing this mom,ntous action toward
ending utcrlonkiug dlr.c'ora'"s, jhr
public ana brokers had uo advance
! knowledge Of what was taking place
( I'm the inner councils of the greatest
Yf an American houses of finance.
| Wherever telephone and ticker
/ flashed the news about the groups of
men gathered 90 discuss the topic.
| Mr. Norean. departing from his
! firms traditional policy of silence.
| made a public statement iudicatlue
! the withdrawal of five members of j,
p. Morgan and company from direct
orships IN - corporations and the i'm
tcution To withdraw from more.
The Morgan Statement
j. =. Morgan made this statement
"Thc necessity Of attending many
board meetings has been so serious
burden upon our time that we have
long wished to withdraw from the al
rectorate OF many corporations Most
OF these directorships we have accept
ed with reluctance and only because
we felt constrained to keep I'm touch
with propertics with which We had
rrorganized or whose securities had
been recommended to the public, both
here and abroad.
"An apparent change IN public SEN
tlment In regard TO directorships now
seem to warrant our Withdrawing our
connections.
'We are doing this i'm view OF q
change Of sentiment in order that We
may be in "A better position to serve
clients and their holdings We have
already resigned from the companies
mentioned and we expect from time
10 time to withdraw from other boards
lunon which we fed there Is no special
OBLIGATION to remain"
Mr.. Baker announced his intention
to withdraw I'm response to a question
whether he intended TO follow the ex-
ample Of the Morgan firm.
81 intend TO get out as a director OF
all the companies that will let me. "
said he. "As matter Of fact / have
been beginning to do so for the past
two wears"
The connections between Mr.. Ba-
kor ana the Morgan firm and espe-
cIallv with the late ]. =. Morgan, gen
orally were regarded as being SO close
that II is believed their common de-
c,sion regarding withdrawal from in
tcrlocking directories was reached as
the result OF concerted action.
There was no evidence that gen
craI agreement had been reached be-
tween other leading fnanciers oi
Wall street II was predicted, never
theless by men IN Wall street that the
DAYS events were prophetic Of tho
ending Of the system Of interockiue
directories which has been attacked
bitterly for years and recently by tn,
members of the present Wushnetor
administration and members of con.
grces who have been fighuug what
thev termed the "mouey trust" THAI
part of Mr.. Morean's statement Fl
r which he spoke Of "an apparent
change in public sentiment i'm regart
to dircctorships" was referred To- ms
, sign Of the times. one inicrnationa
: haukcr had this TO SAY:
"There is not the slightest doubt n
/ nv mind that the announcement
made bv J y. Morgan and company I!
ONLY. the fororunner Of many similaI
. announcements that viii be made II
the near future and from my point o.
/, view the effect will be wholesom,
and far reaching. Only a few davi
, aro the American TELEGRAPH and Tel
r ephone company showed that it wa,
[ in svmpathy with the spirit = IN,
times hv announcing that IL woul,
, surrender control Of the Western Tn
, ion telegraph company and today