Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-03
Worlds Greatest Financial
House, With George F, Ba-I
ker WithdraWs From Direc
torate Of Many Companies
PUBLIC OPINION IS
RESPONSIBLE FOR CHANGE
General Policy Of U0mergirg
Great Interests Is Forecast
in Comments by Heads OF
Institutions Affected,

feY soRHiHu JOURNAL sTgciAL tEAsun wiRTl
New York, Jan. 2--The withdraw
al today of j. p. Morgan and eom-
pany from more than score OF great
corporations and the statement by
George r. Baker. an almost equally
dominant figure in American finance.
that he soon would take similar ac-
ton gave wall street thriH which
almost brought trading on the stock
exchange to Il halt
While il is probably true that many
OF the prominent bankers had infor-
nation foreshadowing this momen-
tous move toward ending interlocking
drectorates, the public and brokers
had no advance knowledge Of what
was taking place in the inner coun
cils OF the greatest Of all American
houses Of finance. Wherever the tcl-
ephone and ticker flashed the news
about the street groups Of men gath
cred to discuss what was the all alb
sorbng topic.
Mr. Morgan, departing from his
firms traditional policy Of silence.
made public statement announcing
the Withdrawal Of five mcmbers af j.
=. Morgan and company from direc-
torships in twenty-seyen corporations
and the intention 10 withdraw from
more.
Nh Baker announced his intention
to Withdraw IN response 10 Qucs-
tion whether he intended TO follow the
example of The Morgan firm
ttF fntgFI IA saf tttf tt4. 4, .4fp.Tfgt ~
all the companies that Will LET me-
he said. AS "a matter of fact ! have
been doing so for the past two years.
The connections between Mr. Baker
and the Morgan firm and especially
with the late J. Z Morgan We're gen
orally regarded aa being SO close that
it is believed their common decision
regarding w Withdrawals from mterlock-
ing drectorates was reached rs the
result of concerted action.
There was no evidence that any gen
eral agreement had been reached
among other leading financiers of Wall
street Both chhn, Loeb and CONF
pany and James Spoyer and company
maintained silence It was predicted
nevertheless by men In Wall street
who have followed the trend of
events in finance and politics in re-
cent times, that the days events were
prophetic Of the ending of the sys- /
tenn of intcrlncking drectorates. 7
which has been bitterly attacked by
members OF the present Washington
administration and members of con-
gress who have been fighting what
they termed the money trust"
In Wall street that part OF Mr.. .
Morgans statement IN which he spoke
of IAN apparent change in public sem
timent n regard 10 dircctorships.
was referred TO as sign Of the times .
one international banker who in the
past has served as n director in many
well known corporations. had this to
say.
There is not the slightest doubt in
my mind that the announcement made
Is the forerunner OF many similar am
nouncements that viii be made in the
near future and from my point of
view the effect viii be wholesome and
far reaching. ONLY "a few days ago
the American Tolcph0ne and Tcle.
graph company showed that II was In
sympathy with the apilit OF the times
10y announcing that it would surrcn-
Ger control of the Western Union Tel
egraph company. ana todays am
nouneement is Just annlhe Indication
that our big men appreciate that a
a public be-pleased' policy o. hotter
than the old public bo-damned idea
For ten years We have had ouen
antagonism between the public aad
men of affairs Our b.g men hove
hoW decided 10 mont Tho spirit az i'm
rest on the part Of the public by so
adjusting their affairs az To comply
with public sentiment and I believe
ihat today's announcement and those
that viii follow viii be met by the
public in the right spirit I'm brief,
the events of the past fcw days rc.
s1rding corporation Affairs have cn-
ccuraecd me moro than anything that
iiae happened IN many wears"
j. T.. Morgan sr.. at his 1eaih. was
2 director in flfty-pina corporations.
including many - the foremost rail
toad and indus,ral corporations of
the country and eYeral ~ the srgcst
iankina institutions 1ni 10 these di-
Ioctorships his son aaecoedcd His
partners are directors ~ MANY more
corporations aud the firm for yclrs
Tho dominant banking Institution Of
tne United States has been financial
fIrnsor for number nf .hom. In
t1c organization of several. including
the United STATS stoet corporation,
$40 International harvester company
and the international Mercantile Ma
rme COMPANY T. T. Morgan and c"m-
paiiy took he forewoe. part ana Il
was instrumental in the reorganization
of others noahi he flsc aud south
un railroad
George r Bakor Is q director IN