Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-12-18
Concentration of Money
and Credits Shown by
Pujo Committee.
DIRECTORS ARE SAME
I8 Financial Concerns Have In
tereSt in 134 Corporations
Morgan Called.

Washington, Dec 1S-"Concentie
ton of money and credits" was taken
up by the money trust committee to-
day. While J. p. Morgan waited to be
examined two huge charts were plac-
ei in the record purporting to show
a mutual interest by Is big New York,
Chicago and Boston financial institu.
tions in 1874 corporations through in
terlocking directors.
Elaborate charts were presented to
the committee giving lists of Inter
locking directors in number of
leading financial and industrial institu.
tions; also a table showing affilia-
tions of the ]. p. Morgan company,
Guaranty Trust company, Bankers
Trust company, First National bank,
National City bank, all of New York,
and other corporations through inter
locking directorates." This was in pur-
suance of that branch of the commit
tees inquiry bearing on the so-called
concentration of money and credits"
BILLIONS CONTROLLED.
A prepared summary and table on
| interlocking directorates says: The
table shows affiliations of 1S selected
| financial institutions with greater
banks, trust companies, insurance
companies. transportation systems,
producing and trading corporations
and public utility corporations.
through representation upon their
| boards of directors. Firm members
and directors whose affiliations are
shown number 1S0 In aggregate they
hold TAG directorships in 134 corpora.
tions having total resources or cap
italization of $25, 100000. The
table shows that the Morgan company,
First National, National City, Guaran.
ty Trust and Bankers Trust, together,
have 341 directors in 112 corporations
| having aggregate resources or capital
| ization of $22,245, 100000
ROCKEFELLER HARD TO Fund.
Sergeant-at-Arms Riddell of the
house was the first witness. He said
he had tried in vain since June 10
to serve William Rockefeller. Chair
man JULIO said a certificate from Dr.
Walter Chapple saying Rockefeller
was ill was received by the committee
He said the committee informed
Rockefeller the certificate would not
be recognized unless he accepted SER
vice. All following efforts to serve
him failed The committee has pow
er to ask the house for a writ of at
tachment to force Rockefeller to ap-
pear.
Tables purporting to show that the
New York, Equitable, Mutual and Met
ropolitan Insurance companies would
have at the present rate of increase,
assets totaling $4,31S,000,000 in 1891
were presented TO the committee by
Lawrence Scudder. the committees ac.
countant. On Dec. 81, 1911, said Scud.
der, the total assets of the four COM
panies were $2,138,OOO,OOO
MORGAN ON STAND.
Morgan appeared before the Puio
committee this afternoon. "Do you do
a general banking business in New
York;" asked Counsel Untermyer.
we try to-
Morgan explained his firm did no
/ DtiOA6 w a NiSnl ilS AiDhoNs DhA NA~SA' -
its own checks over it's counter.
Asked whether his house carried
deposits of interstate corporations" F"
Morgan said his firm accepted ac-
counts of any corporation thought re-
liable.
Have you accounts from interstate
corporations"
With any corporation we think is
good said Morgan.
Untermyer read into the record a
statement that in January there were
GO accounts with the Morgan firm
with deposits of S6S,OOO,OOO and on
Nov. there were 40 accounts having
on deposit s72 100000
DO you think these great corpora
tions that have their securities scat
tered broadcast ought 10 be permitted
to make deposits with private banks?"
asked Untermyer
Il do" Morgan was on the stand
less than an hour when the committee
adjourned until tomorrow.
DEDEIDE gnRMC IAl