The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-01-02
Members of Firm Sever Connec.
ton With Some of th0 Great.
est corporatIo
DUE TO cHANsE OF SENTIMENT
Criticism of IntsrIockihg Direct.
crates Leads to Retirement
From Boards
TOO MUCH TIME TAKEN UP

Sow York, Jan. -. T. Morgan &
60 announced they have severed their
com lion With some of the greatest
corpol atoms Of the country, including
the New York Central and New Haven
railroads, with which they have long
been connected. The step was taken
voluntarily IN response TO IAN appar-
cnt change Of public sentiment" on
account of some problems and crit-
cism having to do with so-callcd inter-
locking dipctorates.'
j. T. Moran made this statement;
phc necessity of attending so
many Doard meetings has been so Sc
rious a burden upon our time that we
have long wShed to withdraw from the
dircctoiates Of many corporations.
Most oi these dircctorsips we accepted
with icluaance. and only because we
felt constrained to keep in touch with
properties which we had rc-organized
or Whose securities We had recon-
mendcd 20 he public both here and
abroad
THE apUrcnt change In public sem
timcnt with regard to dircctorships
seems 10 variant Us in seeking To re-
sign from some OF these connections.
Indeed L may be, in view Of the change
of scn,imeh upon the subject. we shall
lie I'm bettcr position to serve such
prupcrtrs and their security holders
If we are not directors. We have al
ready usgned from the companies
montiond and expect from time To
time 10 withdraw from other boards
upon which we feel no special obliga-
tion q rmaln.'
The companies from whose boards
menibeS Of the firm already have sub
mitted their designations as directors
are:
]. P Morgan-New York Central x
Hudson River railroad: West shore
railrpad. Lake Shore Michigan South
,rn niwat New York, Chicago q st.
Iouk uill oad. Cleveland, Cincinnati.
chlcago Il 81. Louis railway; New
YORK New Haven n Hartford railroad;
>s-crrH New England railway; New
Aor,iWsst Chester q Boston railway;
I,rler River 4, Port Chester railroad;
irresk company: New England
aviation Co. New England Steam
IN company; Rhode Island company;
inland Railroad company: Hartford
Connecticut q Western; New York.
n,aro 4 Western railway; Western
nlon Telegraph company.
charles Steclc-Jcrscy Central
r,iDroad United steel corporation.
n ! pavidson--Amcrican Telephone
y Telegraph company Astor Trust
company Guaranty Trust company
New York; Chemical National Bank.
u n Porter--Bankers' Trust COM
pluy: Guaranty Trust company New
York
Thoma W. Observation-Disclosures
Electric Manufacturing company;
ymh uylcr COMPANY Astor Trust
.,p,p.u, Bankcrs' Trust company.
so, Compelled to Change Policy.
0iiudr,Sing from these corpora
.., ,bo Nor gan company has cut the
.,.rr. ,hai held together tho most inn
,s.,...ri corporations In a community
t,feyts S. hich has been assailed
- and without Congress. The
" Noraan feels 1t has kept
Hw IN all It's complex oper-
Hlt no legal necessity or
Implications with the
Washington made IL nee
n.e the sweeping change
- uuunccd today.
\ ronslderation IL Is said,
frd the firm taking some
brrore this time was the
ppIicntions which might
.euOn. Investors through
I'D have purchased sccuri-
....teJ by the house Of Nor
felt the firm had assumed
,,,ibgity In this connection
.la not be lightly laid aside.
y" '.,...p, trend Of political events
,., money trust" invcstiga-
r. Puio committee and re-
Washington that the ad-
P"'" WAS considering lcgisla-
-, interocking dircctorates,
ip" auation which made Il
n,cr upon the change OF
policl ,ary, ,,u,.r ~, ros.
E" ,ounced, the Morgan com
~ s,Il represented on the boards
psm ,,mbrr of important corporations.
% n corporations OF which J. p.
ame ..',o r nslns director is the Steel
NP' ftIx..