The Birmingham age-herald., 1912-12-20
Gives Views on Competition
gan and MT. Untermeyer.

MT Morgan gave ready response to questions although there was often a battle of wits as to the meaning and ef- : feet of various financial conditions and operations.
 The question of competition and com bination brought about timely inter change between the noted financier and MT. Untermeyer. the latter opening the tilt with the suggestion that MT. Morgan was opposed 10 competition. The wit ness denied this, but said he favored "co operation" adding that he was in no way opposed to competition and in fact liked a little competition" He disagreed with the views of MT. Untermeyer on the cues tion of interlocking directorates, which forms the basis for large part of the statistical evidence that makes mp the record of the money trust investigation up to date Without actual control, Mir. Morgan claimed, there is no conrol al- though some directors may be common to several corporations
 You and MT. Baker George r. Ba- kerr dominate the anthracite coal road situation, do you not?" asked Mir. Inter- meyer, at one point in the examina- ton.
 T do not think we do" said Mir. Nor gan. At least if we do. do not know it."
 Your power in any direction Is en- tirely unconscious to you, is it not?"
 Tt is sir, if that is the case" said MT. Morgan.
 You do not think you have any power in any department of industry tn this country, do your
 Not the slightest"
 Not Seeking Power
 And you are not looking for any?" "I am not seeking it either
 This consolidation and amalgama- tion of systems and industries and banks does not look to any concentra- ton does it?" asked MT. Untermyer with a smile.
 No sir" answered the witness.
 Tt is for the purpose of cohtentrat ing the interests that you do amalga- mate, is it not?'
 If it is good business for the in- terests of the country to do it, do it.''
 But Mir. Morgan, is not man like 1y," asked the lawyer, quite subcon- seiously to imagine that things are for the interests of the country when they are good business?"
 No sir"
 "You think that you are able to just 1y and impartially differentiate, where your own interests are concerned just as clearly as though you had no in- terest at stake. do you" continued Nr. Untermeyer.
 Exactly sir" replied the witness.
 And you are acting on that assump- tion all the time, are you not?"
 q always do, sir
 Later MT. Untermeyer touched upon the basis of money control
 "The control of credit involves the control of money does it notg" he asked.
 No" said MT. Morgan.
 tssWhaf I call money is ha baofs .,f banking"
 But the basis of banking is credit, is it not?"
 Not always said the witness.
 ''That is an evidence of banking, but 1t is not the money itself. Money is gold--and nothing else"
 Out of the discussion that followed between the lawyer and the banker MT. Untermeyer drew the fact that com paratively little money exists for tbe vast superstructure of credit which 1t supports.
 If you had the control of all thar represent the assets in the banks of New York, you would have the control of money-of all that money?" he sug gested.
 NO you would not" answered MT Morgan.
 If a man controlled the credit Of a country. he would have control of ali its affairs" said Mir. untermeyer.
 He might have that" retorted the financier. but he would not have the money. If he had the credit and I had the money his customer would be badly on"
 Says Money Cannot Be Controlled
 Mir. Morgan again declared that money could not be controlled. He added that p1any men had great credit who had no money.
 ''Is that not because it is believed they have money back of them?' asked Mr. Untermyer
 No, sir, 1t is because people believe in lhs nan. I have known man to come