Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-12-19
'or which you are fiscal arents''

was that property feorgani1ed
under voting trust
Mr.. MorRan said II was aud that he
was member OF the voting trust.
In that connection" he added,
"Td like TO present these reports OF
the voting trustees for the Northern
Pacific and southern railroad"
Mr.. Untermyer looked at the re.
ports Mr.. Mrgan presented and asked
II they were not arguments by the
voting trustees In behalf OF their good
mana cement"
Mr.. Morgan replied that they were
the reports OF the trustees
Don't you think that Interstate
corporations should be- entirely free
to sell their securities In the open
market, and not be tied up to one
firm. no matter how just the meth
ods?" asked Mr.. Untermyer
NO, not necessarily" replied Mr..
Morgan.
Mr.. Untermyer asked II MIR. Murgan
corporations should be- sold In open
competition as were United States
bonds
II do not" said Mr. Morgan. Ho
said there was plenty of competition
Tor railroad securities. Mr. Inter.
myer asked where there could be
competition between the New York,
Morgan A. COMPANY In the sale Of
New Haven securities.
They want "A great deal more for
them than we think they are worth"
DO you think Il would be- better
for the railroad to be able to Offer It's
securities to another banking house -
mo, do not" retortcd Mr. Nor
gan. He added that the position Of
| the banking house often had much TO
do with the stability and successes
Of corporations.
Mr. untermyer turned Ia the fiscal
| arrangement with the United States
steel corporation.
Didn't you name tho entire board
OF directors of the United states steel
corporation asked Mr. Cntermyor.
II think I passed on It,"
Mr.. Untermyer asked II Mr.. Morgan
had not named Judge T.. II. Gary for
chairman Of the steel corporation Il.
| nance committee when George w.
Perkins resigned.
II think 80, It's very probable; !
don't remember now"
Who fxed the prices at which the
| various subsidiary companies should
go into the organization" asked Mr.
untermyer.
II approved the price," said Mr.,
| Morgan. ".T
but It was left to you to determine
the price at which they should come
"Yes. but wasn't always able to
get them at the price we wanted"
which committee OG the steel cor
| pOratlOn selects the banks where 10
funds shall be depOslted2"
The finance committee"
l Who selected J. p. Morgan a
Company"
why, Il was sort of ex.Onloio. ]
IP. Morgan q Company then had thI
whole company and It's funds natural
"You thought It would be profit
able business" suggested Mr.. Inter
myer.
I'VE didn't know then whether Il
would be profitable or not" said Mr.
| Morgan, 1T didn't look much like
| II when II went down 10 fS share
MIR. Morgan added he had bought
all the steel stock he could get hold
Of; that he had never lost cOnhdenC'
In the steel corporation and that h'
had never advised anyone To sell. III
1 knew OC no pools or ByndiCHteB form
ed TO deal In steel stock.
II hav no doubt that there haV'
been pools formed without our knOwl
edge" he added, but know d
none
Mr. Unternyer took up the sale o.
large issuea Of stock. MIR. MorgaI
said that In some instances stock Ia
sues were underwrittcn by HyndlCHte
formed by his firm.
Il Mr.. Morgan said many banks ant
trust companies IN New York weri
allowed To participate In the syndi
Gates
Can YOU tell uH the amount nf se
curItlcs marketed by your firm, yea
by year" asked Mr.. Untermyer.
| Mr.. Morgan could not say, but h
did not believe II would amount 4
81 .O00. 900. 900 year. He agreed L
furnish statement TO show tn
amount.
IL think II is generally Overestl
mated" he remarked.
Mr.. Morgan took up the relation
Of the Morgan arm and the First Ma
tiGnal bank. which he referred To a
"Bakcr's bank" He said he person
ally had been close TO George
Baker since 1873" He said the wv
firms worked together In BreH
many bond and stock Issues.
Mr.. Morgan said his son, not him
self WAS director In the Nations
: City bank
"But you are "A large stOckhOlder?
suggested Mr.. Untermeyer,
"Oh. no; only about 81 1000, 90
worth" said Mr, Morgan. He seem
| surprised at the general laugh thO
greeted the dnSv er but Joined In II.
Mr.. Untermeyer asked n he were
|. large HtOckholder In the Nationl
Bank OF Commerce.
NO" said Mr.. Morgan agar
maybe $1,000, 900" He consulted
moment with Henry =. Davidson, on
: OF his paptnerA, and finally said 81
OOO, 900 worth Of stock In the Bank {
Commerce was held by his arm an
Z tSss.OOO worth Oy partners in N
Arm.
Mr. Morgan said he knew Of OnI
:. two or three voting trusts now Ou
a standing In the Morgan house, OrRaI
4 lied for the handling OF securities.
you established one for the Ch
e cago Great Western" asked Mr.. u
y termeyer.
Q yes, { forgot that"
!. There Eaa one for the Internal tioI
vi HarveatoT company"
VI II did not know anything abol
q that"
n "But II was in your Offlce?"
q Yes 1 guess II WAS, but Mr. Pc
klns had charse OF that" said N
= Morgan.
q "a, AND you aidHt know uHy.h''
? mo, sir; I saw II In the paper Il
= next day" answered Mr.. Morgan. I
said he did not know Of the OrganIH