Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1912-12-19
MORGAN OCCUPIED
CENTER Of STAGE
TESTIFIED LATE YESTERDAY
BEFORE MONEY TRUST
COMMITTEE.
He APPEARS AGAIN TODAY
Tavors Dcpositing Funds of Interstate
Corporations Ia Hands of Pri-
Natc Bankers.

Nhl' ipallh'I7'
WASHINGTON Dec. Isl. PIER
pont Morgan occupied the center OF
the stage today before the so-called
money trust investigating committee
Of the house Of representatives. The
noted financer reached Washington
last night in response to a subpoena
from the committee, but II was. not
until 2:l0 o'clock this afternoon that
the way was cleared for his testimony
to begin. Meantime Mr. Morgan sat
for nearly an hour listening to tho
mass Of statistics which Mr.. Inter
mycr and the committee was plling up
concerning the colossal financial oper-
ations Of leading New York Chicago
and Boston institutions through So
called lnterlocklng dlrectorates. Mr..
Morgan heard his own name and that
of his firm referred to many times
as tables were presented showing tho
affiliations OF that concerns with
many other banks, trust companies
transportation and Industrial corpora
tions. He appeared to be unmoved
throughout It all, sitting surrounded
by a number Of his business associ-
ates relatives and legal representa-
tives, including j. T. Morgan, Jr., his
son, and Mrs Herbert Satterlee, his
daughter.
Aroused Much Interest.
Mr. MnrgopIo onpaorapoa arousod
the keenest interest and crowds Of
spectators were on hand oobserve
the proceedings. II was to some ex-
tent n elimination Of much that had
gone before In that branch Of the in
quiry under the head Of "the concen-
| tration of money and credits" Mr..
Morgan's testimony lasted barely 20
minutes and was largely preliminary
to the testimony to be given tomorrow
when the committee reassembles at
1890 a. m. Mr. Untermyer conduct
ed the examination OF Mr. Morgan,
asking a rapid fire of questions to
bring out the general standing Of the
firm Of j. p. Morgan & Co, its
branch houses in this country and
other financial institutions.
No clashes were brought out by the
preliminary examination, Mr.. Morgan
responding promptly to the various
queries or calling for data from some
of the representatives OF the firm
which would be responsive to tho
questions propounded.
Tho obiaf yntnt tn 30
animation Of Mr.. Morgan was that he
favored allowing Interstate corpora
tions to deposit their funds in the
hands OF private bankers, without re-
strlcting them to institutions under
government supervision. He said this
was matter to be left to the discre-
tion Of the boards OF directors of the
corporations in question.
Mr.. Untermyer asked lengthy ques-
tions developing this idea, to which
the fnancier replied briefly in the af-
firmative as to allowing the interstate
corporations to so deposit their funds
with private banking institutions
Morgan Confirmed Data.
Mr. Morgan confirmed data pre-
pared by members Of the Morgan
house showing that siXty-six accounts
with the Morgan firm In January last
had deposits OF S6S,113.0OO and that
seventy-eight accounts on November
l had deposits OF S91 ,96S. 900 Tho
total capital, surplus and funded debt
OF these depositors. Mr.. Untermyer
stated, was S9,765, 900, 900. Mr.. Nor
gan agreed to this.
Prior to Mr.. Morgan's examination
the committee heard testimony bear
Ing on the so-called concentration OF
money and credits. This was present.
ed in the form OF charts prepared by
Philip j. Scudder, which was placed
in the record. This explanation show
ed that the charts dealt with the af-
filiatlons OF $50 directors in eighteen
banks and trust companies in New
York, Chicago and Boston. II showed
that these $50 men held sway in 74s
directorships in 1874 banks and trust
companies, transportation and indus
trial corporations. having total re-
sources or capitalization OF $685.
900 900"
IL also gave In detail affiliations Of
], p. Morgan & Co. and other flnan.
cial institutions in New York. Chi
cago and Boston.
Mr.. Morgan will resume the stand
tomorrow. At the conclusion OF his
testimony today he had a talk with
Chairman Pujo and other members of
the committee and expressed the de-
sire to have his hearing passed as rap
Idly as possible. He said he was anx-
ious to conclude as he wished to carry
out plans for leaving on trip within
a short time.
Philip Scudder. explaining his
charts. said the detailed tables show
ed the extent Of interlocking direc-
torates Of various financial companies
and banks to be:
J. p. Morgan & Co, 81 directors in
20 Corporptious having total rpsurraa