The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-03


e heretofore has adhered TO policy OF
silence as rigidly as Mr.. Morgan. eS-
y <presscd his Views In his testimony be-
svarly last year. Speaking OF tho con-
Z Scentratfon OF money and credit In the
7 Glands OF q comparative few men. he
AZ eefaid:
y AT got into bad hands II would be very
Z Chad" 6
!; s while Morgan q Company. still are
3 represented on tho boards OF many OF
1 tthe country's great corporations. Mr..
saiorgan's statement that I'VE expect,
q from time to time, to retire from other
sboards.' was accepted as foreshadow-
slng tho ultimate withdrawal OF the
ssforgan partners from all the great
rtong have been connected.
Resign as Directors.
- The companies from whose board
gInembcrs of the firm have already sub
sanitted their designations as directors
sare:
- j. II. MorEan--Ncw York Central and
sAiudson River Railroad Company, West
SHORE Railroad Company, LIKE Shore
sand Michigan Southern Railway, Niicht-
Ean Central Railroad Company, New
y ork, Chicago and st. Louis Railroad,
cleveland, Cincinnati, Chicago and ST.
Louis Railway, New York, New Haven
England Railroad. New York, West
Nchcster and Boston Railway. Harlem
sRiver and Fort Chester Railroad, MIL
sarook company, New England Naviga-
,, tion Company. New England Steamship
eGompany, Rhode Island Company, Rut.
Jnnd Railway Company. Hartford and
Connecticut Western, New York, On
-tnrio and Western Railway, Western
Union Telegraph Company.
& other members OF the firm have re-
tired from these companies:
= Charles Stcclc-Jcrscy Central lniI-
Sroad Company, United States Steel Cor
-porntion.
- Ii. =. Observation-Disclosures Telephone
and Telegraph Company, Aston Trust
Company, Guaranty Trust Company OF
New York, Chemical National Bank.
w. II. Porter-unnkers' Trust Com
pany. Guaranty Trust Company of New
York.
Thomas w. Observation-Disclosures
Electric and manufacturing Company,
Utah Copper Company, Aston Trust
Company, Bankers Trust Company.
Does Not Go Far Enough.
Samuel Untermyer, counsel from the
.Pujo committee, said he regretted that
the announced list of Withdrawals did
not include the more important in
ferlocking directorates in the financial
district held by the firm, such as those
fn the First National and National City
Banks"
1T appears also" he said, chat
5vhile some of the partners resign from
the board OF given company, one or
more remain. which would seem to In
dicate that this is moro in the nature
of a business convenience than n sur
render TO public sentiment, and that
nothing Very substantial has been as
yet accomplished in tile way OF vim
dicating the principle for which adj
Vocates OF corporated reforms have
been contending. But the promise held
out in the interview is cncouraging
1t doubtless will all come in time"
In connection with Mr.. Untermyer's
statement, IT was suggested that one
reason the Morgan partners had not
withdrawn from the boards OF national
banks commonly referred to as Morgan
institutions was that the matter was
being held in allegiance. pending the
Interpretation OF the now banking and
currency law.
What was interpreted as u sign OF
Willingness on Mr.. Bakers part TO give
up such connections was the recent
sale by the First Securities Company,
controlled by First National Bank in
terests OF large block of stock in tho
Chase National Bank, one of the larry
est financial institutions in New York.
Frank ~ Vanderbilt, head OF tho
National city Bank, some time ago
said he hoped TO retire from director
ships OF outside corporations as soon
banking business exclusively.
still another indication of the course
OF events in Wall Street was the an
nouncement to-day that the voting
trust OF the Guaranty Trust Company,
consisting OF Mr.. Baker and Messrs.
firm. would be dissolved January so.
Matter of Exprdiency.
One OF the members OF the firm said
that j. T. Morgan & Co. had been
scrupulously careful TO observe the
spirit as we'll as the letter of the law,
and that the decision OF the firm was
primarily matter of expedency
Conditions had so shaped themselves
in the past he said. that the firm had
been compelled reluctantly to accept
the burden OF management OF various
corporations, and that 1t had long been
seeking al opportunity 10 lessen this
burden. :.
The chief considareatr5n. il was said,
which has prevented the hrin from talk
ing such action before this time was
the possible complications which might
follow such action. Investors through
out the world have purchased securi-
ties marketed by the house of Nor
gan. and IL was felt that the nrm had
assumed responsibility in this con
nectiou which could not be lightly laid
aside. The recent trend OF political
events such as the money trust" in
vestigation by the Pujo Committee. and
reports from Washington that the adj
1nlnistration Is considering legislation
against interlocking directorates. has
created & situation which made It pos.
aible to enter upon the change In
policy.
For several days Wall Street has
heard rumors that j. P. Morgan g. Co
had decided upon an important change
In its policy. The report most fire.
quently heard was that, as a frs,
step. the nrn would give up the trus