The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-20

members OF the firm of J. p. Morgan
4 Co appear az directors.
You do not watch the details as
to the management OF any OF shese
banks. do your he asked.
NO"
who attends 10 the questions oil
mana cement that come up with re-
spect TO these banks with which you
are Identified in your firm
ANY one of the firm who happens
to know about that particular bust
ness"
You are doing everything you can
to protect the prosperity OF these IN
, stftutions in which the members oil
your firm are directors. are you notY
We do not bother ourselves n.acn
about that. They look after them
selves"
why do members OF your firm. In
some instances two members OF your
firm and in some instances three mem
beers II your arm. go on these boards'
Because we have large interest 20
protect"
In the protection OF that large IN
terest do you not look after the banks
at an?" asked Mr.. Untermyer.
~Not 10 any exteul.'
1T takes the time of your partners
does it n,t-''
Yes. I have already remarked on
that a great many times"
But sim they remain there, do they
not?"
They do
May j ask what they are there for.
TO protect your interests
That is what they are there for.
Voting Trusts Discussed.
The general subject Of the power
and privileges Of voting trusts hold
ing the stock OF corporations elected
a lengthy discussion, in the course
OF which Mr.. Unte:myer got into the
record statements regarding a series
o. voting trusts held by members OF
the firm Of Morgan & Company for
Yeas
With respect to all these voting
trusts the voting trustees in all these
cases have power. have they not. ana
IL Is their duty 10 name the directors
who shall conduct the company? he
asked.
yes. sir answered Mr.. Morgan.
And those directors IL turn name
the Otficers?'
Yes, sir"
can you name any instance in
named in these various voting trusts
has undergone any consldefa Die
change after the expiration of the
voting trust from the way n whlch
10 was constituted undtf the NOl'NS
trust. except that where doubts occur
the vacancies were filled"
Il think very seldom said the VT
ness.
Y51 think they generally continue
along the same BOARDS"
Yes. They are generally pretty
well satisfied with what they do.
"Who?" asked Mr.. Cntermyer.
The stockholders. sir
The activities OF J. =. Morgan & Co
and fiscal agents for railroads and
other Interstate corporations formed
the basis for another lengthy phase
OF the examination. Mr.. Morgan
placed in the record the agreements
b. which the firm handles the securi-
ties Of the New York Central and the
New York. New Haven and Hartford
Railroads. The general policy OF pri-
waite banks handling big issues OF Sc
curities also was taken up.
These issues of securities OF inter-
tate railway companies are in vat
sums, are they not. running into the
hundreds Of millions OF dollars
year2'' asked Mr.. Untermyer.
Yes sir" answered Mr.. Morgan.
DO YOU not think It would be en-
tirely feasible that securities or such
corporations should be openly mar
keted and should be sold by competI-
ton. just as securities OF the United
states government and state govern
ments and city administrations and
municipal bonds are sold?
Il do not" said Mr.. Morgan.
There is another point about it.
volunteered Mr.. Morgan, and that Is
this: You must remember that Sc
curities that are issued and sold do