Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-01-23
Member of ]. P, Morgan ana
Company Says They Were
Organized to Make Bank
Consultations Easy.
ORIGINAL PURPOSE
ONE OF PROTECTION
Interesting Testimony Is
Brought Out in PujO Com
mittee Probe Into 0rganiza-
tion of Bankers Trust Co.
hay LEASED Wire 10 Evening ricrsIdl

kby Lrased Wire ~ Evening Herald.
Washington. Jan 80 Thomas W,
Joyce, un rmploye of 4 = Morgan.
WAS thc first witness Examined before
the house money trust committee to-
day. A statement OF the deposits Ut
J. r. Morgan and company was prt'
duced. showing that the firm ON SO
Vember 1 had Sit,o0o.0o0 on deposit
with New York banks ana 1909. utt in
Boston banks Mr Ju"rmycr en-
dcavorod to get from Mr. Joyce the
holdings ut J = Morgan Boa the CON
stitucnt companicp which wtrv com
bined in the United States steel COZ
poration.
AIr Joyce could not remember
whether any such stock was held
Henry p Dawson "a member of j.
T. Morgan and company. since Jau-
uary 1, 1905, testified that he nego-
tintcd the purchase of the stock IA
the Guaranty Trust company, for the
organizers of the voting trust. tor the
trust company George T.. Baker, he
said. had nothing Go do with the nego-
tiations. Mr.. Baker was al that tim
connected with both the Mutual ana
| thc Guaranty Trust Purchases ui
/ 4. 600 shares from Mrs. T.. "A. Harm
man and 5000 from the Mutual Life
2 Insurance company, Mt Dawson satu'
| gave the urguuizcry control OF 1900
out OF the 10000 shares OF the com
pany.
"On this question of voting trusts. .
said MIR. Dawson, II am perfectly
willing To recommend that these vot-
ing trusts he dissolved The votin
trusts as such have had no more lo
do with the real mapngement ot tbs
business than the PuIo committee
Mr. untcrtnycr and the witness IN
dulged in an argument over the use
fulncss of voting trust arrangement
Cor the control of financial inst
tutious
Welt" said Mr. Untermycr "Wf
will be we'll satisfied with your sta,
mcnt that you viii use your intlucntt
tu dissolve these voting trusts
But { didn't say that" objected
/ MIR Dawson.
~ say that I nov see uo useful pur'
pose to bc served by these voting
trusts and ON mature consideration,
would probably recommend. 80 tar dt
my vote IS concerned. that they ht
dissolved"
MIR. tintcrinycr brought OCT thut TIA,
votes Of two ot the three trustees oi
the bankers and guaranty companies
could dissolve the trusts gud thht Mt
Dawson was trustee ut each com
pany.
MIR. Dawson said that the Guaranty
Trust company was acquired lay MIN
self aud his associates with the idca
that It would be- merged into th'
Banker Trust company. lie mad,
this statement as to the voting trus'
agreements.
we younger men Organized tn
Banker Trust COMPANY in 1908 dht
lat that Umc we organized the Nntint
trust The purpose Of this vol lnl
trust was to preclude the pussihllh.
Iot IN, purchase ur central ui thc sioci
by men active ln Sew York az ina
ltime whose credit and responsibility
was questioned. when w' came
plan To- take in the Guaranty comp0u.
the voting trust had worked so WEI
Ia the Bankers trust that wc organ
l1cd the Guaranty under the sam
plan also. SO that h might easily b
taken over
Mir Iutcrmyer brought out iu pur0
touiug that several organizer Of IN
Bankers trust were widely Know
bankers. slXtN or FrNtutf years "l'