Evening journal., 1912-12-18
Money Trust" InVesfi-
gators Characterize J.
P. Morgan Co. as
"Hearf" of the Al
legged Combination
By The United Press.

firms was the stupendous evidence
purporting to show actual real exist
encc of money trust presented 10
the Puio investigating committee to-
day
Five firms. tho Morgan Company,
Guaranty and Bankers Trust Com
panics. the First National Bank were
said to have 341 directors in li2 cor
porations with aggregate resources
of S22.245,000. 600
j. r. Morgan and Company were
held up as the heart of the alleged
combination.
With a staggering broadside Of
statistics. charts tables and comnila-
tions, the pujo committee dramati-
cally flung its food of figures before
the country at today's session The
data represented the efforts of thirty
expert accountants of the committee
the most complete and amazing
collection of financial statistics ever
collected
An immense table Of chart. six feet
/ long, was exhibited to show the finan-
cial ram6cations of the leading
money kings of New York. Chicago
and Boston. II was stated that they
represented only the giants share Of
the actual money control Of the coun-
try.
How these is firms have only 1850
members who hold FAC directorships
/ in 1874 of the wcalthiest corporations
of the nation. controlling total re-
sources, or capitalization Of $685.
600, 900. was the evidence which made
great crowd Of spectators gasp to-
day
The statistics showed that these 1SO
men have 3S5 directorships In Al
great banks and trust companies with
aggregate resources of S3.S32, 900 600 (;
| so directorships i'm eleven giant insur-
ance companies with assets of 81
646, 100000. 1855 directorships i'm 81
great railroad systems capitalized at
! S12.193. .O00. 900: six directorships i'm
I two express companies and four direc-
torships I'm one steamship company
with a combined capital of S245,00O,
600 and gross income of S97 900, 900 /.
9S directorships i'm twenty-cight in
dustrial corporations capitalized az
! 1883 100000 and earning over ST.
145.000.00O annually; and As director
ships in nineteen public utility cor
porations capitalized AZ S2,S26.0 100000,
and earning over s42S,00o,000 annu-
ally.
While tho startling arrangement of
! financial concentration by the inter
/ locking directorate" system was
/ shown, j. pierpont Morgan himself
was awaiting examination ON the Wit
ness stand. From the great money
! king was desired his personal eX-
planation Of the rights of the public
In the amassing of dollars
Interest of the Morgan hrm In
finance was shown as follows by tho
committees statistics
Control of % directors in thirteen
banks and trust companies. with re-
sources of 81 406, 100000 and deposits
of 1888, 000,0 600
Four directors in four insurance
companies with assets Of ST.
49.0O0.O00
Twenty directors in twelve rail-
roads capitalized at sa,379,0QO,0O0
with mileage Of $4,000 miles and a
gross income of &2,000,000 annually
Twelve directors i'm seven indus
trial corporations, capitalized at ST.
9S9 100000 and earning annually SS9s,
100000.
-Four directors in three public util-
ity companies. capitalized at Sl0lS,-
100000 aud earning slQ0S600O annu-
ally
In all 63 directors in 80 corpora
tiOns having resources Of SiO,036,0 ,00O,-
GOO
It was shown that the Morgan firm
has three directors each in the Astor
Trust Company, the Bankers Trust
Company. and Chemical National
Bank, the First National Bank,
and the Guaranty Trust Com
pany. and other directors I'm the
Liberty National Bank, the National
Bank Of Commerce, tho National City
Bank. the New York Trust Company
and the Fourth Street National Bank
of Philadelphia. the Franklin aud
lGirard Trust Companies of the Quaker
City and The Philadelphia National
Bank
Representation by Morgan on the
following insurance companies was
also alleged Tho Fidelity and
Casualty Company. the German-Amer-
ican Insurance Company the Mutual
Life and the Penn Mutual, and a con-
trolling stock interest in the Equit-
able Life Assurance Society of New
York
Transportation companies IN whose
board of directors Morgan represen-
tatives sit were said TO be- Inter-
national Mercantile Marine Company,
Adams Express Company, Atchison,
Topeka and Santa Fe, Chicago, Great
Western: Erie Lehigh Valley, New
York Central; New York. New Haven
and Hartford; Northern Pacific; Pere
Marquette: Reading and Southern.
Morgan" directors are also as
cribed TO the Baldwin Locomotive
Works. the General Electric Com
pany. the International Agricultural
Corporation. the International Har-
vester Company. the United States
steel Corporation. four) and the
Westinghouse Electric Company, the
American Telegraph & Telephone
Company, the Philadelphia Rapid
Transit Company and the Public Ser
vice Corporation of New Jersey. II
was also declared that the Morgan
Company has two Of three voting
trustees controlling the Guaranty
Trust Company Of New York. of one
! of three trustees OF the Bankers
Trust Company one of three trustees
of the Chicago. Great Western Rail-
way two of five international Mer-
camille Marine Trustees, one. Of three
voting trustees Of the Southern Rail-
way and one trustee OF the voting
trust" of the international Agricul-
tural Corporation.
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