The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1912-12-20

Taxing up tha southern Railway
situation b. said BE- sew 90 objection
90 directors nppointod By himself a.
a member az q voting trust entering
into fiscal agreement with ais own
nrm ar UutsFmyar asked BE- Mr.
MorEan I'D not think securities 81 ire
ffrGtatF corporations should BE- sold
in open competition as we're United
States bonds.
q % not said 81 Morgan. He
said there uaa plenty Of competition
fof railroad securities
SIR. rufarmYor asked whether there
could b. competition between the New
Haven road and MorEau a CO iu the
sale of New Haven secnvifiss
They nav want a great deal more
Tor them than we think they are
worth" said az MarKar
10 you think lt wouid he better for
the railroad 90 bs able % oTs~ itn
securities to another banking hoas. T-
so. ] a. noe. returned MF Mo~-
Fan, who al1e. hat ths position OF
fha BANKING house often had much 10
- win he rtab.litv aud success ~
corporations.
There u Eaofher puint about d. -
hs added You muat remember that
az securities a8ia and issued are not
always Enoa and when there 10 g re-
sponsibie fiscal aEent there ls moral
strength behind them
viii you name any instance % q
railroad bond BRO inr had. where your
arm has hsa 20 pay the lossF asked
Mr. Uutermyer
n can't rsmer1her any case. bat q
know there have been several" said
Mr. Morgan.
"Ap % laat comes out o. ne Sc
curity holder
so. out Of thr property.
but that eventually comes out 81
ne security halderasF suggested the
aitornsy. Look over ne whole ust o.
railroad bushes snd see 81 you can
hnd enc case Haere the banker has
Rad 10 stand me oss
HAD MUCH RAtLRoAplNG.
Well I've had rood Deal ~ rail-
roadiuE interrupted Mr Morgan with
e. smile
Yes that's why I'm ASKING you
about &c." rcio.nrd Afr. Uutermyer
ar MarEan said De could recall 20
rpsciac case.
or rnfsrmysf turned Co the FISCAL
arrangement ultH che United states
steel Corporation
"Didnt you name TIE entire board
rl directors ~ the United States steal
Cooperation p asked ST. Untermyer
= think ! passed on &C.
"But didn't yoI hand eut e slip e0n-
tanning TIE nameEr
IL passinE 0n the board is namiuF
7 lt I am quite VILLAS 60 assume an
. the responsibility" said ar. MORAN.
WHO SHOULD STAY or.
Buf 1idnl yau aav who shouid 60
/ OF and VINO stay or- Eeraisted ths
& lawyer.
7 possibly dId the latter. replied
I the hnaucier and a. laugh swept out
I from the crowd
DIR MorEan said be had not passed
E on an who wguL 90 ths board % The
i sisel corporation. but said no members
Z had ever some on The board against
+ hlF protest
Z Mr TufermveT asked m Mr. MorHau
I had not named Judge p. n. Gary CO..
I chairman 1f the steel corporation e.
nance committee when George w. Per.
Z k.nB resigned
Y "a think co Irs very pro5abis.
Don't remember new
WHO a2ed the prices az Which tat
various subsidiary companies should
- into the organization asked SIR
i Untermyer
2 approved tas price, said ar
MorEan.
u but So vas Isft 10 yoa 10 dstarmln,
the price AZ which tAsy should oomt
lnra
Yes. but I wasn't always sole Z,
get the price We wanted"
which committee % ne steel cor,
poration selects TIE banks where iti
funds shall be selected
The nnanoe committee
who selected .. r. Morgan a CO. p
why q was sort 81 eN-ofncio. J. r
Morgan A. CO. then rad the who'll
company and is funds naturally cam,
o. as"
-Yon thought wouia be a prOat,
able business HaEgesssd Mr. Unter,
mysr
we dl6ut know then whether g
Would DO profitable OF not" said ar
/ M0rEan. IL dtant look much Ike q
when It went down i8 e. q share.
Mr Morgan added Dc had bouEh
. aH ne steel sf1eE be rlaid SCI holt
/ of that he had never 'cst coundcno
In ths steel corporation and be aas
: never advised suy one o. sell H
tnew ~ g1 roo'F 90 syadicatsf f1rms.
to deal In steel stock
SALE o. Blo ISSUES.
Mr lutFrmEte took 10 ths sa.e q
, lagEs issues uf stoek Mr MorEan rai.
Z that n some Instances stock issue
. were HudeTrtF'ffFU syndicate
formed ug bis arm fle explained tha
the uEn0nnsi 1I ths sgudieatsa wa'
Etuerary different
These syndieatrH have been gen
rrHf.r profitable 60 Ela banks arO
those Who proposed have they note
asErd ~ rutermFsr
Zee FentrsiIv.f
SCR. JnfernFeI aake1 81 aaera wee
. uot many banks Ia NsE Tcrk nct 81