Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-12-19
FinanCier Brings Down
His Fist to Emphasize
His Assertion.
BELIEVES IN COMBINE
Claims to Favor Competition,
but Takes Position it
Should Be Limited.

Washington, Dec. 19.-"There could
be no money trust All the banks and
Ell the money in c>Iistendom could
ret control money. The question of
control is personal as to money and
credits declared J. Pierpont Morgan
today TO the money trust investigat-
ing committee.
The big fnancier was led up to his
answer by the questioning of Samuel
Untermyer. counsel for the commit.
tee, who asked Morgan if "he did not
feel his vast power
Morgan answered he did not admit
he had vast power and did not feel it.
Once when the lawyer and witness got
ito a discussion OF competition and
combination, Morgan said:
CONTROL IMPORTANT.
I'D rather have combination than
competition. / like a little competi-
ticu. but like combination better.
Control is an important thing With
ou' II you cant do a thing, but no one
man could mOnopoliZe money. One
nan might control railroads or mer-
chandise, but never money and credit"
MorEans declaration that there
could be no money trust" emphasized
b. a vigorous bang of his fist on the
Pim of his chair. came toward the end
OF the committees morning session at
which the fnancier testified as to the
"a -.
several great corporations.
Morgan testified he had approved
the prices at wirfch-s1bsidiaries of the
United States Steel corporation we're
trken into the big corporation. Asked
81 he had not named the board OF di-
rcctors Of the steel corporation. Nor
gan said he might have decided who
should not go in"
BRINGS LAUGH.
His holdings of certain bank stocks
he characterized as mot very much,
about a million dollars" much to the
amusement Of the committee and the
crowd gathered to hear his testimony.
a laugh went around and the financier
Joined heartily once his voice got
hoarse and his daughter, Mrs. Her
bert Satterlee, gave him a throat tab
let
The principal part OF Morgan's tes-
timony. on the concentration of money
and credits. was TO be resumed at this
afternoons session. Il is expected his
testimony will be ended today.
ADMITS VOTING TRUSTS.
Morgan. surrounded by a dozen of
his partners and lawyers, answered
with apparent freedom all questions.
lie agreed that through voting trusts"
several Of which existed in his com
pany. a few trustees could name d.
rectors. who, in turn, could name Of
ficcrs OF great interstate industrial or
railroad corporations. He denied, how
ever, he believed interlocking director
ates where two or three men held di-
reCtorships in several banks, trust
companies or corporations, could bring
about control and unity OF action.
MUST HAVE MAJORITY.
He declared without a majority on
those boards such men could not die
tate the affairs or control of corpora
tions He took direct issue with I'm
termyer as TO the opportunity offered
few men 10 control general banking
Institutions through such participation
IS the Morgan company has on boards
of directors of the leading banks OF
New York
SIOO.OOOOOO DEPOSITS.
Morgan approximated deposits with
his banking firm in New York on
Nov. ] at S1OO.OOO.OOO. Morgan said he
did not believe there was any great
combination of bankers in the United
ates
Don't you and other bankers con-
troll the Reading road?"
NO. II we do, l don't know it, said
Morgan.
You don't think you have any pow
e. in any line of industry in this coun-
tly?"
NO. do not" said Morgan.
Your power in any direction is en-
trely unconscious TO your.
Yves"
PURCHASE OF EQUITABLE.
Morgan testified he bought control
OF the Equitable Life Assurance so
Oiety from "Mr. Ryan and Mr.. Harri
man He secured. he said, about $5l.
coo worth Of stock, for which he paid
about $4,000. 900
The company pays per cent divi
dends?"
Yes"
That is SS.71O on your stock:"
YEP
About Cue eighth or one-ninth of !
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