The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1912-12-20
DOES NOT FEEL
HIS VAST POWER
Control, He Says, the Most
Important Thing and
Without it Nothing Can
De Accomplished, But no
Man Can Monopolize
Money Only Holds a
Million Bank Stocks.

washington. Dee Ia-rrhere could
ba no money trust All ths aanks and
en- the money iu ChrIstendom could
rot control money. The question q
control ls personal e. tu money ana
credits" declared j. pierTont Morgan
today o. fhc doua" muueF trust IT.
NeatiHaung committee
The anaualor was loa up Co bic an-
aver hy lhe QucationiuE of samuel Jn-
tarmeyer. counsel fof the committee
who asked Mr Morgan - he did NOT
feel hlu vast power.
STR Morgan answered taai ne did not
admit he bad vast power au1 dld not
feel ll
once when ths lawyer and thc wIt-
ness Fot into discussion % compe-
tIuou and combination. Mr Morgan
naid
sId rather have combination than
competition. hke NtuC cumpel-
ton. but ukc combination better
Control IN The Important thing. wlth-
out It y0u can't do "a thinB. hut no one
man could monopolite money. one
man might Fet enufroi of railroads oi
rncrchandise. but not of money oi
credit
sly Morwau's declaration that there
reould ho no money TRUST" emphasize
e. vIrKoua bans with hts hst ga
ths arm uf bis rhair. came toward ief
end of thf committees morulnE Hes-
A. Iou. uheu fhr HuancIEr testified o. fo
b ralalions af far bouar of Morgan
With some Nraat cerroratlouF.
Mr Morgan testified fhat Bs bad ar.
rroFod the prices at which the sub.
Fidiarioa of the Tuitrd ~tatea steel Cor.
poratIou Were taken mto fbe biv core
rorHiion SIR lnferwr,rr asked ~ ff
had nos named thn BOARD of directors
uf tre steel corporation. uut Mr. Nor
nan uuiv Faid that De- might have -dc-
rded who shouldn't - Ou'
ONLY SMALL" HOLDINGS.
Eis hoIdiurs ~ certain rank at0cka
Do characterized aH -uof very much.
about a million doIIarH.' much 20 fhe
Amusement uf enc committees and tAf
spectator When MuanfHr went
rruu1 che uu.uUl.r Joined l8 heartily.
Ths rrnlg.rli Tfrt uf Mr MorEau.f
frsfimuuy fhr concentration 20 money
end credits wss fu ha resumed at thf
Afternoon HHHHI1r. If Waa reuerfed his
testimony wuH'H b.. ended fadab.
Wr MurEHu surrounded tE na1fiF a
dlrru CD HlH #rfnsra Hut attorneys aur
HwoTrd with apparent freedom au auea-
t1us 90 aFrrFi WHf thrnuk1 .vutinH
trusts several aT which sNIaf FRA hIs
rnmEanN few trustees ruH'd uHma
tHr Directors whu. H fHrn. would uama
the officers uf Hreaf Interstate indus
tral Railroad UHIIHfar1uH NT
hiufHHu truiHd however. CHAT He be-
n.eeI intefInrkIHH UIrrrturatss. where
tFo ~ tHrgr nsH frId d.rfrfarahins
tH several Hankr TRUST companies Hr
rIrparsfi1Hr could HIuE about grna
trnl end uHIlE nI H"fIHr. We declared
thaf without a majority nu frt Huard..
NHrh men could nuf dictate affairs ar
control Che corporations
Thr uuanr.eT tarN direct Issur with
hI. IntfrweVeF Ha fr frf rrrrrfurffr
oNered few men fH control general
banking conditions through surH rnr.
ticipatnu as Murfan a Co. har. un
ere boards ~ fIrerfnfH nf ere IrrHns
banks uf New Nurk
MORGAN TAKES STAND.
The 8rauclef's lawyers. " A Linda
tarT. JGaaIh A. rhratr. Delaney NirrT
and John e. er1nntr. held uhIsrsreH
conference aH PSF MHrFnu fHaE the
stand end hIr IHfrrwHEfr. counsel frr
ere committee heRlu fhr examination
Can't NnH riFc toe committee a
statement ~ fhe deposits of Fuur bank
Cc1runuss On rass rwsl