The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1912-12-26
cannot CORNER =.
Money MORGAN
New York Financier Says "Trust"
Is impossible.
BARES STORY OF BILLIONS
Declares All Banks In ChrIstendom
Would Not Have Power to Con-
troll This Nations
Finances.

Washington, Dec 21-Modestly dis
claiming any control Of any American
industry or any desire to control any
thing whatever, ]. Plerpont Morgan
on Thursday made the most illumin-
ating public declarations regarding
himself and his enormous business en-
terprises that have come from him In
the course of his long career. He oc-
cuped the witness chair at the money
trust investigation for nearly four
hours.
Morgan denied the possibility OF q
money trust.
There could be no money trust"
he said. All the banks and all the
money in Christendom could not con-
troll money. The question Of control
Is personal as to money and credits"
Does Not "FeeI Vast Power"
The big flnancier was led up to
his answer by the questioning of
Samuel Untermyer, counsel for the
committee, who asked Mr. Morgan II
"he did not feel his vast power"
not admit he had vast power and did
not feel it.
Mr.. Morgan said he did not be-
lieve there was any great combina-
ton among bankers In the United
States
do you know of any railroad f.
nanced Independently In recent
years." asked Mr.. Untermyer.
Mr.. Morgan said he did not know
Of any, but did not think that either
the domination Of railroads by bank
ers or the unity of interest Of bank
ers had anything to do with 1t.
Don't you and other bankers con-
troll the Reading road?" asked Mr..
Cntermyer
mo, sir: II we do 1 don't know IT,"
said Mr.. Morgan
you don't think you nave any pow.
er in any line Of industry in this
country"
mo. l do not" said Mr.. Morgan
Mr. Morgan testified that he bought
control of the Equitable Life Assur-
ance society from "Mr Ryan and Mr..
Hartman" He secured. he said.
about $4,000 worth Of stock for
which he paid about 100000.
"The company pays seven per cent.
dividends?"
"Yes."
"That is about one-eighth or one
ninth Of one per cent. on the invest
ment?"
yes"
Mr.. Untermyer wanted to know II
James Stillman and George F.
Baker were interested in the pur-
chase Of the Equitable. Mr.. Morgan
conferred with his counsel about an
swering that question. and finally said
Mr.. Baker and Mr.. Stillman had
agreed to take one-half OF the invest
ment off his hands If at any time he
wanted them to.
Mr.. Untermyer insisted on know
ing why Mr. Morgan had thought 1t
good business to buy the Equitable
stock at price that paid only one
ninth Of one per cent. interest.
Il think 1t should be turned over
that is, the stock-to the policy hold
ers," he said. THAT has always
been my idea"
You mean sell 1t to the policy
holders for $3,000,000?"
For just the price paid for It,"
Then / don't understand why you
bought the stock"
only because thought 1t was the
thing to do"
Il am ready to stand before the
community on that" he declared.
Mr. Morgan testified that he had
approved the prices at which the sub
salaries Of the United States Steel
corporation were taken into the big
corporation and had passed on the
board of directors.
Cant you give the committee
statement Of the deposits of your
banking firm In New York, as of No
vember !? 2" asked Mr.. Untermyer.
Mr.. Morgan Appropriated 1t at
about $100,000,000.