Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1912-12-25
OPERATION OF TRUSTS
RELATED BY MORGAN
Great Financier in the Witness Chair
Explains Deals Involving Bill
lions of Dollars

Washington, Dec. 49,. Pierpont
Morgan juggled his millions before
gaping audience today in the congress
ional money trust investigation. His
money chests were fguratively opened,
his financial secrets disclosed, his
stock coups explained and his bank
books barred.
Mysteries of high finance were
barred mysteries which staggered the
committee by their sheer enormity.
They were exposed without hesitation.
The money king appeared almost
anxious at times to explain his part
in dramatic financial story Of two
continents
'Steel, the master achievement
of Morgan, was described now the
United States Steel corporation was
inspired and organized How Morgan
dictated the personnel of the corpora
tion managers was recited.
"Nobody was named a director
without my approval" said Morgan,
shaking his shaggy gray head and
pounding desk at his elbow vigorous.
ly.
SCRAMBLE FOR MORGAN STOCKS
How other great financial Titans
bowed to his summons was also recit-
ed by the man of millions. He ex.
planned in detail how powerful banks
unceIemeniously scrambled for
stocks issued by the "house of Nor
gan 1" He told how their shares
were arbitrarily allotted large.
some small.
the omnipotence of his firm in is
suing securities of railroads, such as
the New York Central and New York,
New Haven & Hartford was also re-
cited by the fnancier He declared
his opinion that the Morgan system
was best for the corporations and the
public as we'll He denied that better
results would be secured from free,
open. competitive marketing of such
securities.
TELLS THE STORY OF STEEL.
Nlorgan's story of steel gripped
his hearers who crowded, with bate6
breaths, nearer the banker as he
talked of billions. The banker de-
clared the Morgan achievements in
organizing the steel trust were with
out written contracts-jus mere cor
respondence.
Didn't you say who would 20 on
the board and who should stay off ~
he was asked by Samuel Untermyer,
attorney for the committee
Nobody went ON over my protest :"
he declared, narrowing his eyes and
giving his auditors glimpse of the
famous iron hanc of Morgan.
ooh, A MILLION OR So.'
Morgan, the committee and the
audience laughed outright when he
told of his personal interest in the
powerful City bank and National Bank
of Commerce.
He was asked how much stock he
had in them.
Oh don't know; a million or
so," he said, yawning YEARLY.
The involuntary merriment of the
crowd forced Morgan to join in the
laughter after he saw the popular
joke.
Often Morgan learned far over in
his chair, gazing with beetling brows
directly into Untermyer's eyes as he
made plain a point His eyes snapped
when he declared that he voluntarily
offered securities to the public and
did not force them upon buyers.
With twinkling eyes he told how
some of his stock issues had not been
highly successful, but they were
few he admitted.
Morgan hurriedly sketched how he
reorganized the Northern Pacific and
Southern Pacific roads; how billions
Of securities had been underwritten
by his firm here and abroad; how
Morgan and firm members sat in rail-
road, bank, trust company and in
surance company directorates, and
barred to public view for the fret time
the inner machinery behind his money
levers.
Do you feel tired at al p Inter
myer asked Morgan after the noon
recess had been ordered
Not at all not at al, protested
the banker, jovially. It'll be all
right again after I get smoke and
little fresh air .
Freeport's Santa Claus.