The chronicle=news., 1912-12-19

could b" no money trust. All the
banks and all til. money in Christ
iandOm could not control money. The
question OF control Is personal as to
money and credits" declared !. r.
Morgan today to the house money
trust investigating committee.
The big fInancicr was led up To
his answer by tn. pucstiininE OF
Slmucl rnt"rmycr. counsel for III"
committee. who asked Mr.. Morgan
I"if he did not feel his vast power, :"
| Mr. Morgan answered that he did
not admit he had vast power and did
not feel II.
Once when the lawyer asked the
witness to 20 into n discussion Of
competition and combination. Mr.
Morgan said:
I'D rather have combination than
competition. ! iik. u little compcti-
tion, but iik" combination better.
Control Is tn. important thing
without IL You cant do thing
hut no on" man could monopolizc
money. One man might get control
OF railroads or merchandise. but
never money and credit"
Mr. MorInns declaration that
thcr" could b" no money trust WAS
emphasized by n vigorous bang with
his fist on tho arm OF his chair. Th.
iinanci.r testified as to the relations
Of the house OF Morgan with several
great corporations.
Mr.. Morgan testified that he had
approved the prices at which the sub
sIdiarics OF the United Statcs Steel
were taken tnfo the big
Corporation. Mr.. Cntermycr asked
| IL he had not named the board OF di-
raciors Of the steel corporation. hut
Mr. Morgan only said that Ii. might
have decided who shouldn't go on"
His holdings of certain bank
stocks h" characterized as not very
much, about million dollars much
Ito the amusement OF the committe"
iand the crowd which gathered TO
hear his testimony. When Il laugh
went around the financicr Joined In
heartily.
The principal part Of Mr.. Morgnn's
Testimony, the concentration OF mon
cy and credits. was to he resumed
later today. II was expected his tes-
timony would be ended before night.
Mr.. Morgan spent nearly five
hours on thcs tand. He CAV" his
views on concentration OF credits. in
icrlockiug dircctoriatcs. clearing
houses. competition and kindred sub
jects.
At the conclusion of Mr.. Morgan's
testimony the committee adjourned
until January 6.
Samuel Untcrmycr, counsel for
the committee began the examine
ton.
Cant you give the committee u
statement Of the deposits of your
banking firm in New York as of NO
vcmbcr l?' asked MI. Ent"rmyor.
Mr.. Morgan approximatcd 1t about
S1OO.OOO.O 900.
Mr. Morgan said he and his part
ncrs were directors in some OF tn"
interstate corporations that have ac-
counts with !, p. Morgan and Com
pany. His counsel agreed to furnish
"A list of these directorships.
Mr. Morgan produced. in response
to n question. copies of tn" fiscal
agreements between J. + Morgan and
company, and the New York Central
and the New York. New Haven and
Hartford Railroad companies.
Mr. Morgan said there were no
other such agreements made by his
house. He said the firm acted as
fiscal agents for other companies by
tacit agreement
You are acting for number OF
other corporations, are YOU not, IN
Guiding the United States steel cor
porat ion?" asked Mr. untcrmycr.
Yes, hut that is by n resolution
of the board of directors of the steel
said Mr.. Morgan.
Mr.. tntcrmycr read part of the
New York Central fiscal agreement
by which Morgan and Company were
made sole bankers for the railroad.
Mr.. Morgan said the firm had
dollars worth of New York Central
securities and he thought that in the
las. ton years those securities had
all been handled on a commission
basis.
Mr.. UntermyCr read from the pa
pcrs furnished by Morgan the pro-
posal from the Morgan house. accept
ed by the New Haven. Morgan and