The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-19
Answers Questions
Promptly and No
Clashes Come.
CHIEF TESTIMONY
EXPECTED TO-DAY
Head of Alleged Money Trust
Apparently Unmoved as He
Hears Himself and His Com
panies Repeatedly Referred
To as Controlling FL J
nances of Country. ii

Washington. December Isl. PIER
the stage to-day before the so-called
money trust investigating COMMITTEES
OF the House of Representatives The
noted fnancier reached Washington
last night in resonse to subpoena
from the committee put it was not until
2:40 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
myer and the committee was piling up
concerning the colossal financial opera
tons of leading New York. Chicago
and Boston institutions through So
called interlocking directories. Mr..
Morgan heard his own name and that
of his firm referred to many times as
tables were presented showing the
affiliations of that concern with many
other banks. trust companies. tra1s-
portation and Industrial corporal u.s.
He appeared to be unmoved throughout
it all. sitting surrounded by a number
of his business associates. relatives and
legal representatives. including j. p
Morgan, Jr.. his son. and Mrs. Herbert
Satterlee. his daughter.
Many Spectators on Hand.
Mr.. Morgan's appearance arouse the
keenest interest, and crowds of s,ec-
tators were on hand to observe the
proceedings. It was to some extent
a elimination of much that had gone
before in that branch of the inquiry
under the head OF the concentration
of money and credits"
Mr.. Morgan's testimony lasted barely
twenty minutes and was largely pre-
! ltminary to the testimony to be given
tomorrow, when the committee re-
assemblies at 1880 A N.
: Mr.. Untermyer conducted the exanii-
nation of Mr.. Morgan. asking a rapid
series of questions to bring out the
general standing of the firm of j.
p. Morgan & Company. its branch con-
nections in :his country and abroad
and it affiliations with many other
financial institutions.
The preliminary examination brought
out no clashes, 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 the questions
propounded.
The chief point made in to-day's ex-
animation of Mr.. Morgan was that
he favored allowing interstate corr
porations 10 deposit their funds in the
hands OF private bankers without re-
stricting them 10 institutions under
government supervision. He said this
was matter to be left to the dis
erection OF the boards of directors of
the corporations in question. Mr..
Untermyer asked lengthy questions
developing this idea. to which tho
financier replied briefly In the af-
firmative as - allowing the inserstate
corporations so to deposit their funds
in private banking institutions.
Witness Confirms Data
Mr. Morgan confirmed data pre-
pared by members of the Morgan
house showing that sixty-six accounts
with the banks IN January last had
deposits of sss.133. 900, and that seven
ty-eight accounts on November ! had
deposits Of ss196s. 900 The total
capital surplus and funded debt OF
these deposltors. Mr.. Cntermyer stat
ed. was se.7s5.OOo 100. NJ. Morgan
agreed to this.
Prior to Mr.. Morgao'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. Schudder which was placed
in the record.
Mr. Morgan will resume the stand
to- morrow
At the conclusion Of his testimony
to-day he had a talk with Chairman
Pujo and ether members OF the COM
mittee and expressed the desire 10
have his hearing passed as rapidly as
possible. He said he was anxious to
conclude. as he wished % Gerry out
plans for leaving on a trip within a
short time.