The Bridgeport evening farmer., 1912-12-19
Stor, of His. Fabulous Wealth Uncovered to Pubic Gaze Before Senate Investigating Committee
Financial Wizard Tells How His Iron Hand Was Potent Factor in Forming the Steel Trust and That No One Went on the Directorate Over His Pro- test

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 | Washington, Dec. 19-J. Pierpont Morgan juggled his millions before a gaping audience, today. in the money
 trust investigation. His money chests were figuratively opened, his financial secrets disclosed, his stock coups ex- pIained and his bank books barred.
 Mysteries of high finance were dis closed-mysteries which staggered the committee by their sheer enornity. They were exposed without hesitation The money king appeared almost anx- l ious at times to explain his part in a dramatic financial story of two con-
 tinents.
 Steel the master achievement of Morgan. was described. how the Unit ed States Steel Corporation was in spired and organized. How Morgan dictated the personnel of the corpora t1on's managers was recited without hesitancy.
 l Nobody was named director with Tout my approval said Morgan, shak- ing his shaggy gray head and pound ing a desk at his elbow vigorously
 How other great financail tftans bowed to his summons was also re- cited by the man of millions. He ex- plained in detail how powerful banks | stocks issued by the House of Mor- gan He told how their shares were arbitrarily allotted-some large, some small.
 securities of railroads. such as the
 New York Central and New York, New Haven & Hartford, was also re- cited by the fnancier Hessdeclared his opinion that the Morgan system was best for the corporation and the public as we'll He denied that bet Eopen competitive marketing of such securities.
 Morgan's story of .'steel' gripped his hteatbs raaIa tI,s ba1,<er ss he faus- led of billions. | The banker declared the Morgan achievements in organizing the steel trust were without written contracts | just mere correspondence Didn't you say who would go on the board and who should stay off" he was asked by Samuel Untermyer, attorney for the committee. l Nobody went on over my protest, he declared, narrowing his eyes and giving his auditors glimpse Of the famous iron hand of Morgan"
 The banker giibly told of narning Judge E. H.. Gary chairman of the the prices at which constituent plants forming the giant corporation were | bought were absolutely fixed by him. | Morgan, the committee and the au- dience laughed outright when he told of his personal interest in the power ful City Bank and Nationa! Bank of Commerce. He was asked how much stock he had in them.
 "Oh, I don't know, million or so,' he said, yawning wearily. The involuntary merriment of the crowd forced Morgan to join in the laughter after he saw the popular ef- feet.
 Morgan showed little of the testy, tart disposition so generally attribut i ed to him. Almost extravagant DO liteness marked his examination.
 "II tell you frankly enough if I ob- ject to your questions" Morgan re- torted to Untermyer at one point.
 . But the show of spirit was feeting. Generally. a low but distinct mono tone marked his answers.
 T don't know,'' and .eI don't re- mem ber,'' were frequent responses. Often Morgan leaned forward in his rectly into Untermyer's eyes as he made plain a point. His eyes snap ped when he declared that he "volun- l tari1y offered securities to the public, " and did not force them upon buyers. | Again. with twinkling eyes, he told how some of his stock issues had not been highly successful, ''but they were few he admitted.
 1 Morgan's voice was husky. He wig l orcusly denied, however, that he felt l tired But the appearance of weari- ness grew particularly strong when 1 he told how his health had compelled him to remain abroad for four or five months every year
 Rapt attention was given the banker | by every committeeman and specta- ! tor Surrounded by his retinue of at tendants including a half dozen law yers, firm partners, secretaries and clerks Morgan was the central dom | inant figure of fantastic story of dollars as has ever been told in Amer | ican history.
 | Morgan hurriedly sketched how he reorganized the Northern Pacific and Southern Railroads, how billions of securities had been underwfttten by gan and firm members sat in rail- ance company directorates and barred inner machinery behind his many levers.
 | Untermyer said he expected to quiz | Morgan this afternoon until about | O clock, and then examine Morgan's partners until 5.
 i Do you feel tired at all?" Unter- myer asked Morgan after the recess had been ordered. Mot at all,- not at au,' protested the banker jovia1ly l "I'H be all right again after I get smoke and little fresh air. Morgan came into the committee room just before 1O;3O o'clock, ac- companied by his son, J. Pferpont Morgan. Jr-, and his daughter Mrs. SatterIee. The financier led the way liswinging his cane in a jaunty fashion | and fiddIing with his silk hat. He sat in the front of the wit ness section between his daughter and l Delaney Nicoll, one of the array of