The Tabor independent. [volume] (Tabor, S.D.) 1913-19??, 1914-01-08

ing trusts ana combinations, ana that
he saw little reason to believe the
house or Morgan had weakened IL
grip on business.
still Hold Influence.
He pointed put that the vital thing
was the influence of Morgan a Co. on
the banks, and that while members OF
the company had retired from -four diff
ferent banks, nevertheless he COM
pany still retains connection with
every one of the banks, This admin
istration counsellor took h position
that the retirements thus far made
by the house of Morgan constituted an
extremely clever move to gain public
support and sympathy, but they In no
way lessened the need for far reach
ing legislation. M.s..'5H &## 1
On the other hand, while II is being
insisted in administration circles that
the trust program will be in no way
altered there Is clearly q strong eie-
ment among the democrats In congress
that Is convinced a halt should be
called on trust legislation. And 1T is
to be recalled that 1t was recently given
out on highest authority here that h
president contemplated nothing radical
against the trusts. #
Will Press Issue.
y Radical elements in congress take
the view that the demand for stringent
legislation against ~interlocking direct
CRATES and their evils is greater b
ever. ...3 "
They say that unless there is legis-
lation the country will see q series OF
reorganiZations under sanction of the
department of Justice which will be
mere half way expedients and Will give
the public no relief. Various PROGRESSES
i've elements In congress are bent on
an antt-trust campaign of great vigor
after the holidays. "a
aaSs .-r fr r.sg,ssr ~ &s55
FINANCIAL WORLD HAsTENs TO
ADOPT PuJo RECOMMENDATIONS
New York, Jan. 6.--The announce
ment Of h retirement OF J.. p. Nor
gan and four Of his. partners from the
30 directorships In ~ corporations, and
Mr.. Morgan's reference to the change
in public sentiment in regard to d.
rectorships. has called attention to the
fact that i've important recommends
lions Of the Pujo committee were al
ready being put into effect In advance
Of legislation requiring them.
They include the abandonment Of fig-
cal agency agreements, such as existed
between the New Haven and Morgan
& Co, the abolition OF i~nterlocking
d~irectorates, the abolition Of voting
trusts, reforms in the stock exchange
and reforms in the clearing house.
George r. Baker, chairman Of the
First National bank. of New York, and
one of the dominant figures In the
financial world Of America, Is expected
soon to withdraw from the boards OF
corporations with which he 10 iden-
titled. ...#t%
Morgan and Steel.
Whether Mr.. Morgan will decide 70
withdraw from the directorate OF the
TTyftnI CkofnS CfaaI .Narn4rok iNN% xryo 49,
subject Of a great deal OF speculation
today. The general opinion was that
as the so-called trust vas the greatest
of the Morgan creations and was con-
sidered by the elder Morgan the crown
ing achievement Of his financial career,
his son will consider IL his duty to re-
main Identified with 1t In an active
capacity, especially until the govern
ment suit has been decided n way
or the other. && =.
However, the Morgan firm was no
less actively identified with the imam
cial development or the New York Gem
trail lines for which Mr. Morgan was
the banking sponsor throughout tho
greater part of his career.
His connection with it dated from the
time of Commodore Vanderbilt and
during h time Of William Vanderbilt.
1t was through Mr.. Morgan's influence
that English investors placed enormous
SuHlS OF money IN the securities or tn0,
road. The resignation of the present
J. p. Morgan from the New York Gem
trail directorate was one Of the most
surprising features of his announce
ment yesterday. .".- r.
Impressed by Criticism. INN
]. p. Morgan's friends say that he
has been not only deeply impressed byI
the change In public sentiment during
the last few years, but that he, has
been deeply grieved over the criticism
of the firm In connection with the ar
fairs Of the New York, New Haven n
Hartford Railroad company. -s
Robert s. Lovett, chairman of tho
Union Pacific Railroad company, In
commenting today on the Morgan ac-
ton, said: Ws
II think strong bankers on railroad
boards are very desirable-but Il all
depends On who represents the rail-
roads on the board" y
A. Barton Hepburn, chairman Of the
Chase National bank, expressed the
opinion that ~interlocking directoratas
were q good thing sc long as they did
not result in unlawful monopoly. IT
have found in my personal experience"
he added, that by being IN the boards
of certain corporations I am able to
get a much better knowledge of their
financial standing. Used for such q
purpose, being a director on one or
more corporations is by no means In
a., niN11 w. yF,Hl 4.