Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1912-12-20
he TESTIFIED FIVE hours
MOST REMARKABLE HEARING IN
CONGRESS- or THE RE
CENT YEARS.
Preferred Combinations
Did Not Mind Competition, But Pre-
fcrrcd Combinations In His
Big Operations.

WASHINGTON, Dec. l9.-J. Pier
upnt Morgan today told the money
trust Investigating committee Of the
house that all the money in Christen-
dom and all the banks in Chrlsten-
dom could not form monopoly that
would control money Mr.. Morgan
disclamed any knowledge that he
welded a vast power in modern fiji
ancial circles and declared emphat'
ically that he sought no such power,
For nearly five hours the chief
witness called by the committee In its
probe OF the intricacies OF modern
finance withstood q fire Of questions
that covered many phases OF f1nan-
cial operation In some respects II
was one Of the most remarkable
hearings about the halls OF congress
I'm recent years, with Mr.. Morgan as
the type and embodiment OF financial
operations on a colossal scale. and the
committees counsel. Samuel Inter
myer. the representative Of the ele'
ment which seeks to probe to the In
nermost recesses the conditions under
which vast financial operations are
conducted.
Mr. Morgan gave at length his
views on competition, combination,
cooperation and control In Industry
and finance. particularly the latter.
He declared that he did not mind
competition" but that he preferred
combination In his operations lie
was emphatic in his declaration thai
there Is no way one man cam get a
monopoly OF money
Interest Never Jagged.
Throughout the long examination.
TO which Mr.. Morgan submitted with
an evident willingness to answer
there was not moment when inter-
est Jagged. Short, sharp questions
and answers came with striking rap
idity. While the colloquies were at
times emphatic there was no serious
clash between Mr.. Morgan and Mr.
Untermyer.
Mr.. Morgan gave ready response
to questions, although there often was
a battle Of wits as to the meaning
ana effect of various financial condi-
tions and operations.
The question of competition and
combination brought about a livery
interchange between the noted nm
ancler and Mr.. Untermyer the latter
opening the tilt with the suggestion
that Mr.. Morgan was opposed to com
petitIon. The witness denied this but
said he favored "co-operation," add
ing that he was in no way opposed to
competition and, in fact liked Ut
tie competition" He disagreed with
the views Of Mr.. Untermyer on the
question of interlocking directorates,
which forms the basis for large part
of the statistical evidence that makes
up the record of the money trust In
vestigatlon up to date Without ac-
tual control, Mr. Morgan claimed,
there Ts no control, although some
directors may be common to several
corporations.
"You and Mr.. Baker George f.
Baker, domlnathe the anthracite
,.aal road situation. do you not?'
asked Mr.. Untermyer at one point In
the examination.
"I do not think we do said Mr.
Morgan. AT least II we do, I do not
know It,"
Power l. Unconscious.
Your power in any direction is en-
tirely unconscious to you, is 1t not?"
1T is. sir, If that Is the case" said
Mr.. Morgan.
You do not think you have any
power in any department Of industry
i'm this country, do your
Not the slightest.
And you are not looking for any"
IT am not seeking 1t. either"
This conclusion and amalgamatlon
of systems and Industries and banks
does not look to any concentration.
does it?" asked Mr.. Untermyer with
smile.
NO sir" answered the witness
rs 1t for the purpose of concentrat-
ing the interests that you do amalga-
mate, isn't IT,
IF Il is good business for the in
terests of the country to do 80, do
it,
But Mr.. Morgan. is not a man
likely" asked Mr. Untermyer. quite
subconsciously to imagine that things
are for the interests of the country
when they are good buslness?'
mo sir"
"You think that you are able TO
Justly and impartially dlfferentiate
where your own interests are con-
rerned just as clearly as though had
no interest at stake. do your" contin-
ued Mr.. Untermyer.
Exactly sir.r replied the witness.