Arizona republican., 1912-12-19
Financial King Kept Wait ing Nearly an Hour Hear ing Things About Him. self, Then on Stand 20 Minutes
BELIEVES IN
 PRIVATE BANKS
And Would Allow Inter- state Corporations Right to Select Repositories Without Restrictions; Will Resume Tomorrow
ASSOCIATED PRESS DrsPArCHI

WASHINGTON. D. C, Dec. IT, J Pierpont Morgan occupied the center of the stage today before the so-calIed Money Trust investigation committee of the house of represcn- tatives.
 The noted financier reached Wash ington last night in response to the subpoena but not until 2:4O this af- ternoon was the way cleared for his testimony to begin. In the meantime MT. Morgan sat nearly an hour lis tening to the mass of statistics that Attorney Untcrmyer and the com mittee are piling up concerning the colossal financial operations Of the leading New York, Chicago and Bos- ton institutions through the so-called interlinking of directorates.
 Morgan heard the name of his firm referred to many times as the ta- bIes were presented showing affilia- tons that concern many banks trust companies, transportation and industrial companies. He appeared unmoved throughout. Morgans tesu- mony lasted barely twenty minutes and was largely preliminary to tesu- mOny to be given tomorrow. Unte- myer conducted the examination of MT Morgan asking rapid series oI questions bringing out the general standing of the firm of J. r. Nor gan and company and its branch connections in this country and abroad, ad its affliation with many ether financial institutions.
 The preliminary examination brought out no clashes, Morgan re spending promptly to the various queries or calling for data from some representative of the firm. which was brought to be responsive to the questions propounded.
 The chief point made in todays examination of MT. Morgan was that he favored the interstate corporations to deposit funds in the banks of private bankers without restricting the institutions under government supervision. He said this matter should be left to the discretion of the boards of directors of the corpora tions in question.
 He confirmed the data prepared by members of the Morgan house show ing that sixty-six accounts with the Morgan firm January last had de- posits of $6S,113. 900 and seventy eight accounts November 1 had de- posits of $S1,968, 900. The total capi- 1 tai, surplus and funded debit of | these depositOrs, Untermyer stated was S9, 9,765, 100000, to which Morgan agreed.
 | Prior to MT. Morgan's examination | the committee heard testimony bear 1 ing upon the sO-called concentration of money and credits This was pre- sented in the form of charts prepar- ed by Phillip J. Scudder, and was placed in the records. The eXplana- | ton showed the charts dealt Wltf | the afilation of 180 directors IT 1 eighteen banks and trust companies
 in New York. Chicago, and Boston It showed that these 180 men helt
 in all TAG directOrships in 134 banks l trust companies, transportation ane industrial corporations having tota
 resources of capitalization of $25, 325,OO0.0OO."
 It also gave in detail the affllIa-
 tions of J. P. Morgan & Company
 ard other leading financial institu
 tions in New York, Boston and Chi 1 cago.
 MT Morgan will resume the stand
 tomorrow.