The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1912-12-27

Once, when the lawyer and the wit
ness got into discussion OF compe
ttion and combination, Mr. Morgan
said:
I'D rather have combination than
competition. / like a little competi
ton. but / like combination better.
Control is the important thing: with
out 1t you can't do thing. but no one
man could monopolize money One
man might get control of railroads or
merchandise, but never money and
credit"
Bangs Chair for Emphasis.
Mr.. Morgan's declaration that there
could be no money trust" empha-
sized by vigorous bang with his fist
on the arm OF his chair. came toward
the end Of the committees morning
session, at which the fnancier testi-
ned as to the relations of the house
of Morgan with several great corpora
tons.
Mr.. Morgan testified that he had ap-
proved the prices at which the sub
salaries Of the United States Steel
corporation were taken into the big
corporation. Mr. Untermyer asked IL
ne had not named the board Of direc-
tors of the Steel corporation. but Mr..
Morgan only said that he might have
decided who shouldn't go on
Promises Deposit Statement.
The finaucier's lawyers, r. V. Lind
abury, Joseph H. Choate, Delaney
Nicol and John c.. Spooner. held a
whispered conference as Mr. Morgan
took the stand and Mr. Untermyer,
counsel for the committee. began the
examination.
Cant you give the committee a
statement of the deposits of your
banking firm In New York as of No
vember II" asked Mr.. Untermyer.
Mr. Morgan estimated 1t at about
100000. 1000. He said he would fur
nish a statement showing the figures.
The financier said he and his part
ners were directors in some of the in
terstate corporations that have ac
counts with ]. P. Morgan & Co." His
counsel agreed to furnish q list OF
those directorships.
Mr.. Morgan produced. in response
10 Q question, copies OF the fiscal
agreements between j. p Morgan &
Co. and the New York Central anG
the New York, New Haven and Hart
ford Railroad companies.
Agents "by Taeit Agreement"
Mr.. Morgan said that there were no
other such agreements made by mis-
house. He said the firm acted as
fiscal agent for other companies by
.acit agreement"
''You are acting for a number OF
other corporations. are you not. In
Guiding the United States Steel Cor
poration?" suggested Mr.. Untermyer.
YES, but that is by resolution OF
the board OF directors of the Steel
corporation" said Mr.. Morgan.
AS to other agreements whereby the
Morgan house became fiscal agents
for corporations. he said they were
by word of mouth or by correspond
ence."
will you name any instance OF
railroad bond proving bad. where
your firm has had to pay the loss?"
asked Mr.. Untermyer.
IL can't remember any case, but l
know there have been several" said
Mr.. Morgan.
Mr.. Untermyer turned to the fiscal
with the United States
Steel Corporation.
Didn't you name the entire board
NJ directors of the United States Steel
Corporation?" asked Mr.. Untermyer.
Il think l passed on It,"
Dictated the Steel Board.
But didn't you hand out slip con
tanning the names?
III passing on the board Is naming.
I am quite willing TO assume all the
said Mr. Morgan.
But didn't you say who should go
on and who stay off?" persisted the
lawyer.
.I possibly did the latter" replied
the fnancier. and laughter swept out
from the crowd.
Mr.. Untermyer asked II Mr. Nor
gan had not named Judge E II. Gary
for chairman OF the Steel corporation
finance committee when George w
Perkins resigned.
II think so. It's very probable.
don't remember now"
Who fixed the prices at which the
various subsidiary companies should
zo into the organization? asked Mr.
II approved the price" said Mr.
Morgan.