The Barre daily times. (Barre, Vt.) 1897-1959, 1912-12-19
MORGAN ON
| THE STAND
New York Banker Controls
$25. 100000 Through
Allied Companies
GRIP OF MONEY
TRUST is SHOWN
Insurance Companies Great
Resources Give Vast Pow
err to Financiers

Washington, Dec. l0.--J. Pierpon'
Morgan occupied the center of the stag
yesterday before the so.called money
trust investigating committee of the
House.
His testimony lasted nearly twenty
minutes and was largely Of prelim'
mary TO testimony TO be given to-day
The chief point made yesterday was
that Morgan favored allowing inter
state commerce corporations to deposit
their funds in the hands OF private bank.
ers without restricting them to insti-
| tutions.
Morgan's appearance was delayed in
order to allow Counsel Untermyer TO
| introduce extensive tables of statistics.
Elaborate charts were presented, CIV
ing lists of "interlocking directors" in
number Of leading financial and in
dustrial institutions; also table "show-
ing affiliations of Is corporations, in
Guiding Lee Higginson & company, j.
p Morgan Il company, the Guaranty
Trust company, Bankers Trust COM
pany, First National bank, National
City bank, Kuhn, Loeb & company and
Kidder Peabody 4 company.
The firm members and directors
whose affiliations are thus shown num-
Der $50.
In the aggregate they hold 1856 d.
rectorships in Al banks and trust com.
panies,, having total resourse of S3,-
s32, 100000 and total deposits of ST.
s32, 900 100000; directorships in III
insurance, companies having total as
sets of S2,646,O00,0O0; lis director.
ships in 81 railroad systems, having a
total capitalization Of SIP, 1888. 100000
and a total mileage Of 10000; six di-
rectorships in two express companies
and four directorships in one steam
ship company, with combined capt.
tai of S245, 100000 and gross income
of S97 100000; 9s directorships in %
producing and trading corporations
having a total capitalization of s3,-
5s3, 100000 and total gross annual
earnings in excess of sl,l45, 100000 and
4s directorships in 10 public utility cor
having total eapitaliza-
ton of s2,s26, 100000 and total gross
annual earnings in excess of S42s, 100000. !
There are in all 746 directorships In
1874 corporations, having total resource |
Or capitalization of s25 100000.
J. p. Morgan 4 company, the First |
National bank, the National City bank, |
The Guaranty Trust company, and the
Bankers Trust company have 34l d.
-eetors in liz corporations, with aggre-
gate resources or capital of S22,247,-
100000.
The tables show firm members or /
directors in common in the cases of
LII the members of this financial group
md that members of their directorates
re also prominent in the governing
'oard of the National City Bank of
commerce of New York
There are also given details of the
.ffiliations of the large financial insti.
utions with other institutions, the ex-
lanatory details covering 25 printed
ages.
Tables purporting to show that four
reat life insurance companies, the New
7ork, Equitable, Mutual and Metropol-
tan, would have at the present rate
4 increase, assets totalling S43lS ,00O,-
90 in 1911, were presented to the com
1ittee by Lawrence Scudder, the com
iittee's accountant. On Dec 81, 1911,
aid Mr.. Scudder, the total assets OF
he four companies were $2l9s, 900 900,
ivided as follows: New York, $685.
10000; Mutual Life, 1887 ,000, 900; Eq-
liable Life. $504 100000; Metropolitan
life, 1858, 100000.