Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1914-01-02
LONG WISHED TO DO IT
ATTENDANCE AT MEETINGS IS
FOUND TO BE AN oNER-
Gus TASK
WAS TO HELP INVESTORS
BIG BANKERS WATCHED coRPoR-
ATOMS FOR MEN WHO
TRUSTED THEM

New York, Jan 2.--J r. Morgan &
Co. today announced that they had
severed their connection with some
of the greatest corporations in the
country with which they have long
been connected.
This step, the firm announced, was
taken voluntarily in response to ian
apparent change in public sentiment
on account Of some of the problems
and criticisms having to do with so
called interlocking directorates. /"
Among the companies from which
they retired are the New York cen
tral and the New Haven railroads
J. P. Morgan made this statement:
THE necessity Of attending many
board meetings has been SO serious a
burden on our time that we have long
wished to withdraw from the director
ate$ Of many corporations. Many OF
these directorships we have accepted
with reluctance and only because we
felF constrained to keep in touch with
properties. which we had organized,
or whose securities. we had recon-.
meisded to the pubic. both here and
an apparent change in public sen
timef,t in regard to directorships
seem now to warrant us in seeking
to retfgn from some Of these connec-
tions.
Indeed, ii may be, in view of the
change in sentiment on the subject,
that we shau be in a better position
to serve our properties and their secur-
ity holders If we are not directors. We
have already resigned from the COM
panies mentioned and we expect from
time to time to withdraw from other
boards on which we feel there is no
special obligation to remain.
The companies 10 which Mr.. Nor
gan referred, from whose board mem
bers Of our firm have already sub
mitted their resignation as directors
are:
j. P. Morgan New York Central and
Hudson River Railroad company, West
Shore Railroad company, Lake shore
and Michigan Southern railway, Mich
igan Central Railroad company, New
York, Chicago and ST., Louis railroad,
Cleveland, Cincinnati, Chicago and st.
Louis railway, New York, New Haven
and Hartford railroad, Central New
England railway, New York. West
chester and Boston railroad, Harlem
river and Port Chester railroad, Mil
bro Company, New Haven Navigation
company; New England Steamship
company, Rhode Island company, Rut-
land Railroad company, Hartford and
Connecticut Western, New York, on
tario and Western railway, Western
Union Telegraph company. Other
members Of the firm have retired
from these companies: Charles Steel
Jersey Central Railway company,
United States Steel corporation.
H. P. Dazison- american Telephone
and Telegraph company, Astor Trust
company, Guaranty Trust company Of
New York, Chemical National bank.
w. P. Porter Bankers Trust com
pany. Guaranty Trust company of
New York.
Thomas w. Lamont Westinghouse
Electrical and Manufacturing com
pany, Utah Copper company, Astor
Trust company, Bankers Trust com
pany.
Market not Affected.
The onys effect on the stock mar
ket Of Morgan and Company's an
nouneement was to bring trade vir-
tually to a standstilI. When the news
was flashed by telephone and news
ticker to the stock exchange, bro
kers dropped their business and for
some time the exchange was practic-
ally given over to discussion Of the
announcement. which probably was al
complete surprise to every man on