The Birmingham age-herald., 1912-12-19
Morgan Testifies

| MT. Morgan appeared before the pm
 mttee at tse late session. His daugh- | ter, Mrs. Satterlee, and his son. J. P
 Morgan, Jr., accompanied him. The l financer talked with his son and dargh-
 ter while he was waiting to be examined.
 The fnancier waited while Scudder was
 recalled to give explanations. These were
 on maps and charts which he had sDb-
 mitted earlier. As Scudder described the | relations of the various banks and trust
 companies Mir. Morgan, leaning back in
 a small cane bottom chair, watched the
 witness furtively. The fnancier wore his | customary suit of modest black with a black cravat under a spreading laydown | collar.
 While the voluminous statistics were
 ground into the records Mir. Morgan TO- faxed in his chair, clasped his hands
 and closed his eyes.
 | When Scudder finished MT. Unter-
 meyer said, MT Morgan, will you take
 the stand?' The Gnancier was then
 sworn by Chairman Pujo. standing with 1 his right hand upfaised He said he was a banker in New York city and | the firm was in New York with branches in Paris. London and Phila-
 delphia.
 "Who are the members of the firm ?''
 was asked.
 Witness then furnished this list: J. | r. hOl kdHs IT, ltdN NidHOllf w. | ilton, T. w. Lamon, H. F. Lloyd, J.
 P. Morgan, Jr.. A. A. Newbold. William | H. Porter, Charles Steele, k. T. Stotes-
 bury and Temple Bowdoin. After brief period witness said all were in the | same house.
 Do you do a banking business in New York?' was asked.
 We try to-" witness answered. Witness explained his firm did not | bo1 fa ha dIa in bf.u h,tf 1Ia its own checks. Mr. Untermeyer asked | the financier whether his house carried deposits of interstate corporations. Mir. | Morgan said his firm accepted the ac-
 counts of any corporation he thought
 reliable. Mir. Untermeyer read into the
 record statement that in January | there were 66 accounts with the Nor
 gan firm with deposits of $6S,113,0O0
 and on November 1 there were 70 &C.,
 counts having on deposit s71,960,000. Do you think that these great cor porations that have their securities scattered broadcast ought to be per
 mitted to make it's deposits with pri- vate banker" Mir. Untermeyer asked. 1 'I do." Mir. Morgan answered.
 Mir Untermeyer. said he referred to
 no particular instance but asked whether MT. Morgan thought that as
 matter of public policy corporations really owned by the public ought not
 to be allowed to deposit with private
 bankers not subject to federal inspec- ! tion Mir. Morgan answered in the af- | frmative. He added the facts ought to I depend upon the character of the bank CT and the extent to which the board of directors of the corporations might | formally authorize such deposits. The | witness said the question was one
 which he believed should be left to the boards of directors.
 Untermeyer asked what interstate i corporations the Morgan firm acted as fiscal agents. Witness said he did not | know but he accepted a list furnished | by his office to the committee Mr. | IJntermeyer then asked about the 1 agreement under which Morgan & Co, act as fiscal agents for the New York Central Railroad property .s }sstti "You have the right to issue all their