The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-12-20
MONEY TRUST
tcon,inasd from rirs, P.ss)


between Mr.. Morgan and Mr.. Inter.
myer. Morgan gave a ready response
10 questions. although there vas often
battle OF Witnesses a. 90 the meaning
and effect 81 various financial cond.-
lions and operations
Morgan Denies Control.
The question Of competition and
explanation brought about lively
Interchange between the noted imam
Ger and Mr. Untermysr. IN. latter
opening the tilt with the suggestion
that Mr. Morgan VAS opposed to com
petition The witness denied this. but
said that be Favored eo-opera ton. +"
Adding thai no Was IN no way opposed
10 competition and. in fact. Liked =
little competition he disagreed
With the views Of Mr. Untcrmyer on
The question of interlocking director
s,cs. which forms the basis for a large
part OF the statistical evidence that
makes up the record ~ money trust
Investigation up TO date without
actual control. Mr. Morgan claimed.
there II no control. although some 81
The directors may be- common to sey-
ersl corporations.
You and Mr. BaLer George =
Eakeri dominate the anthracite coal
road situation. do YOU not7" asked
Mr. Cn'crmyer. ~ ono point I'm the
examination
I do NOT think No do" said Mr..
Morgan AT least. 10 We do. ! don't
hnOw it,"
Your powc in any direction Is
entirely unconscious To- YOU, ~ IL
no."
Il, il sir. if that IL the case. said
Mr. Morgan.
You do not think you have any
power in any department OF industry
In this country. do youP'
Not the slightest"
And YOU are not looking for any"
4 am not seeking II. either"
This consolidation and amalgama-
ton OF systems and industries and
banks doe not look 10 any concentra-
ton. does it," asked Mr. Untermycr
with a smile
NO. si-.' answered the witness
1T IL for the purpose of concentrat-
ing tho interests that you do amalga-
mate. is IL not?"
III il Is for the interests OF the
country 10 do ~. do IL" 4
hut. Mr. Morgan. Is not a man
likely" asked the lawyer. quite sub
consciously. 10 imagine that things
are for the interests Of the country
Hhen they are good business"
No. sir
You think that you are able 20
Justly and impartialiy differentiate.
where YOUR own interest arc concern
cd. JUS as clearly a. though you had
no interests az stake. do you? con
tinued Mr. lntorinyer
Exactly. SIR" replied the witness.
And you are acting on that as
sumption all the time. are you not
always do. sir.
Money Control
Later Mr. j'nicrmyer touched upon
the basic o. money control
The control ot credit involves the
control oi money. does % not" he
.skcd
No. said Mr Morgan What I call
money .. tnc basis al banking.
Hut tie hssi~ "t banking is credit is
.Not .IV.,-." -ad the witness. THAT
o. ar 't i'ur' col h.u~Iu-. but 90 o. not
tic mon., rt-'if Aiou-y d. gold ana
Co.,. DO ~ else
cot ct t1. dir.uss.ou that followed
h. We'u Tire lawyer and tine banker. "
Ni"'lnf o. drew t'' fart that compare
tV.is Little mooney exists for fu. vast
SUI -ti .i.t uf' CO., credit wu.cH 90 sup
ports
900 500 uti r.. ..,rtr.I or 100 .bst rep
ifs'ntf OIL. ra-. i.. barf OF Nru
N"it. 5000 W"uII .t.. f.r ,rutro. nf
mooney "f 400 'H't mooney. .e -lr--S,-
-, ~. s"a voul a.t- .a-.e..l Al
- Wsn ,ont..i"I tac credit oc e
ai't.is. saic Air. G ut.rmy.r
Il' .1.-hf hHt" tHa' retort'i 90.
nou",- lt h't t.' credit al. g Hst
money 4is customer Wo.iI h" iaH.,
Al Not-ar I-a.a declared t..if money
H...|N n .f.| De-
/.''r mon ntd -f'at credit 500" Ha4 90
g., have r.'r n'.a 90. r..ue asked
lut.rirt"r.
. -... 70 BE- H...l-. u.s-,I. believe.
J., 20 nan !s'r Au""u t man o.
iin' cr"'l for 70 million Hof'4r- W I.r {
Inv he had u"t e cent CO., wo-Ii
Financial Affairs
Vt MORGAN WAS IaI COL some length
int. a statement OF hi- views cora ...,,,-
~ 1910 'ud '"u. rnfratou OF financial
o., . ..'. 80, -. ns.e ..'nt.oi- he SAID.
tHft t'~ reason lrI v.rf 90 rpn-
w. t'fl .'r- ".e't Nf lutsfuvcr.
OIL. want 90 r"rt... n"'HH- f't.rt.1
r De- ." W.. rr. n.ir zen g.t 70
- ..os "f U"n'. ....I Nr f-n..t-
,o"'u' o.. replied So. Nu-a..
Nd ... h' .o.'t. BE-" ma. .,y. a.I
".'N bod .rI-f'u 'HH .Ht . .t.r.t
ri"-e ,"r owned sl tls nsrs-
- '"'" fu.'-. .. controlled 'rsrI.
Hr' tU'NnIr wanted f. ...rf l.. bon fl.
- 'u-fns sr..u.' f.. frt..I State.
'fr"IHi..' a.| r'H..i VASE
- 90, 'ffftfI sr| . ua. t ...f
b. .-, >.w 1rI n.rf %. 'ns rst.
contrae' Of o.aEs