Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1912-12-20
]. Pierpont Morgan Continues
Testimony Before Pujo Com
mittee Investigating the So
Called Money Trust.
FlNANCjER'S ANSWERS
SHORT AND SNAPPY
Believes in Cooperation and
Competition; Sees No Men,
ace in InterIocking Director
ates, He Asserts.
tBy Morning journal Special Leased Wire.

fBy Morning journal Special Leased Wireo
washington. Dec. 19.-J. j.. Morgan
today told the money trust investlgat-
inc committee of the house that "ali
the money in Christendom and all the
hanks in Christendom" could not form
n monopoly that would control money.
For nearly five hours the chief wit
ness called by the committee in It's
investigation of the ntricacies of mod
ern finance stood running fire OF
questions that covered every phase OF
financial operation. In some respects
il was one OF the most remarkable
hearings about the halls of congress
in years, with Mr. Morgan as the
physical embodiment of operations on
a colossal scale and the committees
counsel, Samuel Untermyer, the rep
resentative Of the element that seeks
to probe to the innermost recesses the
conditions under which vast financial
operations are conducted.
Mr.. Morgan gave his views on com
petition, combination, cooperation ana
control in industry and finance, par
ticularly the latter. He declared he
did not mind competition, but that ne
preferred combination" in his opera
tions.
There was not moment when in
terest Jagged. Short. sharp questions
ard answers came with striking ra-
pidity. The question of competition
and combination brought about "A live
~ exchange between the financier ana
Mr.. Untermyer, the latter opening the
tilt with the suggestion that Mr. Nor
gan was opposed to competition. TheI
witness denied this but said he IA
vorcd "co-operation," adding that ne
"liked little competition"
He disagreed with the views of Mr..
Untermyer on the question Of inter
locking disectorates.
without actual control. Mr.. Morgan
claimed, there is no control, although
some directors may be common to sew
eral corporations.
you and Mr.. Baker George F.
Baker) dominate the anthracite coal
road situation, do you not?' asked
Mr.. Unternyer.
II do not think we do" said Mr..
Morgan. AT least, if we do, | do not
know it."
You do not think you have any
power in any department of industry
in this country, do you?"
Not the slightest
And you are not looking for any?'
Il am not seeking it, either"
This consolida tion and amalgama-
ton of systems and Industries and
banks does not look to any concentra-
ton. does it?" asked Mr.. Untermyer,
with smile.
no, sir" answered the witness.
1T is for the purpose of concentrat-
ing the interests that you do ANAL |
samate, is it not?''
IF it is good business for the in
tcrests Of the country to do it"
But, Mr.. Morgan, is not man
likely, quite subconsciousiy. to imagine
that things are for the interests of
the country when they are good busi- !
ness? ?"
mo, sir"
You think that you are able to
justly and impartially differentiate
whether your own interests are con-
cerned just as clearly as though you
had no interest at stake, do you"
continued Mr.. Untermyer.
FNdctiy, SIT, fepHeu tHe Wi'neSa.
of course, there is a possibility OF
your judgment being mistaken, is
there not? Does it not go somewhat
on the theory that the wish may be
lather to the thought"
What is your question: ?''
That the wish is to bring these in
terests together may lead you TO be-
iieve the country is not injured by
that sort Of concentration ?"
Il do not think So
Later Mr.. Untermyer touched upon
the basis of money control.
The control of credit involves the
control of money, does 1t not?" he
asked
NO" said Mr.. Morgan. what
call money is the basis of banking"
But the basis of banking is credit.
Is II not?"
Not always said the witness.
That is an evidence of banking. but
II is not the money itself. The money
Is gold, and nothing else
out of the discussion that followed
Mr. Untermyer drew the fact that
comparatively little money exists for
the vast superstructure of credit which
IL supports.
lf you had the control of all that
represents the assets in the banks of
New York, you would have the con-
'roi OF money, of all that money" he
suggested.
No. you would not" answered Mr..
Morgan.
III a man controlled the credit of
2 country he would control all its af-
'"irs, said Mr.. Untermyer.
He might have that view." retort-