Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-19

1
stock issues were underwritten by syndi-
Gates formed by his company. He ex-
planned that the personnel of these syndi-
Gates was generally different.
| Mr.. Untermyer wanted to know If there
was a list Of names in existence from
which these syhdicates were made up.
| 1T depends something on the nature OF
the securities. replied Mr. Morgan 1.-The
| class we would offer one kind of securi-
| ties to we would not offer another"
| Those syndicates have been generally
| profitable to banks and those who partici-
pated. have they not?' asked Mr.. Inter
myer.
Yes, generally. If they had not the
members would not go into them." said
| Mr.. Morgan.
There are many banks and trust COM
panies in New York which you allow to
participate in these syndicates?'
/ Yes
Mr.. Untermyer said that Lee. Higgin-
son & Co. of Boston. the First National
Bank Of Chicago and other institutions
were often wanted to participate in these
syndicates.
They don't work with us. but they
take or refuse an offer we make" said
Mr.. Morgan.
| ''Oh, yes. often.'
"Then you offer them another oppor;u-
nity?"
Yes. sir
many banks in New York that are not al
lowed to participate in the Morgan under.
| writings
MANY don't want to participate" re-
piled Mr.. Morgan.
| Mr.. Morgan's throat became husky and
he turned to his daughter. Mrs. Satter-
lee. and asked for throat tablet. Mrs.
Satterlee produced it from handbag.
do you want a glass Of water" asked
Mr.. Untermyer
mo. thanks" said Mr.. Morgan.
IF you get tired suggested Mr.. I'm
termyer. don't hesitate to say so.''
I'm not tired" remarked the financier.
with a rather forcible infection.
Securities Marketed by Morgan.
'Can you tell us Of the amount of Sc
curities marketed by your firm year by
year?"
Mr.. Morgan could not say. He did not
believe that it would amount to $1,000
100000 a year. He agreed to furnish a
statement to show the amount.
II think it's overestimated," he re-
marked
when we get the figures we can TELL"
said Mr.. Untermyer. 1T may be under
| estimated
| II hope So" said Mr.. Morgan, with a
| smile.
Mr.. Morgan took up the relations of
the Morgan firm and the First National
Bank. which he called Bakers bank.
He said he personally had been close to
! George F. Baker "since 1879 He said
the two firms worked together in a great
many bond and stock issues.
| with mutual profit to both your firm
| and Mr.. Bakers bank?'
Yes 1 hope So
| Mr.. Morgan could not remember when
the First Securities Company was Or
| ganized or whether it's board of directors
was identical with the board of directors
| nj ho
| Mr.. Morgan, answering questions. said
his son, not he, was a director in the
National City Bank.
| But you are large stakeholder" sug-
gested Mr. Untermyer.
"Oh. no: only about million dollars
WORTH" said Mr.. Morgan. He seemed
surprised at the laugh that greeted the
answer. but joined in it.
| Mr.. Untermyer asked if he was large
stakeholder in the National Bank of Com
merce.
No" said Mr.. Morgan again. maybe
a million dollars
Of his partners. and said 81 5000 worth
of Bank of Commerce stock was held by
his firm. and S6S6, 600 worth by the part
ners in the firm.
Watch on Bank Management.
You don't watch the details of the
management Of these banks. To whom
do you leave it. in the case of banks
identified with your FIRM" asked ME-. In
termyer.
ITO any member of the firm who hap
pened to be familiar with the matter"
said MIR. Morgan.
Mr.. Untermyer asked If the Morgan
house did not look after the prosperity
and welfare of the banks in which 1t has
holdings.
I'VE don't bother ourselves much about
that; they look after themselves" said
Mr.. Morgan.
| But members of your firm are on their
boards OF directors?"
Yes
And they are supposed to look out
for the interests Of your firm?'
| Yes
"They give their time to it?''
Eyes. I have always said they give
too much time" said Mr.: Morgan.
But still they remain?"
Yes. still they remain" said Mr.. Nor
gan
Interest in Voting Trusts.
Mr.. Untermyer took up the voting trust
of the Guarantee Trust Company.
II don't keep the run OF the bank S tua-
ton at ALL said Mr.. Morgan.
What member Of your firm does?"
"Oh it's distributed among Them" said
Mr.. Morgan.
Mr.. Morgan said he knew of only two
| or three Young trusts now outstanding
| in the Morgan house, organized for the
Handling of the securities of the firms.
You established one for the Chicago
Great WESTERN" asked Untermyer.
YES. 1 forgot that
} '"There was one for the international
Harvester Company"
Il did not know anything about thai"
But it was in your Office
Eyes. I guess 1t was. but Mr.. Perkins
had charge of that" said Mr.. Morgan.
And you didn't know anything about
it,"
mo, sir: 1 saw it in the paper the
other day." said Morgan.
He said he did not know Of the organi-
zation of voting trusts within the firm
for the International Agricultural Com
pany. Answering questions by Mr.. In
termyer, Mr.. Morgan admitted there
probably were voting trusts in his firm
for the corporations named. and for the
Erie railroad. the Interpational Mercan-
tile Marine, the Southern railway and
two trust companies.
Mr. Untermyer asked Mr.. Morgan If he
was one of the voting trustees for the
International Mercantile Marine.
| Mr.. Morgan named two members of his
firm. :And you are another?" suggested
Mr.. Untermyer.
II may bel am another said Mr..
Morgan. correcting himself.
| A laugh throughout the crowd was
| Joined in by his partners and his attor-
neys. Mr. Morgan turned to Mr.. Linda
l <ha toll