The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-12-19

today to the house money trust in
Festigation committee.
The big fnancier was led up to his
answer by the questioning of Samuel
Untermyer, counsel for the commit
tee, 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 wit
ness got into a discussion of competi-
ton and combination, Mr.. Morgan
said:
I'D rather have combination than
competition. [ like a little compet-
ton, but L like combination better.
Control is the Important thing; with
out it yo ucan't do a thing, but no one
man could monopolize money. One
man might get control of railroads
or merchandise but never money and
credit
there could be no money trust was
emphasized by a vigorous bang with
his fist on the arm of his chair. The
f1nancier testified as to the relations
of the house of Morgan with several
great corporations. Mr.. Morgan testi-
fled that he had approved the prices
at which the subsidiaries of the L. s.
Steel corporation were taken into the
big corporation. Mr.. Untermyer ask
ed if he had not named the board of
directors of the steel corporation, but
Mr. Morgan only said that he might
have decided who should not go on"
Joins in General Laugh.
His holdings of certain bank stock
he characterized as mot very much
above million dollars much to the
amusement of the committee and the
crowd which gathered to near his testi-
mony. When a laugh went around the
hnancior Joined in heartily. Once
when his voice got hoarse his daugh-
ter, Mrs. Herbert L. Satterlee, gave
him a throat tablet.
He agreed that through voting
=
company, a few trustees could name
the directors who, in turn, would
name the officers of great interstate,
industrial or railroad corporations.
Mr.. Morgan denied, however, that
he believed interlocktng directorates
where two or three men held director
ships in several banks trust COM
panies or corporations could bring
He declared that without a majority
on the boards such men could not
dictate affairs or control the corpora
tions.
The financier took direct issue with
Mr. Untermyer as to the opportunity
offered a few men to get control of
general banking conditions through
such participation as Morgan & Com
pany have on boards of directors of
the leading banks of New York.
Testimony in Detail.
The financier's lawyers r. V Linda
bury, Joseph H. ChOate, Delaney NicoI
and John c. Spooner held a whispered
conference as Mr.. Morgan took the
stand and Mr. Untermyer counsel for
the committee began the examination.
Cant you give the committee a
statement of the deposits of your bank
ing firm in New York as of November
1?' asked Mr.. Unternyer.
Mr.. Morgan approximated it at about
100000, 600. He said he would furnish
2 statement showing the figures Mr..
Morgan said he and his partners We're
directors in some of the interstate cor
porations that ''have accounts with J.
T. Morgan and company His counsel
agreed to furnish a list of these direc-
torships Mr. Morgan produced in re-
sponse to a question, copies of the fiscal
agreements between J. P. Morgan and
company and the New York Central
and the New York, New Haven and
Hartford railroad companies.
Mr. Morgan said that there We're no
other such agreements made by his
house. He said the firm acted as fiscal
agent for other companies by tacit
agreement
You are acting for a number of