Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-18
Interlocking Dfrectorates Before
Banking and Currency Committee.
MORGAN READY TO TESTIFY
Financier Expected to Take Stand
This Afternoon-willia Rookie
feller Hard to Get.

While J. p. Morgan and a retinue OF his
partners and lawyers waited impatienty
Tor the committee to take I'D the exami-
nation OF the big inancier two huge
charts were placed I'm the record to show
a mutual interest by eighteen big New
York. Chicago and Boston financial fnsti-
tutions In 134 corporations through inter
locking directors.
Mr.. Morgan appeared before tho com
mittee at O'Clock this afternoon ready
to testify.
The charts were represented as show
Ing the affiliations OF $50 firm members
and directors in the New York. Chicago
and Boston institutions included in the
charts They showed that these men
hold In all "a directcrships Gin I34 cor
poradons having total resources or CAPT
talization of 25,325. 10000
Ihe charts were presented as evidence
and placed in the record by Philip Scud-
der. statistician. who prepared them In
behalf or the committee. He was exam
ined at length as to the details of the
charts and as to the lnethod and accu-
racy OF their preparation.
May Testify Late Today.
The committee adjourned for luncheon
with the charts still under consideration.
The explanation OF the charts will prob
ably be concluded at the afternoon ses-
sion. and IT is expected that Mr.. Morgan
will then be called.
hour for convenng the committee ar
rived. But two members OF the commit
tee were present. and they sat impatiently
about waiting for a quorum. 4 scatter
ing OF spectators occupied chairs on
either side OF the committee table, but
the probability OF Mr.. Morgan's appear
ance being delayed kept the crowd away.
After waiting half an hour. Chairman
Pujo raped on the table and announced
that IL was evidently impossible to get
a quorum, and that the committee would
adjourn until o'clock. Just specta-
tors and the group or lawyers filed from
the room three members of the commit
tee appeared and the meeting was re-
convened.
Sergeant-at-arms RiddeH of the House
took the stand. He said that he and his
deputies had tried in vain since June III
last to serve William Rockefeller. He
said he had sent deputies to Mr. Rookie
fellers office in New York. his home in
New York and his country house in New
Jersey Mr. Riddell said he had found il
impossible to serve the subpoena
/ When Mr. Riddell left the stand Mr..
Untermyer, counsel for the committee.
placed i'm the record telegrams to Mr..
Rockefeller asking him to accept service
or signify his willingness to appear. He
said he had received no reply TO these
kilograms.
Chairman Pujo then made a statement
covering the efforts OF the committee to
serve Mr.. Rockefeller.
The committee has the power to ask
the House for a writ of attachment to
force Mr.. Rockefeller to appear.
Shows Enormous Assets.
Tables purporting to show that four
great life insurance companies, the New
York. Equitable, Mutual and Metropoli-
tan, would have at the present rate or
increase assets totaling $4,3lS,OOo,UoO in
1881 were presented to the committee by
Lawrence Scudder, the committees ac-
countant. who was called as an expert
witness by Mr.. Untermyer.
Mr. Scudder said he had taken the rate
of progress of assets since 1901 and upon
that had based computations showing the
probable assets for each fve-year period.
ff the same rate of increase should con-
tinue.
December 81, 1911, said Mr.. Scudder.
the total assets of the four compan!es
were 81. 13S.OO0.O0O. divided as follows:
New York Life. $693.oO0,O0; Mutual Life.
$685., 100000; Equitable Life. $JO4 100000;
Metropolitan Life. $3.50. 100000.
Mr.. Scudder estimated the combined as
sets i'm 1916 at s2.6S3, ,0O0,O0o: in 1924.
81. .s,s, 100000: in 1896. x,7s3, 100000; in
1881, $4,3lSW0O00 MIR. Scudder's tables
showed that at the latter date. under
the rate of progress he figured upon. the
Individual assets of the four co companles @
Mutual Life, 81 O56.OOO0O0; Equitable
Life. sS52,OO.O00; Metropolitan Life, $780,
100000
Interlocking Directorates.
Elaborate charts were presented to the
committee today giving lists OF Inter
locking directors in a number OF leading
financial and industrial institutions; also
a table showing affiliations OF j. p. Nor
gan & Co. Guaranty Trust Company.
Bankers Trust Company, First National
Bank and National City Bank and other
corporations through interlocking direc-
torates" This was in pursuance of that
branch of the committees inquiry bearing
on the so-called concentration of money
and credits
The charts are very voluminous and
contain a mass of details prepared
summary of the table on interlocking di-
This table shows the affiliations OF
eighteen selected financial institutions.
namely:
J. P. Morgan & Co. New York.
First National Bank, New York.
Guaranty Trust Company. New York
Bankers Trust Company, New York.
National City Bank, New York.
Kuhn. Loeb & Co, New York.
National Bank of Commerce, New York.
Hanover National Bank. New York.
Chase National Bank New York
Astor Trust Company. New York.
New York Trust Company, New York.
Blair & Co. New York.
Speyer & Co, New York
Continental and Commercial National
Bank, Chicago.
First National Bank. Chicago.
Illinois Trust and Savings Bank, Chi
cago
Kidder, Peabody & Co, Boston and New
York.
Loe, Higginson & Co, Boston and New
York.
.IVitb the greater banks trust COM
panies and insurance companies. and
systems. and producing
and trading corporations. and public utif-
ity corporations, through representation
unon their boards of directors.
.s'rhe firm members and directors whose
Affiliations are thus shown number $50.
In the aggregate they hold Ss5 director
ships in forty-one banks and trust COM
panies, having total resources of s.. .ss2.
OOO. 600 and total deposits of S2,S34. .oo0Ooo:
fifty directorships i'm eleven insurance
companies having total assets of $2,646.
600. .OOO 155 directorships in thirty-one
railroad systems having total capitaliza-
ton of So, 1873 OO0.00O and a total mileage
Of l63, 100. six directorships I'm two ex-
nd fnt,r tors inu