Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1912-12-19
Noted Financier Proves Tract
able Witness in Brief Appear
ance before Investigators.
KEENEST INTEREST SHOWN
Data Shows Concentration Of
Money Power-180 Men Hold
746 Directorships in
1874 Banks.

Washington. Dec. Isl =. Morgan oc.
cupied tho center OF the stage to-day bs-
lore the so-called money trust investigat-
ing committee Of tho House Of Reo-
Washington last night in response to 8.
subpoena from tho committee, but it was
not until 2:4o o'clock this afternoon that
the way was cleared for his testimouy
to begin.
Meantime. Mr.. Morgan sat for nearf,
an hour listening to the mass Of statistic,
which Mr.. Cntermyer and the committee
was piling up concerning The colossa
financial operations OF leading New York
Chicago ano Boston institutions through
so-called interlocking directorates Nj
Morgan heard his own name and that o.
has hrm referred TO many times as tables
were presented showing tho affiliations Of
that concern with many other bank.
trust companies transportation and In
dustr!al corporations He appeared TO b.
unmoved throughout II all sitting sur
rounded by a number of his business as
sociates, relatives and legal representa-
tives incl-ldins J. p. Morgan. Jr.. his sor.
and Mrs. Herbert Satterlee, his daughter.
MI MOTgans appearance arOOSc0 mo
keencst interest, and crowds Of specta-
tors We're on hand to observe the pro-
ceedlncs II was to some extent cu1-
mination OF much that had gone before
In that branch Of the committees in
q,iiry under the head Of the concentra-
tior of money and credits" Mr. Nor
gan's testimony lasted barely 20 minutes
and was largely preliminary to the tes-
| imam 1,a CtxrA ho
committee reassembles at 1o:N a. m.
RAPID FIRE OF QUESTIONS.
Mr.. I-ntermyer conducted the examina-
! ton Of Mr.. Morgan. asking a rapid series
of questions to bring out the general
staniing OF the firm Of J. p Morgan
Co, It's branch connections IN this coun-
try and abroad and its affiliation with
many other financial institutions
The preliminary examination brought
ont no clashes. Mr. Morgan responding
promptly to the various queries or calling
for data from some of the representa-
tives OF the firm which would be re
sponsive 20 the questions propounded.
The chiof point made in today's
examination of Mr. Morgan was that
he favored allowing Interstate corpor-
ations 70 deposit their funds in the
naNQS OF private pdnkHls "itHout w
stricting them To Institutions under
government supervision. He said this
was matter to be left to the dis
cretlon of the boards of directors OF
the corporations in question. Mr.. Tn
termyer asked lengthy questions de-
veloping this idea to which the fnan
cier replied briefly In the affirmative
as to allowing the interstate corpora
| to hai de u,itl
private banking institutions.
Mr., Morgan confirmed data prepared
by members OF the Morgan house
showing that Sc accounts with the
Morgan firm in January last had de-
posits of sss.11s.0OO and that 7s &C
counts on November had deposits Of
ssl ,96S 600. The total capital. surplus
and funded debt OF these depositors
Mr.. Untermyer stated was $685. 900. =
0oo Mr.. Morgan agreed to this.
COURTS sHOW CONCENTRATION,
Prior to Nj Morgan's examna ton IN.
committee heard testimony bearing on
the so-called concentration Of money and
credits. This was presented IN the form
I OF charts prepared by Philip J. scuddeI
which was placed In tho record This
4 explanation showed that the charts dealt
4, with the afiiiaton Of $50 directors IN -
p banks and trust companies in New York
i Chicago ana Boston. 1t showed that
these $50 men hold in all 74s director
ships in l34 banks and trust companies.
transportation and industrial corpora
tions having total resources Ur capitalza
!. ton Of So. 81, 10000" II also gave in
- detail affiliations of j, =. Morgan & Co.
, and other leading financial institutions
I Mr.. Morgan will resume the stand to-
q morrow. Al the conclusion Of his test-
monv to-day he had a talk with Chsir
man Puio and other members Of the com
d ittec and expressed the desire to have his,
hearings proceed as rapidly a. possible.
He said he was anxious to conclude As
, he wished TO carry out plans for leaving
on trip within a short time
when Mr. Morgan took the stand this
, afternoon In response TO the usual quail
fyns questions. he said he was a banker
in New York city.
. Are YOU member of a Philadelphia
- frm?" asked Mr.. Untermyer
= We'll. that's the same firm" answered
= MIR. Morgan.
. "A Paris house,
j. MEMBERS OF THE FIRM
X They are all the same house. Til
If Arm is in New York with branches IL
A Philadelphia. Paris and London" sale
II Mr.. Morgan
J. who are the members of the ARM
e Mr. Morgan furnished the following
- list: j. F. Morgan. II. +. Dawson, w. T..
Hamilton, Z. W Lamont, II, r. Lloyd
IS j. F. Morgan. Jr A 4. Newbold, VIII
y liam IA. Porter. Charles Steels. Il. I
N Stotesbury and Temple Baldwin, MI
n Morgan said the same partners were II
All the houses
DO you do a general banking business
# in New York.
$, eve try to"
n Nh Morgan explained mat his finn