Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1912-12-21
Wall Street Money King
Told House Committee
That All Banks in World
Control Wealth.
DIDN'T FEEL POWER;
I WOULDN'T ADMIT 1T
Witness Said He Favored
Combination Rather Than
Competition but That
Control Was Necessary.

| Vo0AAA6 YIN, -. w., JcC.- To-, uClc
could be no money trust. All the
banks and all the money in christen-
dom could not control money. The
question Of control Is personal as to
money and credits" declared j. Pier
pont Morgan today to the house money
trust investigating committee.
| The big f1nancier was led up to his
answer by the questioning of Samuel
Untermyer. counsel for the committee,
who asked Mr.. Morgan if "he did not
feel his vast power" '~
Mr.. Morgan answered that he did
not admit he had vast power and did
not feel it.
! Once when the lawyer and the wit
ness got into discussion of competi.
ton and combination Mr. Morgan said:
"Fd rather have combination than
competition. like little competi-
ton, but like combination better.
Control is the important thing, with
out it you can't do a thing, but no one
man could monopolize money. One
man might get control of railroads,
or merchandise but never money and
credit"
Mr. Morgan's declaration that there
could be no money trust" was en-
phasized by vigorous bang with his
fist on the arm of his chair. The
financier testified as to the relations
of the house of Morgan with several
great corporations.
Passed on U. S. Steel Directors.
Mr.. A-organ testified that he had ap-
proved the prices at which the sub
salaries of the United States steel
corporation were taken into the big
corporation. Mr.. Untermyer asked if
he had not named the board of direc-
tors Of the steel corporation, but Mr.
Morgan only said that he might have
decided who shouldn't 60 on H.
|" His holdings of certain bank stocks
he characterized as mot very much,
about million dollars" much to the
amusement of the committee and the
crowd which gathered to hear his testi-
mony. When laugh went around the
financier joined in heartily
Once when his voice got noarse his
daughter Mrs. Herbert l.. Satterlee,
gave him throat tablet.
The principal part of Mr.. Morgan's
testimony, the concentration of money
and credits, was to be resumed later
today. It was expected his testimony
would be ended before night. 4
Mr.. Morgan, surrounded by nearly
dozen of his partners and attorneys,
answered with apparent freedom all
questions. He agreed that through
voting trusts several of which ex-
listed in his company, few trustees
could name the directors who, in turn
would name the officers of great inter.
state industrial or railroad corpora
tons. 3....
Control is Necessary.
Mr.. Morgan denied, however, that
he believed interlocking directorates
where two or three men held director
ships in several banks, trust COM
panies or corporations, could bring
about control and unity of action.
He declared that without a majority
on the boards such men could not
dictate affairs or control the corpora
TONS
The. financier took direct issue with
Mr.. Untermyer as to the opportunity
offered few men to get control of
general banking conditions through
such participation as Morgan & Co.,
have on the boards of directors of the
leading banks of New York.
Big Monthly Deposit.
Cant you give the committee a
statement of the deposits of your
banking firm in New York as of Nov.
1?'' asked Mr.. Untermyer.
Mr.. Morgan appropriated it about
He said he would fur
nish a statement showing the figures
Mr.. Morgan said he and his part
ners were directors in some of the in
terstate corporations that have access
with J. P. Morgan & Co. His counsel
agreed to furnish list of these, direc.
torships. r.'r', 49,, ffr,~,t; :,
Mr.. Morgan produced in respons Sc to
a question copies Of the fiscal agree.
ments between J. P. Morgan & Co. and
the New York Central and the New
York, New Haven & Hartford Railroad
companies. Mr.. Morgan said there
were no other such agreements made
by his house. He said the firm acted
as call agent for other companies "by
tacit agreement"
you are acting for a number of
other corporations are you not, includ-
ing the United States Steel corpora
tion?" suggested Mr.. Untermyer.
yes But that is by a resolution of
the board Of directors of the steel
corporation said Mr. Morgan.
Fl AS to other agreements whereby the
Morgan house became fiscal agents for
corporations, he said, they were "by
word of mouth or by correspondence
Mr.. Untermyer read part 1.-THE New
York Central fiscal agreements by
which Morgan & Co. were made sole
bankers for the railroad. Mr.. Morgan
said he had been director of the
New York Central about thirty-five
years. @
Banker for Railroads.
Included in the fiscal agreement of
the New York Central lines, were the