The Birmingham age-herald., 1912-12-19
J. P. Morgan Takes Stand
 Tn Money Trust Probe
Testimony Largely Prepar- at0ry to Evidence He
 Will Give Today
SCUDDER EXPLAINS
 EXHAUSTIVE CHARTS
\ IS6 Men Hold TAG DirectOrships in 134 Banks and Trust Companies
 and Corporations Having Re-
 sources of s25 5,000, 0,O00,0O

sources Of SZo,UOO,OUU,U00
 Washington, December 1S-J Pierpont Morgan occupied the center of the stage today before the so-caled money trust investigation committee of the House of Representatives. The noted financier reached Washington last night n re- sponse to a subpoena from the commit tee, but it was not until 240 o'clock this afternoon that the way was cleared for his testimony to begin Meantime. Mr. Morgan sat for nearly an hour listening 10 the mass of statistics which MT. Unter- myer and the committee was piling up concerning the colossal financial opera tions of leading New York, Chicago and Boston institutions through so-called in- terlocking drectorates. Mir. Morgan heard his own name and that of his firm re- ierred to many times as tables were pre- sented showing the affiliations of that concern with many other banks, trust companies, transportation and industrial 'sporporations. He appeared to be unmoved throughout 1t all, sitting surrounded by a number of his business associates, rela- lives and legal representatives, including J. P. Morgan. Jr.. his son, and Mrs Herbert Satterlee, his daughter.
 Many Spectators on Hand
 MT Morgan's appearance aroused. the keenest interest and crowds of spectators were on hand to observe the proceedings It was to some extent a continuation of much that had gone before in that branch of the inquiry under the head of the con centration of money and credits" Mr. Morgans testimony lasted barely 20 min. utes, and was largely preliminary to the testimony to be given tomorrow when the committee reassembles at 10:30 a. m.
 MT. Untermyer conducted the examina- ton of Mr. Morgan, asking rapid series of questions to bring out the general standing of the firm of J. F. Morgan az Co.,, it's branch connections in this coun- try and abroad, and it's affiliations with many other financial institutions.
 The preliminary examination brought out no clashes. MT. Morgan responding promptly to the various queries or calling --tor data from some of the representatives of tho firm which would be responsive ta .tlesq:tee.fous rtnnoanded.
 Chief POInt Made
 The chief point made in todays exaIni- snation of Mir. Morgan was that he favored allowing interstate corporations to de- posit their funds in the hands of private bankers without restricting them to insti- tutions under government supervision He said this was matater to be left 10 the discretion of the boards of directors of the corporations in question. NIT. Cn- termyer asked lengthy questions develop ing this idea. to which the financier re- piled briefly in the affirmative as to al towing the interstate corporations to so deposit their funds with private banking institutions.
 Mr. Morgan confirmed data prepared 1y members of the Morgan house showing that 66 accounts with the Morgan firm Tn January last had deposits of $6s ll3,UD and that IS accounts on November ! hao deposits of sSi .96s0oe. The total capital, surplus and bonded debt of these deposit tors, MT Cntermyer stated. was Sa.161,- Ap,o0o MT. Morgan agreed to this
 Prior 10 Mir. Morsan's examination the committee heard testimony bearing on the so-called concentration of money and credits. This was presented in the form of charts prepared by Phiiip J. schndder, which was placed in the rec E ords This explanation showed that the charts dealt with the utilization of 1S0 directors in IS banks and trust com panies in, New York, Chicago and Bos- ton. 1t showed that these 1S0 men held in all 746 directorships in 134 banks and trust companies. transporta- tion and industrial corporations having total resources or capitalization of s25,- s25 900 900.
 It also gave in detail affiliations of l. F. Morgan X Co, and other leading Financial institutions in New York, Chi cago and Boston.
 Exhaustive Charts Introduced
 A prepared summary of the allega- lions in the interlocking directorates says:
 "This map shows the affiliations of I6 selected financial institutions includ- ing ]. r. Morgan x Co, New York First National bank. New York; Guar snty Trust company. New York; Bank CTS Trust company, New York Ma ,Ional City bank, New York; Kuehn Loeb & Co, New York; Chase National oank, New York, Astor Trust company, bank, New York Astor Trust company, 4 Blair & Co, New York; Speyer Co.,, New York; Continental and Commercial bank, Chicago; First National bank Chicago. numbering two others; Illinois Trust and Savings bank, Chicago. and Kidder, Peabody X Co.,, Boston and New York, making IS. Lee Higonson & Co, Boston and New York, with the great sr banks trust companies and insur- ance companies and transportation. sys- tems and producing and trading cor porations, and public utility corpora tions through representation upon their boards of directors
 The firm members and directors < whose affiliations arc thus shown are V numbered in order The Aggregate they hold is 3s5 directorships in Al banks and trust companies, having a total resource of ss,s32, ,oo0,00 and total de- posits of S2S34,000 LOO. 50 directorships in II insurance companies having to- tai assets of sa,646.000. 900. 155 director ships in 31 railroad systems having a total capital of sl2.1s3,o00,00 and a to- tal mileage of 6s,200; six directorships in two express companies and four di- rectorships in one steamship company Cith fl combined capital of s245, ,000, 900 and gross income of ss7.000,0 900; 98 di- rectorships in 2S producing and trad lnr corporations having total cap ltal of s3,5s3, 900. 900 and total gross an- oual earnings in excess of $i.145, ,000.- loo and 4S directorships in 196 public utility corporations having total cap ltai of s2s2e,000. .000 and total gross annual earnings in excess of $42s,00o.- 10o in all TAG direotorships in 124 cor porations having total resource or ssapital of s25.ss5,Ooo 900.
 y Explanations of Maps
 k- An explanation of the map relating to Morgan x Co.,. the First National bank he National City bank, the duarahty Trust company and the Bankers irust company says first the tabulation shows Tax ths