The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1912-12-19

Morgan testified before the "money
trust committee today that there
could be no money trust. He said:
IAN the banks in Christendom
couldn't control money and credits. >"
Il like competition but enjoy com
bination more
'One man might control the rail
roads, but never money and credits. .
Morgan expects to continue his
testimony this afternoon.
Interest Center> in Morgan.
Washington, ID. C.-J. Pierpont
Morgan occupied the center of the
stage late yesterday before the So
called money trust investigating COM
mittee of the House of Representative
es. The noted financier reached
Washington Tuesday night in res
poEse TO subpoena from the COM
mittee but 1t was not until 2:40 o.
clock yesterday afternoon that the
way was cleared for his testimony
to begin.
Meanwhile Mr.. Morgan sat for
nearly an hour listening to the mass
of statistics which Mr.. Untermyer
and the committee We're piling up con
corning the colossal financial opera
tions of leading New York. Chicago,
and Boston institutions through So
called interlocking directOrates.
Crowd Out 4" See Morgan.
Mr. Morgans appearance aroused
the keenest interest and crowds of
spectators We're on hand to hear the
proceedings. 1t was. to some extent
a elimination of much that had gone
l ha in ,,f ln inv
under the head of the concentration
of money and credits Mr. Morgan s
testimony lasted barely 90 minutes
and was largely preliminary to his
Testimony to be given todaM
The preliminary examination
brought out no clashes. Mr.. Morgan
responding promptly to the various
queries or calling for data from some
of the representatives of the firm
which would be responsive to the
questions propounded.
: Deposit in Private Banks.
The chief points made i'm yester
days examination of Mr.. Morgan wa.
that he favored allowing interstate
/ corporations to deposit their funds il
the hands of private bankers withou
restricting them 10 institutions unde1
government supervision. He said thi
5 was d matter TO be left to the s!,scre
: ltion of the board of directors of III,
: corporations in question. MIR. Morgan
2 confirmed data prepared by member
!. of the Morgan house showing that g.
: accounts with the Morgan firm IL
: Januard last had deposits of s6S,
3 ] 10000 and that rs accounts on No
g vember | had deposits of $Sl .96S,
i 900. The total capital, surplus an
It funded debit of these depositors MI
h Untermyer stated was $9,I65, 900
g 900. Mr. Morgan agreed to this.
If Prior to Mr.. Morgan's S examinatio
a the committee heard testimony bear
II ing upon the so-called concentrate
II of money and credits This was pre-
e sented in the form of charts prepal
y ed by Phillip j. schudder which wei
a placed in the records
II The committee was shown char
defining the alleged connectio
r through 'interlocking directorates
Is by which firm members and director
of j. p. Morgan and company and
u other financial institutions hold d
" rectorates in corporations-fro
lie banks to railroads aggregate
III whose resources or capitalization
III almost $4,000. 900, 900.
* interlockin. DilectOIateS.
The eighteen institutions with i
n terlocking directorates are
I'd j. p. Morgan & Co.. New York.
m Firs, National Bank. New York.
Id Guaranty Trust company, Ne
he York.
ng Bankers Trust company, Ne
he York.
at National City Bang, New York.
lr- Kuhn. Loeb 4 Company, Ne
ST. York.
ell National Bank of Commerce, Ne
or York.
ed Hanover National Bank, NJ
nd York.
ce. Chase National Bank, New York
dl- Astor Trust company, New York
en- New York Trust company, N
York
Ter Blair & Co.. New York.
his Speyer & Co., New York.
TO Continental and Commercial n