The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1912-12-19
BELIEVES IN COMBINATION
However, financier Declares No
One Man Gould MOnopo-
lie Money
TAKES ISSUE WITH ATTORNEY

Washington, Dec. l9-J. Pierpont
Morgan spent nearly five hours today
before the money trust investigation
committee, giving his views on concen-
tration OF credits, interlocking drec-
torates. clearing houses, combinations.
competition ana kindred subjects. lie
vas excused at 3:27 o'clock.
There could be no money trust. All
the banks and all the money in Chris
tendon could not control money. The
question Of control is personal as To
money and credit declared Morgan.
The big financier was led uD 90 his
answer by the questioning OF Samuel
Untermeyer. counsel for the commit
tee, who asked Morgan il he did not
feel his vast power"
Morgan answered he did not admit
ne had vast power, ana did not feel IL
once when the lawyer and witness
got into a discussion OF competition,
and combination, Morgan said
ia rather have combination than
competition | like little competi-
ton but / like combination better.
Control is the important thiuf: with
out II YOU can't do a thing. but no one
man could monopolize money. one
man might control railroads. or mer-
chandise, but never money and credit"
Morgan's declaration that there
could be no money trust" emphasized
by vigorous bang of his fist on the
arm OF his chair came toward the end
of the committees morning session, at
which the financier testified as 70 the
relations OF the house Of Morgan with
several great corporations Morgan
testified he has approved the prices at
which the subsidiaries Of the United
States Steel corporation were taken
into the big corporation Asked il he
had not named the board OF directors
Of the steel corporation. Morgan said
he might nave decided who should
not go on -" His holdings OF certain
bank stocks he characterized as not
very much, about a million dollars.
much 10 the amusement of the com
mittee and the crowd which had gath
cred 20 hear his TESTIMONY 4 laugh
went around IN which the hnancier
Joined heartily once his voice got
hoarso. and his daughter Mrs Her
bert Satterlee gave him a throat tsb-
let
The principal part Of Morgans tes-
the concentration of money
and credit was resumed at this after
Moons session
Morgan. surrounded by dozen of
his partners and lawyers answered
with apparent freedom all of the qucs-
tons lie agreed that through "vot-
me trusts several of which existed
In his company, a few trustees could
name directors, who. IN turn could
name officers OF great interstate in
lustral or railroad corporations He
denied, however, that he believed ia
.erlocking drectorates. whore two OF
hree men held directorships iu seV-
aral banks. trust companies or cor-
Dorations, could bring about control
ana unity OF action lie declared with
out majority on those boards such
men could not dictate the affairs Of
'bIpbltl Nv lhfh AIF'l ln0NN
with Untermeyer as 10 the opportunity
)fiered a few men 10 control general
conditions through such par
.icipation as the Morgan 90 has on
boards of directors OF leading banks in
New York.
Morgan spproximated the deposits in
his banking firm la New York, as of
November l, az one hundred million
dollars.
Morgan said he did not believe there
was any great combination Of bankers
N the United states.
Don't YOU and other banks control
The Reading road
No IL we do / don't know a." said
Morgan.
You don't think YOU have any pow
Pr in any line OF industry in this
mo. | do not" said Morgan.
"Your power i'm any direction is en-
Iireiy unconscious 70 you9"
yes"
Morgan testified he bought control
n the Equitable Life Assurance So
riety from Mr. RYAN and MIR. Harri-
Continued On Page Six.