Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-01-03
MORGAN co. IS OUT
OF MANY FIRMS
Continued From Page ~

' railroad.
Central New England railway.
New York, West Chester & Boston
railway
Harlem River & Port Chester rail.
road.
Milbrook Co.
New Haven Navigation Co.
! New England Steamship Co.
Rhode Island Co.
Rutland Railway Co.
Hartford & Connecticut Western.
New York, Ontario & Western rail-
way.
Western Union Telegraph Co.
Other members of the firm have re-
tired from these companies:
Charles Steele
Jersey Central Railroad Co.
United States Steel Corporation.
H. p. DAWSON
American Telephone & Telegraph
Co.
Aston Trust Co.
Guaranty Trust Co. of New York.
Chemical National bank.
w. H. Porter
Bankers Trust Co.
| Guaranty Trust Co. of New York.
Thomas w. Lamont
Westinghouse Electric & Manufact-
! uring Co.
Utah Copper Co.
Astor Trust Co.
! Bankers Trust Co.
| Strings Are Cut.
| BY withdrawing from these corpora
tons, ]. p. Morgan & Co. have cut the
strings that have held together many
Of the country's most important
corporations in a community Of inter-
ests which has been assailed within
and without congress-. The house Of
Morgan feels that it has kept within
| the law, In all It's complex operations
ened complications with the authori-
ties at Washington has made 1t neces-
sary to adopt sweeping change In
matter of expediency. Conditions
had 80 shaped themselves In the past,
he said, that the firm had been com.
PEELED to accept the burden of man.
agement Of various corporations and
| policy announced today.
| One of the members of the firm said
that Morgan & Co. had been scrupul-
ously careful to observe the spirit as
we'll as the letter Of the law, and that
the decision Of the firm was primarily
that It had long been seeking an op-
portunity to lessen this burden.
Feared Complications.
| The chief consideration 1t was said,
VIII ich has prevented the Arm from
taking some such action before this
time was the possible complications
which might follow such action. In
vestors throughout the world have
purchased securities marketed by the
house of Morgan and 1t was felt the
Arm had assumed responsibility in
this connection which could not be
lightly laid aside. The recent trend of
political events, such as the money
trust" investigation by the Pujo COM
nlittee, and reports from Washington
that the administration Is considering
legislation against interlocking direc-
torates, has created n situation which
made it possible to enter on this
change in policy.
For several days Wall street had
heard rumors that Morgan & Co., had
decided on an important change in its
policy. The report most frequently
heard was that, as a first step the Arm
would give up the trusteeship OF sew
eral corporations, including the South
ern Railway Co. No confirmation of
these reports could be obtained prior
to today and In fact it was under
stood that If any action of this kind
were taken 1t would be in the shape of
designations from time to time of
various members of the firm when
ever occasion was presented. No
such blanket withdrawal from no less
than thirty corporations had even been
limited at and Mr.. Morgan's announce.
ment created sensation as Wall
street had rarely experienced
In spite of the large number of
designations announced today, Morgan
& Co., are still represented on the
boards of a number Of important cor
porations. ---..
Known at Capital.
Washington, D. c., Jan. 2.-Admin-
istration officials here have known for
some days that movement was on
foot in New York to separate the
Morgan house from some of its larger
directorates and as expressed by one
familiar with their affairs to get in
line with the wishes of the people and
the spirit of the times as set forth by
the president.
This information was highly crafty
ing to cabinet circles but in the alb
sence of President Wilson from Wash
ington it was not known whether the
prospective movement had been made
known to him. It is viewed as prim-
arily important as being the first prac-
teal step on a colossal scale to adopt
/ the spirit of the movement against So
called interlocking directorates and
also as affecting number of proper
ties in which government action for
dissolution is pending.