The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-20

Washington December 81. Pier
pont Morgan TO-DAY t'ld tnc money
trust investigating committee 81 ;he
House that all the money IN Cnr-sten-
dom and al the banks IN ChristHndom
could not form monopoly that would
control money Dir. Morgan di-claiTred
any knowledge that he welded a vast
power In modern financial circles and
declared emphafiCaliy that he sought
no such power
For nearly FIVE hours the chfst WIZ
ness called by the committee in Us
probe of the intricacies OF modern
finance withstood IRE OF qu"stl 'hs
that covered many phases OF hnahel'i
operation. In some respect IL - as one
II the most remarkable hearings aoOul
the halls OF Congress in recent years
with Mr. Morgan as the type ana EN-
bodiment IF financial operations OF
A colossal scale. and the committee
counsel. Samuel Untermyer. The repre-
sentative Of the element which seeks
~ probe 10 the innermOst recesses
the conditions under which vast Anan-
cisI operations are conducted
Mr. Morgan CAV. - length His views
m competition. omb.natIon. co-op"ra-
ton and control in industry and hnance
particularly the latter He declare"
that he did not mind competition. out
that he preferred combination IN ms
oneratfons. lie was emphatic IN ms
declaration that there IS no way one
man can get monop bly, Of money
Throughout the long examination. 70
which MI Morgan submitted Win al
evident Willingness TO answer. 'heIS
was not moment when interest
Jagged. Mr. Morgan gave ready re-
snonse 70 questions. although there
was often a battle Of wits as 10 the
meaning and effect OF various financial
conditions and operations
Tilt With Infermyer-
The question Of competition ana
combination brought about hNelE
interchange between the noted nnAh
cier and MI Untermyer. the latter
onsning the tilt with the suggestion
that Mr.. Morgan was opposed TO com
petition The witness denied this ou'
laid h,. favored "cO-operaticn- addl"-
that he was in no way opposed 20 com
petition and IN fact liked little
couapetitiou" He disagreed with ~
views OF Mr.. Untermyer on the qutS-
lion of interlocking directorates- wnicn
forms the basis for large part OF th'
statistical evidence That makes up t'e
record Of the m pney trust investigation
n, 70 date. Without actual control
Mr. Morgan claimed. there Is no con
troll although some directors may D.
common I, several corporations
..you and Mr. Baker tGcorse p
Raker, dominate the anthracite coal
road situation. do YOU nOt,' ask q
Mr. T-ntermyer AZ one point n the
examination
Il don't think We d. said Mr.. Nor
ran AT least II We do ! g" not
know 1t"
-Your power in any direction Is en-
ti-eIv unconscious to you. Is 70 not7
Il, is. Si-. 4 that j. che as saif
NJ Morgan.
-You d ,nt think you have snv power
in an, department o. iadustf '" tn.o
country. do YOU
~xot the slightest.
And Won are not LOOKING FOR any
Il am not seeking H. either~
This consolidation and amsizama-
.ion Of systems and industries ana
hanks does not look 70 any concen-
,-s,,o, docs it, asked AR. Jntcr-
myer. with = smile
so sir answered the witness.
u, IS for tho purpose Of conccr
trstiug the interests that you q" ain"'-
aamatc. is 10 not
For Interests of COUNTY,
III IL - good business for the IN
terests Of the country 20 DO a. 90
it
But. Mr. Morgan. 10 not man hNf-
w asked. tho lawyer. quite sno'"n-
sciousiv. 20 imagine that things are
FOR tho Interests OF the country ~hcn
thev ar good business
40. str"
You think that Won arc able 70
.us,ifv and iupartiaily dincrcutiatc.
where your own Interests arc con-
o~rucd. just - clearly - though yoa
tcontInued on seventh Pagc)