Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-06-13
G0R1ELY0U CALLED
IN MONEY TRUST
INVESTIGATION
Former Secretary Of Treasury
Tells Of Governments De-
post Of s25,000,O0O in En-
fort to Stem Tide Of Panic.

4oAh W AhNuA Anu Va hAA@t
sny nvsnina uerala a. p, s.sassa wirs)
New York June is.-4GeorRe y.
Cortelyou. secretary of the treasury
under President Roosevelt. war called
% the stand today az the hearing Of
the PuIO committee investigating the
ao-cailed money trust. 10 tell the man-
per In which the government deposited
S1s.oo0.90O In tue New York national
BANKS to help the panic OF 1907.
Samuel untermeyer. counsel for the
committee attempted to learn the
names OF the banks Ia which the
money was deposited but Mr. Corlei-
you said his memory on the subject
was poor.
The witness said he came here on
October ~. 1907, and had confer
cnce with j. r. Morgan. james Still-
man, A. Barton Hepburn. George r..
Baker. George ~. Perkins. Frank A
Vanderlip ana other iinancicrs.
After Inqulrine into the general sit
uaslon he promised that tho govern
ment WOULD aid Gin a general way"
The next evening he said. another
conference was held. He was not
sure that Mr.. Morgan was present
then Al this conference the witness
said, he promised Sss. zoo 900 fos dis
tribuiion among the banks
"At the first conference" he ex-
planned. n stated that 1 would not
! deposit dollar except for the relief
/ Of the country gcnaFally ana the CONE
munily generally"
Was there anything said az TO
where these funds should be- deposited
with what bnnks7"
~ don't recall"
MIR. UnieTmeyer asked the witness
y n anything was said about the high
rate % call money ana the effect on
the stock exchange Of the failure to
get more money here AR. Cortelyou
started TO give an explanation and
WAS asked TO reply 20 the question.
You know. MIR. Untormeyer." he
said, there ara questions / cannot
answer yes or no without doing my
self an Injustice. ] have a right TO
make an explanation OF my reason
and propise 20 exercise that rights
This brought forth cheers from the
brokers and bankers looking on and
declaration frem Chairman Pujo
that ne would have elected any one
repeating Il.
Mr. Corteiyou said he probably did
have such q discussion" bai could not
recall the details.
4 Mr.. COrielyon upon being pressed
for iist 81 the hnnks IN which tho
t25.0e0,0eN was deposited finally re-
ferred ar. untermeyer 20 the records
Of the United states treasury depart-
ment.
~ only remember" the witness said,
"that moEey was deposited ln national
banks. ! could not undertake 10 say
which ones.
Mr.. Corielyou said he understood
that the money was used on the stock
exchange. but did not know that the
whole amount was loaned for that
purpose.
what interest ala Mr., Morgan have
In the deal? He WAS not q president
81 q bank was her"
No, but the general opinion placed
him as the leader al the moment and
suppose ne represented some 81 nis
: own interests" said Mr. corteyour
, Don't you know that tho banks
under MT. MorRan's guidance loaned
the money On the stock exchange ID
proportion to The amounts they re.
cqiyed from it?"
II do not"
"Mr. Cortelyou said ne deposited M.
together x42.00O. 900 In New York
within three or four days, Of which
Sl0.000.00O went to relieve the trust
companies.
Did Yea know that there was an
arrangement among these trust com
panies providing that Mr. Morgan
should have the distribution Of this
money 2" WAS asked.
Mr., Corteiyou said he thought the
| clearing house COMMITTEES had this
matter Ia charge asst he contended
that Mr. Morgan WAS captain gene
eroi" Of the situation and that every
body looked 10 ntm for guidance.