The evening world. [volume] (New York, N.Y.) 1887-1931, 1912-12-19

the Reading road?" asked Mr.. Inter.
myer. mo, sir: II We do I don't know
H." said Mr.. Morgan.
"You lenv think yea have any
power In sny iins Of industry IN this
esuntryw mo, DO not" sa1A lgr,
Morgan.
"rou. power In any direction 10 On.
treiy unconsoisus TO you'" Eyes,
sty."
well. let's see about this concen-
ration situation" said Mr.. un,crmyor.
You took over the Baldwin Locomo-
tive WorksT Yes. We handle their
securities"
"Prior to that time the American
Locomotive Company had been
formedY" Yes"
Nov. assuming that you and Mr..
Baker control the great railroad sys-
TENS Of this country and between you.
you are interested In the American
Locomotive Company: what chance do
you think a new locomotive company
would have to succeed" II think II
would have good chance. We could
not buy our locomotives all from one
company"
do you think II Is a healthy con-
dillon for the interests In the supply
companies to be Identical with the In
| terests of the railroads that buy sup
pliesg'
Mr.. Morgan said he did.
Mr.. Untermyer asked Mr.. Morgan II
he knew anything about the orsaniza-
| ton OF the New York. Wyoming and
| Western Railroad to open up new in
| dependent soal fields. This. railroad
cured In the recent hard coal cases
| before the Supreme Court. where II
was held that the Temple Coal and Iron
Company had strangled the new road.
Mr.. Untermyer asked II Mr. Morgan
knew Robert Bacon, a former member
| Of his Arm, had gone into the coal field
and bought up the collieries, so that
| the new road was not built Mr.. Nor
gan said he knew nothing about II.
The consolidation OF the Lake Shore
and Michigan Central railroads into the
New York Central lines was brought
up by Mr.. Untermyer.
"You believed In buying up the com
netting liner" why. sure"
oUIzzEp ON MERGER OF NOR.
THERN SECURITIES.
Mr.. Untermyer asked about the con.
solidation of the Northern Pacific and
the Great Northern Railroads In the
| Northern Securities merger.
What was your idea as to the reason
for destroying competition there?
| asked Mr.. Untermyer. II don't know.
| said Mr.. Morgan.
Mr.. Untermyer then began a series
Of questions about the elimination Of
competition In the organizations Of the
United States Steel Corporation. but In
| terrupted himself.
81 will not go into that" he said.
THAT Is now in litigation and I will
not question you about it."
Mr.. Morgan testified that he bought
control OF the Equitable Mfe Assurance
Society from ''Mr. Ryan and Mr.. Harri-
man. He secured. he said. about $51 200
worth of stock for which he paid about
81, Ooo. 600
"The company pays per cent. divi.
dends?''
Yes"
THAT Is ss.7Io on your stock1" Yes"
about one-eghth or one-ninth OF one
pc" cent. on the Investment" Yes"
Mr.. Untermyer wanted to know II
James Stillman and George +. Baker
were interested In the purchase OF the
Equitable. Mr. Morgan conferred with
his counsel about answering the ques-
ton and finally said Mr.. Baker and Mr..
Stillman had agreed to take one-half OF
the investment of his hands, II at any
time he wanted them to.
n. UnteTmysr i1Sistsd on knowing
why l9r. Morgan had thought IL good
business. to buy the Equitable stock at
per cent. interest.
lgr. Morgan satA he thought IL wal
good FOR the situation"
lgr. Untsrmysr asked why - was
not Just ~ "good for the situation" in
the hands OF Nz. Ryan and 1Es. 1sr.
riman.
~ don't know" said 1Er. Morgan
"1ut you thought IL was better for you
TO have itf" "Thsts the way II strucl
me-" said 1T. Morgan. ne addsd'
"That 10 All have to say about IT,
"Ths assets OF the Equitable Com
pany are something over e6oo, 900. DOOR
~ think about that"
Mr.. Morgan said he asked Mr.. Ryan
to sell his Equitable stock to him.
| Did he say he wanted to sell IT,
/ mo, but he sold It."
| Mr.. Morgan said that ne had but one
idea about the disposition OF the EQuit-
able Company.
SHOULD BE TURNED OVER To
PoLIcYHoGDERe.
II think 1t should be turned over-tha'
Is, the stock-to the policyholdcrs," hi
said. THAT has always been my idea.
you mean sell 1t TO the policyholderi
for 5000. 000?' '-Hor Just the price
paid for IT,
'.Then 4 don't understand why 80,
bought the stock" only because
thought II was the thing to do"
Then there was no reason?' asked
IMr. Untermyer. We'll. that's the wa!
you look at It," answered Mr.. Morgan
II thought 81 was the thing to do. SOM
day youth agree with me-"
Maybe some day you'll agree witt
me-" returned Mr. Untermyer. well
IN I do, II will be for a good reason.
said Mt. Morgan. with laugh.
! Mr.. Morgan explained in more detal
that he had thought there was pos
sibility of the Equitable stock bein
divided. that Mr.. Ryan had alread
sold some of his
I That was not the reason" he said
That's only one OF the things that wen
; through my mind
but what would have been the harT
II It had been divided?"
~ Mr.. Morgan insisted that the only an
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