Norwich bulletin., 1912-12-20

Washington, Dec. 19.-J. Pierpont Morgan today told the money trust investigation committee of the house That "all the money in Christendom and all the banks in Christendom" could not form a monopoly that would control money. Mir. Morgan disclaimed any knowledge that he yielded vast power in modern finance and declared emphatically that he sought no such power.
 For nearly five hours the chief wit ness called by the committee in its probe of the intricacies of modern finance stood running fire of ques- lions that covered every phase of financial operation. In some respects il was one of the most remarkable hearings about the halls of congress in recent years, with Mir Morgan as the type and embodiment of financial operations on a colossal scale and the committees counsel, Samuel Unter myer, the representative of the element which seeks to probe to the innermost Tecesses the conditions under which vast financial operations are conduct ed.
 Prefers Combination to Competition.
 
 Mir. Morgan gave at length his views on competition, combination, co-opera- tion and control in industry and lnance, particularly the latter. He seclared that he did not mind compe- aition," but that he preferred "combi- bation" in his operations. He was emphatic in his declaration that there Is no way one man may get a monop- oly of money"
 Throughout the long examination to which MT. Morgan submitted with an evident willingness to answer there was not a moment when interest Jagged. Short, sharp questions and answers came with striking rapidity. While the colloquies were at times emphatic. there was no serious clash between Mir. Morgan and MT. Untermyer. MT. Morgan gave a ready response to uues- tions. although there was often a bat tie of wits as to the meaning and ef- feet of various financial conditions and operations.
 Morgan Favors Co operation.
 The question of competition and combination brought about a lively in terchange between the noted financier and MT. Untermyer, the latter opening the tilt with the suggestion that Mir. Morgan was opposed to competition. The witness denied this, but said that he favored cooperation" adding that he was in no way opposed to competi- tion and, in fact, liked little compe tition." He disagreed with the views of MT. Untermyer on the question of jnterlocking directorates, which forms the basis for large part of the sta tistical evidence that makes up the record of the money trust investigation up to date. Without actual control, MT. Morgan claimed. there is no con- trol, although some directors may be common to several corporations.
 Does Not Look for Great Power. You and MT. Baker George F. Ba- ker) dominate the anthracite coal road situation, do you not?" asked MT. Un- termyer at one point in the examina- ton.
 T do not think we do," said MT. Morgan. At least. if we do. I do not know it.
 Your power in any direction is en- tirely unconscious to you, is it not?" Tt is. sir. if that is the case" said Nlr. Morgan.
 You do not think you have any power in any department of industry tn this country, do you?"
 Not the slightest"
 And you are not looking for any?' T am not seeking 1t, either" Do It if Good for Interests of Country This consolidation and amalgama- tion of systems and industries and banks does not look to any concen- tation, does t?" asked MT. Untermyer with a smile.
 No sir answered the witness.
 It is for the purpose of concen- trating the interests that you do amalSamate is it not?" If it is good business for the in ierests of the country to do it, l do
 But, MT Morgan, is not man like ly, asked the lawyer, quite sub-con- sciously, to imagine that things are Tor the interests of the country when they are good business?"
 "es0, sir"
 The Control of Money.
 Later Mir. Untermyer touched upor the basis of money control.
 The control of credit involves the control of money, does it not?' he ask. ed.
 "No,'' said Mr. Morgan. What call money is the basis of banking.
 But the basis of banking is credit is it not?"
 Not always" said the witness That is an evidence of banking, bu ii is not the money itself. Money i: gold-and nothing else"
 If you had the control of all tha. represents the assets in the banks O. New York, you would have the contro or money-of all that money?" h, suggested.
 "No, you would not" answered MT Morgan.
 Men Have Credit Without Money.
 If man controlled the credit of country, he would have control of al it's affairs?' said Mr. Untermyer.
 He might have that" retorted tn financier, but he would not have th money. If he had the credit and I ha the money his customer would be bad ly off,"
 MT. Morgan again declared tha money could not be controlled. H added that many men had great credi who had no money.
 'Is not that because 1t is believe they have money back of them?, ask ed MT. Untermyer
 No, sir; it is because people believ in the man. I have known a man f come into my office and have give him check for million dollars whe knew he had not cent in tn world"
 Mir. Morgan was led atsome lengt into a statement of his views on com bination and concentration of financis affairs.
 q Want to Control Nothins."
 Mir Morgan reiterated that he wa an advocate of combination and co