Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1912-12-25
MORGAN MADE
STEEL TRUST
No Hesitancy In Declaring He
Directed All Its Moves
pMNl 0TENCE OF HIS FIRM

porations and Public as WeII-Few
Of His Stock Issues Unsuccessful
Money Cannot Be Controlled by All
the Banks In chrIstendom
Washington. Dec 20.-J. p. Nor
gan juggled his millions before
gaping audience in the money in
| vestigation. His money chests were
| figuratively opened, his financial
secrets disclosed, his stock coups ex-
planned and his bank books barred
Mysteries of high finance were dis
closed-mysteries which staggered
the committee by their sheer enorm-
ity. They were exposed without
| hesitation.
Steel" the master achievement Of
Morgan, was described; how the
United States Steel corporation was
inspired and organized. How Nor
gan dictated the personnel of the cor
without hesitancy. Nobody was
named director without my appreV-
al" said Morgan.
How many other great financial
titans bowed to his summons was also
: recited by the man of millions. He
explained in detail how powerful
banks unceremoniously scrambled
for stock issued by the house of Nor
: gan" He told how their shares were
arbitrarily allotted-some large and
some small.
Omnipotence OF his firm in issuing
| securities Of railroads was also re
,. cited by the nnancier. He declared
his opinion that the Morgan system
was best for the corporations and the
public as we'll. He denied better re-
s suits would be secured from free,
open competitive marketing of such
i, securities.
Z, The banker declared the Morgan
trust were without written contracts
d just mere correspondence.
II The banker told of naming E. H.
o Gary, chairman Of the steel direct
u Crs lie also admitted the prices at
which constituent plants forming the
giant corporation were bought were
. absolutely fixed by him.
Morgan, the committee and the
audience laughed when he told Of his
personal interest in the powerful City
bank and National Bank Of Com
- merce. lie was asked how much
I. stock re had IN them.
N oh, | cons know, million or so, %
he said, yaw0ing YEARLY.
1e The involuntary merriment of the
Il, crowd forced Morgan to join in the
g, laughter after he saw the popular
S Joke
u u Morgan showed little of the testy,
tart disposition so generally attribut-
ed to him Almost extravagant po-
~ likeness marked his examination.
ne III tell you frankly enough if
he object to your questions !" Morgan re
on torted to Untermyer at one point.
a L don't know" and I don't remem
80 Der" were frequent responses. Oftel
Morgan leaned far over in his chair
- gazing with beetling brows directl
into Untermyer's eyes, as he mad
plain a point. His eyes snappe
as when he declared that he ''voluntaril
ne offered securities to the public" an
Z did not force them upon buyers
az a. Again with twinkling eyes he tol
how some of his stock issues had nc
been highly successful, but the
~cb were few, he admitted.
md IF you concentrated all the none
me in Christendom - the banker said
'ch you would not have control. No on
oi man can control all the money, a
the banks or all the credit None
ay, is the one thing in which you can
have a trust.
md Morgan said the deposits Of hi
laS firm amounted to about 500, coo, 0GC
cl H This figure is only about $40, 900, sc
ara in excess of the amount interstat
corporations have on deposit. Til
witness saw nothing improper
creating trusteeships to contrt
boards Of directors He insisted that
even under such conditions, the d
que rectors maintain their independence
vii Rapt attention was given the bank
1ly er by every committeeman and spec
w. tator. Surrounded by his retinue
the attendants. including a half doze
20 lawyers, firm partners, secretarie
and clerks, Morgan was the centr;
dominant figure of as fantastic stoT
ach of dollars as has ever been told
our American history.
I'M ---
e is Death of Names Oldest Woman
you Bangor. Me. Dec. 22.-Mrs. Maj
be 49,, 800 M tho oldoc+ roc;do,