The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-20
NO MONEY TRUST
Mr., MORGAN TELLS
PuJ0 COMMITTEE
Impossible to Control Wealth
of the World or Nation,
He Declares
CHARACTER CHIEF
ASSET IN BUSINESS
Bought Equitable From MIR.
'kyan because lie Thought
1t d God Thing to
Lo, He S..ys


~ disciaim.ng any control of ans
American inuustiy, or any desire to
conuol anything whatever. j. Pier-
pont a,organ TO-DAY MADE the mos,
illuminating puniic decorations re-
garu,ng himself and MS enormous
business enterprises that have come
II oIn am IA ,ne Soui ses oI ms iuns
Ca eer.
bar. Morgan occupied the witness
char al .ae money l.. ust ntest.s -
tin for neatly Tour nous touas. 1ae
ta4heu trankay anu coa.inuoa-iy. he
answered AL questions Iul 10 him.
aau srcineu to auasSi 400 InoAe. tts
maze epigrams. ne laughed. And
inc.den,a, ne gave the i.saening COLI
ggessmen and Spectators more ngnt
On Inc Joint OF view on h.s business
than mad ever peIoIe oeen sneu upon
their bew sideI ed minds.
Driven naro by Samuel Untermyer
who ~.ss' wseseet awe In the' presence
Of the big game he was s.aiklng,
Morgan was at times CYNICAL. again
JCcUse, anon enthusiastic. Eat never
for a minute cid he forget tnat he
was there TO talk tor the institutions
he mas he4ped Ia hu4id -ap--n mar mani.
testify 10 resent any !mputation TIA,
any OF them are foun4ed upon the
san ds of speculation.
Grouping tine topics on which Mr.
Morgan answered questions, he said
Buying OF Equitable.
First. that he haa Bought the Eaui.
table Life to get 1t away from
Thomas r. Ryan and because he be.
lieyed ii was a good thing to do
No amount Of pressing could draw
frem MIN any ether expianaticn o.
his purchase FOR TIRES million dollar,
stock THAI pays three thousand 90.
lars year In dividends.
Second, that he consolidated ths
steel trust In order - have a cor.
Eoration that made ali forms OF steel
He said that while he did not choe 81
the members of the finance commit.
tee that dominates that giant enter.
prise, no man could be placed or
Ii without his approval. He said M
selected Gary. but denied response.
bility for Perkins on that particuIai
boards
Third. that he considered voting
trusts, through which he and his
partners arc popularity believed 10
control many railroads and financia
Institutions. more representative oil
the stockholders than boards OF direc.
tors selected by the stakeholder.
themselves He was emphatic In hi.
defense of voting trusts
What They Would DO.
Fourth. that II the Law regulated
the stock exchange. it's member.
would promptly form a new STOCK
exchange. Asked If he did not con.
slider the members patriotic citizens
ne said ne did. Then why" asked
Mr.. Untermver. would they not to!
crate regulation"
Because II would interfere with
their business" sud Morgan, ans
seemed surprised at the lanShter tina
fcllcwed
Fifth, that in hts Judgment Z wa.
perfectly reasonable f1~ the cleartn,
house to sit in Judgment on any hanl
or member. and permit bank within
Its circle to refuse TO clear for an
other and solvent bank This, Mr.
Morgan said, was matter for tn,
clearing house managers to decide
He recalled no instance where suct
action had brought about the wrecs
OF solvent bank.
Sixth. that boards OF directors o
banks ought not to be required (,
know the names Of men to whcr
loans were made by the banks. Mr.
Morgan apparently had no idea q
boards Of directors. lie said tina
TIE only duty OF raiiraad director
was to pass upon the actions OF tn,
men In control OF rhe .,.,i-. ads
No Money Trust. liz Says.
Seventh. that no man and no set o
men ever can control tho money q
the world, nor he credit, a,thoug'
they NAV he able to control the bus.
ress, mot oil the balks IN Ch~ir
tendon can form what you cali
money trust" said Morgan.
Eighth. that hts Arm of J. p. Nor
gan & Co.. Is not run by himself
ana never has been.
Ninth. that he and his assoc ate
20 ably administered the affairs o
the Reading railroad that II had bee,
r3~r~d on a tremendously rroftabl,
footing. Asked X the formation o
the coal trust nv this railroad ha,
anvthinx to do with this. ~. MOI
gan mid he only kr~w OF the p-ic'
Of Goa, once a month fpresumabi,
when he rets hts coal b.ll)
Tenth. that chsre ~ter ana not col
iate~ai n hts basis for makirg loans
"A man came to me" ssid Mr.. Nor
gan. "snd cave him q check 10
o million dcllarr WHEN he did rn
have a cent HA denied that c~l
iafs~~l was the imnortant thing J,
making leans. or thar II was his *
pe~.r~~e that such was the practsc,
In wan Street. He said that In som
cares he would refus~ lcers no mat
ter ~ the appIica~t laid United State
bonds Gown on his counter.
NcSsofy Buildi-- Railrnads.
Tlev~nth. THAT d'fs.nl.y IN grttin
morrv II res-owF'hln for TIE foct 49,
NJ rev r~ii-~nts "~e built. 'Noboss.,
wants 70 huild railroads these asvr.
eaia thc h~a-ciA-. gianc'ry ominour
" at the naiustatine co~gressinen q
thu ,~--rs+iratsrg committee.
Twelfth. that while his tir,n In r>r
rerented on the directorstes OF man
banks. and In the executive commit
tees OF some Of them. he. himsel
could mot influence the actions o
those banks II the board Of d'rector
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(CpatinusA - second Fagsl