The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1912-12-20

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lowed to participate In ne MoTEsn
underw.ri tiurn
Many don't want 20 participate"
replied the witness.
SIR. Murwan's threat became HUSKY
end be turned 90 hts daughter. Mra
satterIee. and asked Cor q throat tab
.st Mrs saftsFIes produced it from q
aandhaE
DO sou want a r,au o. water--
asked the lawyer.
No thEnks.a responded Mr McrEan
"ff you GET tired suEgestrd SIR
Untermyer. don't hesitate o. Hav 90"
I'm not Urea returned the fnan-
elsr
Can vsu tsu 40 o. the amount ~
securities marketed b. your arm year
~ year.
ABoUr siooo.ooo.ooo A YEAR.
Mr MORGAN could not say. He dld
not believe it would amount % 81
os0 COOS 3 year He agreed % fur
uIsh q statement 20 show the amount
u thlnk irn Eensraliy ovsr-eau-
mated b. remarked
ST.. M0rEan said his son. not him
I setf was a director Ia the National
CITY Banh.
But yea are q large stoclEaolderg-
/ aIgEeHted Hfr. Untermyer.
/ 'Oh. no. only about q million DOL
iara WORTH said SIR Morgan. lie
1 seemed surprised a. the Eenera1 laugh
Z that Erseted the answer but iolned
I iB O.
SIR Urts-mvs4 asked q b. we're
I large st0clSh6lder On the National Bank
1 ~ Commerce.
Ne. sald Nr AorEan asain, may
I De- a million dollars.
/ SIR Morgan said hs knew % only
1 two or threc voting trusts nov out
+ standing IN the Morgan house. or
ranized fer the handling q securities.
HOLDERS TAKE NO INTEREST.
SIR Tntfrmyer suggested that Amsr-
/ lean stockholders took u.tlc interest In
tbe managcmeut af their corporations
Yes" said Mr Morgan. that e why
when a company - roorganiEsd re or
ganiEe q voting trust IN order 20 pre-
tect the Company
That's TIE reason for this patsr-
naIlam Oh the part o. the organizers p"
q Yea"
Mr.. Mrrran.r asked SIR. Uutsr-
uyer. don't you think these voting
trusts brug enormous control the con-
-fntration ~ money and business in q
few hands
\. so. cir a. not" said MF. Morgan.
ar. rntermYer askel u one banker.
such 49, NJ MorFaG. would not have
{ enormous control ~ be had vots. q
trusts IN en- me railroads. hanks 81
, industrial crrprFn sons
Bu. that would 30 IrFpossIbIsH satd
SIR Moran
ar Unteruvsr assisted TIA ths sys
tenn brourht auout Great concentration
and control
DO sou thlnh thsv cuwht 10 have
TOE same representation en- rompstinK
concerns he asked
let us take raurrete example
Member ~ vow drm ere dirC~tors Ga
fff Eani srs Trust thf Guaranty Trust.
FIRST NeuuraI Bank ne Bank a.
Crmuf-r-. Chrsa National Bank. ere
National CITY Bank Liberty Nauoua
bank. tha rHrrIcai National nank
tfr AsteT THa and 6thsI companies. p
SIR. M6rEa1 esp.alnrf nat De- 90
not believe hat from one a. three meu
ca each bnard ~ directors could exsr-
else control
But thrcuEn wntIug trust tser
wiFht have appointed az thc board az
directors. uuErested ~ Cutsrmyer
TfeT eallia not control the hank
o. ia1E &c theE Were in the minority.
EaId Wr M1lur. 4 dent think !
rol.f larry any proposition tAroaEh
any beard CT dI-elfsra against che
vIsaes 90 tte strrkhoi1crs."
tuI are IuEuFHI o. com petition
pREFERs COMBINATION.
40 Bgf . would rather have COM
a.rEf.Hu fllu rrmF petition. II1e =
ltE competition. hlf Hk. reublnl p
flel better re IUEs e. sly scmethiuE
rEat Ee-r eat g nav noe have s
Chance fa sag aesl1 without contreI
yol came o. "a thinF. loutral b en-
important fh.nE Now sou speak of 3
mruEv lrusIs 10 sus man cam set eeu-
troll ~ HI far rrrrv
rnI mean nn ODD. usn could ma-
j