Arizona republican., 1912-12-20
Great Financier Disclaims He Yields Power in the World of Finance and Declares He Seeks No Such Power
ANSWERS QUESTIONS
 THROUGHOUT DAY
In Some Respects Days Proceedings in NJ oney Trust Investigation Are Most Remarkable in His tory of Congress
ASSOCIATED PRESS D1sPATcHl

WASHINGTON, D. c. 19.-J. Pier pont Morgan today told the money trust investigating committee of the house that all the money in Christen- dom and all the banks in Chrstendom" could not form a monopoly that would control money. Morgan disclaimed knowledge that he wieided a vast pow CT in modern finance and declared em phatically that he sought no such power.
 For nearly five hours the chief wit ness called by the committee of inves- tigation into the intricacies of mod ern finance stood a running fire of questions which covered every phase of financial operation. In some respects is was one of the most remarkable hearings in the hall of congress in years. with Morgan as the embodiment of physical operations on colossal scale and the committees counsel Samuel Untermyer, the representative of the element which seeks to probe the innermost recesses Of the condi- tions under which the vast financial operations are conducted.
 Morgan gave his views on competi- ton. combination, cooperation and control of industry and finance, par ticularly the latter. He declared he "did not mind competition" but pre- ferred combination" in his operations. He was emphatic in his declaration that there is no way for man to get q monopoly on money"
 Throughout the long examination to which Morgan submitted. with an evi- dent willingness to answer, there was not a moment when the interest Jagged. Short and sharp questions and ansers came into the striking rapidity. Mor- gan gave ready response to the ques- tions, although there was often bat tie of wits as to the meaning and ef- feet of various financial conditions and operations The question of cOmpeu- tion and combination brought about a lively exchange between the financieT and Untermyer, the latter opening the tilt with a suggestion that Morgan op- posed competition. The witness denied this, but said he favored "cO-opera tion.'' adding that he liked little competition"
 He disagreed with the views ot Untermyer on the question of inter- locking directorates Without actua control, Morgan claimed their could be no control, although some directors may be common with several cor pOrations.
 You and MT Baer Geo. P. Baer, dominate the anthracite coal rail road situation, do you not?" asked Untermyer.
 'I don't think we do," said Morgan At least if we do I don't know 1t.
 Your power in any direction is en tirely unconscious to you, is it not?
 Ut is. sir, if that is the case,' sai' Morgan
 You do not think you have powe in any department of industry in thi country, do you?"
 Not the slightest"
 And you are not looking for any?
 And not seeking it either.
 This consolidation and amalgama ton of systems of industries ant banks does not look to any concen tration does it?" asked Untermye with a smile
 4N I.
 Tt is for the purpose of concentrat ing interests that you do amalga mate. is it not?"
 If it is good business and for tn interests of the country to do it, do it''
 But, Mr Morgan, is not ma likely, quite subconsciously to ina zine things for the interest of tn country, when they are good busi ness
 No sir"
 You think you are able to justl and impartially differentiate wher where your own interests are con cerned just as clearly as though yo had no interest at stake?"
 Exactly, sir" replied the witnes
 And you are acting under tha assumption all the time, are you not
 'I always do."
 ..Of course there is a possibility your judgment being mistaken there not?'
 "Oh. I may be wrong in judgmel but I do not think it leads in tn; direction"
 Does it not go somewhat on u theory that the wish may be u father to the thought?
 What is your question:
 That where there is a wish bring an interest together it may les you to believe the country would n
 (Continued on Page Nine)