The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1912-12-19
MORCAN'S MONEY CHESTS
PRED OPEN BY UNTERMYER
King of Finance Juggles Mill
ions Before Money Trust
Investigators
MYSTERIES OF HIGH
FINANCE ARE DISCLOSED
.--l..a..
Steel and Organization of Giant
Trust Described by Fast
Aging Wizard


WASHINGTON, Dec l9.--J. Per
pont Morgan juggled his millions be-
fore a gaping audience, today, in the
money trust investigation. His money
chests were figuratively opened; his
financial secrets disclosed, his stock
coups explained, and his bankbooks
explained
Morgan denied that there could be
a money trust Awakened from
what appeared to be a state. of pleas
ant apathy, the wizard OF finance snd
denly thrust his bulk forward toward
the committeeman and electrified
that BY his own views TO his strength
-You're against competition % sug
gested Untermyer,
mo, like little, but I'm in favor
OF cooperation and concentration,
said Morgan
Il want u talk of this. It's prob
ably the last chance Ill have 10 say
what | want | believe control OF
money is impossible. There is no way
In which one man can gain control OF
money. You call this a money trust?
A man may own all the money in
Christendom, but he can't control II.
But" SAID Untermyer. III com
petitor of the United States Steel Co.
wanted to start up and you owned al
The New oYrk banks, wouldn't YOU
want to protect the Steel company?
Would he get the money he needed p
He would" said Morgan.
When a man has such vast pow
err"
Il don't believe have that
you haven't vast power?
Morgan shook his head. II don't
feel IT," he said.
"The question OF control, he con-
tinued, lis PERSONAL man can't
keep any other kind. He never has
1t. He cannot buy II with all the
money in Christendom."
But haven't you seen instances of
men, gaining great financial control,
have abused it,"
only in some lines I'm not talk
ing of commerce-Tm talking OF
money. A commercial control is pos
sible--a financial one, never" assert
ed Morgan
Mysteries of high finance we're dis
closed which staggered the
committee by their sheer enormity
They were exposed without heslta-
ton. The money king appeared al
most anxious at times TO explain MS
part in a dramatic financial story OF
two continents.
Steel" the master achievement Of
Morgan, was described; how ne
United States steel corporation was
inspired, and organized. How Nor
gan dictated the personnel OF the Cor.
poration's managers was recited with
out hesitancy.
Nobody was named a director with
out my approval" said Morgan, shak-
ing his shaggy gray head, and pound
ing a desk at his elbow, vigorously.
How other great financial titans
bowed to his summons was also e
cited by the man of millions. he
explained in detail how powerful
banks unceremoniously scrambled
for stocks issued by the House oil
Morgan" he told how their shares
were arbitrarily allotted--some large
and small. Omnipotepce OF his hrm
In issuing securities of railroads, such
as the New York Central, and New
York, New Haven & Hartford, was
also recited by the financler. he de-
clared his opinion that the MORGAN
system was best for the corporations
and the public, as we'll. He denied
that better results would be secured
from free, open competitive market
ing OF such securities.
Morgan's story OF Steel gripped
his hearers, who crowded, with bated
breaths, nearer the banker as he talk
ed OF billions.
The banker declared Morgan a. Co,
in organizing the steel company, were
without contracts--just mere cores
pondence.
Didn't you say who would go on
the board, and who should stay on?
be was asked by Samuel Untermyer
attorney for the committee.
Nobody went over my protest" he
declared, narrowing his eyes and Civ
ing his auditors a glimpse OF the IA
nous iron hand of Morgan
The banker glibly told OF naming
Judge 4. ii. Gary. chairman OF the
steel directors. he also admitted thai
the prices at which constituent plants
forming the giant corporation were
bought, were absolutely fixed by him.
Morgan, the committee, and the
audience laughed outright when he
told OF his personal interest in the
powerful City bank, and National
Bank OF Commerce. lie was asked
how much stock he had in them
"oh. don't know, a million or so. =
he said. yawning YEARLY.
The involuntary merriment OF the
crowd forced Morgan to join in the
laughter, after he saw the popular
Joke.
Morgan showed little OF the testy
disposition so generally attributed &c
him. Almost extravagant politenesi
marked his examination.
FRI tell YOU frankly enough, IL
objected to your questions Morgan
retnrted 10 Untermyer at one point
But the show OF spirit was fieeting
(CoBtinued ON Page severn
Barney Hester. who served IN IN
west with Custer Is dead in Cincin