The Detroit times., 1912-12-18
SIS, 1926, 900 IN CONTROL OF
EIGHTEEN BIG CONCERNS
,contiaued from Page One)

rectorships In rs industrial corpora.
tons capitalized at $3.50 900 900, and
earning over $l,145.00,000 annually,
and As directorships in 19 public util-
ity corporations, capitalized at ST.
100000. and earning over $42S,-
100000 annually.
While the arraignment of financial
concentration by the ''interlocking d.
rectorate" system was shown, j. Pier
pont Morgan himself was awaiting ex-
animation on the witness stand, From
him was desired his personal explana-
amassing OF dollars.
interest OF the Morgan firm In
finance was shown as follows, by the
committees statisticians:
Control OF % directors In 13 banks
and trust companies. with resources
of $l.4o6. 900, 900. and deposits OF $685.
100000.
Four directors in four insurance
companies, with assets OF Sl,24s.-
100000.
Twenty directors in IL railroads,
capitalized at 1897 100000 with mile
age OF $4,000 miles, and a gross In
come of s72.000,000 annually.
Twelve directors in seven indusG
corporations. capitalized at 1889 ,O00,-
600, and earning annually $500, 000 900.
Four directors in three public util-
ity companies, capitalized at $l,013,-
100000. and earning S10.O36,000 an
nually.
In all. SO directors in 80 corpora
tons. having resources of sl0,O36,.
100000
II was shown that the Morgan firm
has three directors each, In the Astor
Trust Co., the Bankers Trust Co., and
Chemical National bank, the First Ma
tlonal bank, and the Guaranty Trust
Co., and other directors In the Liberty
National bank, the National Bank OF
Commerce, the National City bank,
the New York Trust Co., and the
Fourth-st. National bank, OF Philadel
phia; the Franklin and Girard Trust
companies, of the Quaker city, and
the Philadelphia National bank.
Representation by Morgan in the
foreign insurance companies
was also alleged
The Fidelity 4 Casualty Co.; the
Insurance Co.; the
Mutual Life, and the Penn Mutual, and
a controlling stock interest in the
Life Assurance society, OF
New York.
Transportation companies in whose
board OF directors Morgan representa-
tives sit. were said TO be:
international Mercantile Marine
Co.. Adams Express Co.; Atchison,
Topeka & Santa Fe: Chicago Great
western: Erie: Lehigh Valley: New
York Central; New York. New Haven
& Hartford; Northern Pacific; Pere
Reading, and Southern.
Morgan" directors are also
ascribed 10 the Baldwin Locomotive
works, the General Electric Co.; the
Agricultural corpora
tion: the International Harvester Co.;
the United States Steel corporation
(four), and the Westinghouse Electric
Co.; the American Telegraph & Tele-
phone Co.; the Philadelphia Rapid
Transit Co, and the Public Service
of New Jersey.
II was also declared the Morgan
has two or three voting tr,is-
tees. controlling the Guaranty Trust
Co., OF New York: one OF three trus-
tees OF the Bankers Trust Co.. one OF
three trustees OF the Chicago Great
western railway; two or FIVE In the
Marine trustees; one OF
three voting trustees of the Southern
railway, and one trustee OF the voting
trust OF the international Agricul-
tural corporation.
II was shown that o. PieEIont
Morgan a Co., and the Guaranty Trust
Co, have three common firm mem
bers, and directors-Henry p. David
son, william p. Porter and Thomas w.
The first two, and George
+. Baker. were also declared TO be
voting trustees of the company Like
control OF the Bankers Trust Co. was
also set forth. Three Morgan mem.
bers, IL was stated. are also directors
OF the First National bank.
How the First National. the Guar.
anty and Bankers Trust, the Chase
and National Bank OF Com
merce companies also have from three
to nine "interlocking' directors, was
shown.
The statistical tables showed that
the Morgan firm, the First National.