The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1912-12-28
M0RCAN'S BIG STORY
GAYS ALL BANKS AND CASH IN
WORLD COULDN'T CONTROL I
THIS NATIONS FINANCES.
HOLDS MONEY TRUST A MYTH
Asserts II 10 Possible to Get "Strangle
Hold" on Merchandise or a Rail-
road, But Never on Credit and
= Liquid Means Of Exchange.

Washington. Dec. 21.-"There could
be no money trust, All the banks and
all the money in Christendom could
not control money. The question OF
control Is personal as to money and
credits" declared J. Pierpont Nor
gan to the house money trust inves.
tigation committee Thursday.
The big financier was led up to his
answer by the examination OF Samuel
Untermyer, counsel for the commit.
tee, who asked Mr. Morgan II "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 a discussion
of competition and combination, Mr..
Morgan said:
I'D rather have combination than
competition. like a little competi-
ton. but I like combination better
Control is the important thing With
out 1t you can't do thing, but no one
man could monopolze money. One
man might get control OF railroads. or
merchandise, but never money and
credit"
Mr.. Morgan's declaration that there
could be no money trust" empha-
sized by n vigorous bang with bis fist
on the arm OF his chair, came toward
the end OF the committees session, at
which the financier 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
salaries of the United States Steel
corporation were taken into the big
corporation. Mr.. Untermyer asked II
he had not named the board OF d.
rectors of the steel corporation, but
Mr.. Morgan only said that he might
have decided who shouldn't go on"
The flnancier's lawyers-R "
Lindabury. Joseph H. Choate, Delan-
cey Nicoll and John G.. Spencer
held whispered conference as Mr.
Morgan took the stand and Samuel
Untermyer, counsel for the commit
tee, began the examination.
Cant you give the committee a
statement OF the deposits Of your
banking firm In New York as Of No
vember II" asked Mr.. Untermyer.
Mr.. Morgan Appropriated it at
s100,000,000 and further stated that
his house did business Of 81 ,O00,-
100000 year. He said he would fur
nish a statement showing the fig
ures. Mr.. Morgan said he and his
partners were directors in some of
the interstate corporations that have
accounts with o. p. Morgan &
Co." His counsel agreed to furnish
a list Of these dlrectorships.
Mr.. Morgan produced in response
to a question, copies of the fiscal
agreements between J. p. Morgan &
Co. and the New York Central and
the New York, New Haven & Hart
ford Railroad companies. Mr. Nor
gan said that there were no other
such agreements made by his house.
He said the firm acted as fiscal agents
for other companies "by tacit agree
ment."
You are acting for number OF
other corporations, are you not, in.
GLIDING the United States Steel cor,
poration?" suggested Mr. Untermyer
Eyes, but that is by resolution Of
the board Of directors OF the steel
corporation" said Mr.. Morgan.
AS to other agreements whereby
the Morgan house became fiscal
agents for corporations. he said .hey
were "by word of mouth or by CORE
spondence."