The Birmingham age-herald., 1912-12-20

l
 per acre of the land in this country in
 order to keep with the growing popula- 1 tion,' the President told the boys "rhe
 farmers are becoming more and more 
 stated the Steel corporation remains in I dependent. As to other agreements where
 by the Morgan agents became fiscal agents for corporations witness said they We're by word of mouth or by correspond l ence.
 i MT. Unterneyer read part of the New York Central fiscal agreement by which Morgan & Co. were made sole bank CTS for the railroad, Mir. Morgan added 1 he had been a director of the New York Central about two score years. Included in the fiscal agreement for the New York Central lines were the Michigan Central the Lake Shore and the Cleveland, Cincinnati Chicago and l St. Louis railroads MT. Morgan said that some issues of New York Central notes were approved and these had been made in the last 10 years through other bankers than his institution.
 T canot remember all." said he. "but I know of a few"
 Any in the last five years?' Unter- | meyer asked
 Will Furnish Information q don't remember any" Morgan ans wered Witness said his firm would furnish information on the point. Mir. Morgan said the firm had hund- reds of millions of dollars worth of securities of the New York Central in it's hands and he thought all had been handled on a commission basis MT. Morgan said he thought the New Ha- ven also had issued securities not handled by Morgan & Co in the last 10 years
 MT. Untermeyer read from the papers furnished by MT. Morgan the proposal from the Morgan house accepted by the New Haven. Morgan & Co. proposed in return for being made sole fiscal agents for the New Haven lines to lend the New Haven road over it's counter 90 per cent of the price sale agreed. This was to be at reasonable rate of interest as stipulated and to give the road benefits of counsel and advice. The proposal was accepted January II, 1901, by the Maine Central; December 2S. 1890, by the Boston and Maine and December 19, 1910. by the New York, New Haven and Hartford, the accept ance in each case being signed by Charles H. Mellen. Can You give us from memory a list of other interstate corporations for which you are financial agents?" MT. Unter- meyer asked.
 MT. Morgan could remember no others except the United States Steel corpora ton and could not estimate the number. MT. Morgan said his firm had supplied the committee with data on that point. MT. Untermeyer replied that such data included only those corporations with which Morgan x Co. had formal agree ments with.
 
 Witness declared his firm acted for the American Telephone and Telegraph com pany, the Northern Pacific and the South ern railway, although he added it had no agreements with them.
 MT. Untermeyer took up the Northern Pacific reorganization next.
 Was the property reorganized under a voting trust?' MT. Untermeyer asked.
 Presents Maps
 'It was,'' Mir Morgan answered. "and am a member of the voting trust. In the same connection I would like to pre- sent these maps of the voting trustees for the Northern Pacific and the Southern railway"
 Mir. Jntermeyer asked if they were not agreements by and for the voting trustees in behalf of their clients alone.
 Witness answered they were reports on superior management. He added they were reports of trustees and Attorney Lindabury interposed at this junture to say they were merely accounts of the stewardship of the voting trustees.
 Do you not think interstate corpora tions should be entirely free to sell their securities in the open market and not tied to one firm?" MT. Untermeyer asked.
 No, not necessarily" the financier an- swered.
 Taking in hand the Southern railway situation he said he saw no objection to directors being appointed by himself, and his remaining a member of the voting trustees and all entering into fiscal agreement with his own firm.
 MT. Untermeyer asked if MT. Morgan did not think securities of interstate cor poration should not be sold in open competition as were United States bonds.
 The witness replied in the negative The financier said there was plenty of com petition for railroad securities every where.
 Then MT. Untermeyer asked whether there could be competition between the New Haven road and Morgan X Co.,, in the sale of New Haven securities. They may want good deal more for them than we think they are worth.' Mr. Nor gan replied.
 Do you think it would be better for the railroad to be able to offer it's se- curities to another banking house?' MT. Untermeyer asked.
 "No,' MT. Morgan answered
 Witness added that the position of the