Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1912-12-19
NO MONEY TRUST IN
WORLD, DECLARES BIG
MONEY KING ON STAND
P MORGAN ASSERTS THAT ne HAS NOT VAST POWER ATTRIBUTED TO
HIM. AND THAT he COULD NOT TIE BUSINESS OF the UNITED STATES
BY HIS KNOWLEDGE OF the FINANCIAL GAME HOWEVER HIGH THE
STAKES MIGHT Be
WOULD RATHER have COMBINATION
Than COMPETITION, He TELLS HOUSE

Washington, D. c., Dec. 19.-"There
could be no money trust. All the
banks and all the money in Christen,
dom could not control money. The
question of control is personal as to
money and credits declared J. P.
MORGAN today to the House money
trust investigating committee.
The big financer was led up to his
answer by the questioning of Samuel
Untermyer, counsel of the committee
who asked Mr.. Morgan "if he did not
feel his vast power?'
Mr.. Morgan answered that he did
not admit he had vast power and did
not feel it. Once when the lawyer
and the witness got into discussion
of competition and combination, Mr..
Morcan said: "'d rather have combl-
nation than competition. like lit
tie competition, but like combination
better. Control is the important
thing-without it you can't do
thing-b.it no one man could monop-
oIize money. One man might get con-
troll of railroads or merchandise, but
never money and credit
Mr.. Morgan's declaration that there
"couId be no money trust was en-
phasized by vigorous bang with his
fist on the arm of his chair. The
financier testified as to the relations
of the house of Morgan with several
great corporations.
Mr.. Morgan testified that he had ap-
proved the prices at which the subs'-
diaries of the United States steel cor
poration were taken into the big cor
poration. Mr.. Untermyer asked II ne
had not named the board Of directors
of the steel corporation, but Mr. Nor
oan only said that he might have "de-
cided who shouldn't go on
"His holdings Of certain bank stocks
he characterized as mot very much,
about a million dollars much to the
amusement Of the committee and the
crowd which gathered to hear his tes-
timony. When a laugh went around
the financier joined in heartily.
The principal part of Mr.. Morsans
testimony, the concentration OF money
and credits, was to be resumed later
today. It was expected his testimony
would be ended before night.
J. Pierrepont Morgan resumed iAe
witness stand today before the money
trust investigating committee. samuei
Untermyer, counsel for the committee,
b 4ean the examination.
Cant YOU give the COMMITTEES a
statement of the deposits or your
banking firm in New York as OF No
vember l7?" asked MI untermy ".
Mr. Morgan approXimated it about
$1G0,000,G00.
Mr. Morgan said he and his part
crs were directors in some ~ the
interstate corporations that have ac-
cunts with J. P. Morgan d company
Ills counsel agreed to furnish list
81 these directorships.
Mr.. Morgan produced, in response
10 a question, copies OF the lscal
agreements between J. P. Morgan 'S
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 tiscfl
agents for other companies by tacit
a agreement
You are acting for number Of
other corporations, are YOU no, in (
Guiding the United States Steel cor,
poration,' suggested Mr. Untermyer.
Yes, but that is by a resolution OF
the board of directors OF the Steel
said Mr. Morgan. (
Mr.. Untermyer read part of the New
York Central fiscal agreement by
" hich Morgan & company were made
sole bankers for the railroad.
Mr. Morgan said the firm had handl-
ed seven hundred million dollars
worth OF New York Central securities
and he thought that in the last Ten
years those securities had been handl- .
ed on commission basis.
Mr.. Untermyer read from the papers
furnished by Morgan the proposal (.
from the Morgan house accepted by
the New Haven Morgan & company
in return for being made
fiscal agents for the New Haven lines
to loan the New Haven ROAD ninety
FER cent of the agreed sale price of
its securities at "a reasonable rate of
interest" and to give the road the
benefits of counsel and advice
This proposal was accepted Janu
ary II. 1911. by the Maine Central: Z,
december 2S, 1910, by the Boston &
Maine and December 10, 1910, by the
New York, New Haven & Hartford,
the acceptance in each case being
signed by Charles S. Mellen. +
Can you give us from memcry a
list Of other interstate corporations
Tor which YOU are fiscal agents." ask
ed Mr.. Untermyer
Mr.. Morgan said his firm acted for