The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-16
PUJO'S QUESTION
IS UNANSWERED
Morgan's Former Partner Treats
Committee to Economic Dis
cussion, but Will Not Say
Yes or NO to Financial
Peril"-Despite Hines SIS,
Rockefeller Will Be
Examined.

Washington. January l5.-In a hypo-
thetical question put TO George w.
Perkins. Samuel Untermyer. counsel
for the money trust committed to-day
outlined from records of the commit
tee a Concentration of money and
credit" and asked whether Mr.. Per
kins considered II "a menace and peril .
10 the prosperity of the country" The
question was generally accepted as Mr.
Untermyer's conception of the elusive
so-called money trust" of which the
com mittee is in search.
Mr.. Perkins. after declaring that the
query reminded him of the conundrum-
why is d mouse when II splns?" as
serted that he could not say whether
at the point outlined in the discussion
concentration is peril. In a Lengthy
discussion on economies, Mr. Perkins
took the position that after concentra-
ton had progressed TO certain point
il should be subject to government
regulation. But he would not answer
the Hypothetical question categori-
cally.
VIII Examine Rockefeller.
After to-day's hearing the com mittee,
in a rather heated executive session, de-
tcrmined 10 have Chairman Pujo and
Counsel Untermyer visit William Rookie
fcller and take his testimony Chair
man Puio opposed the scheme without
and Mr.. Untermyer to make arrange
ments for the examination was passed
with but "a single vote in opposition.
that of Chairman Pujo.
The determination of the COMMITTEES
followed the testimony of DR.. G. w
Richardson, who, after examining Mr.
Rockefeller. told the committee to-
day that despite his illness. the oil
magnate could submit 70 brief OK
animation without immediate serious
results" No plans We're made to-day
for the manner or place of examination
of Mr. Rockefeller.
Thomas w. Lamont and III. p. David
son. of the firm of J. P. Morgan n
Co.. Z. l.. Hine. president of the
First National Bank, of New York. and
George +. Baker. DR.. who were on hand
20 testify to-day. were excused until
Thursday. The committee to-mor-
row will examine Jacob II. Schiff. of
Kuhn, Loeb & Co, of New York
Mr.. Untermyers hypothetical
money trust" question came after MIR
Perkins had fxed publicity as a cure for
financial evils, and had approved the
Incorporation of the New York Stock
Exchange under a Federal charter,
closer responsibility among bank direc-
tors, and the according of representa-
tons on the directorate TO minority
stockholders in corporations.
Pujo's Question.
The Hypothetical question, which
embraces conclusions drawn from much
of the testimony already before the
committee. was as follows:
Il call your attention 20 exhibits be-
fore the committee from which you
will note the following seven institu-
tions have total resources of 81. 39s Co.,
coo: j. P. Morgan & Co. (and
DrexeI & Coz deposits, sisS 5s5.-
600; Guaranty Trust Company. s2ee co.,
eco: First National Bank. sI49. 600 coo:
National City. S27s 10000: Chase Ma
tionaI Bank sI25. 600 coo: National Bank
of Commerce. $3.50 coo
That the Mutual Life and Equit-
able life have combined resources of
81 ool 600 co0: making total in these
New York institutions alone and with
out regard TO other affiliations of 81
40 O0Gcoo.
Assuming now the situation to DO
as described in these exhibits and
assuming further that the business of
making large issues of securities of the
great Interstate corporations has dur
ing the past five years been conducted
mainly on joint account between
MeSSrS J. P Morgan = Co.
the First National Bank and tho Ma
tional City Bank. OF New York; Lee
Higginson & Co. aud Kidder-
Peabody. Co. OF Boston,
Bank and the First National Bank. of
Chicago. and knowing what YOU do as
20 the methods Of business and TO the
financial power and affiliations OF these
banks and banking houses and their
control of financial. railroad and in
dustrisi corporations. please state
whether. and n so. to what extent. this
concentration and control OF money
and credit constitute peril TO the
progress and prosperity Of the country
and State. also n YOU will give the rea-
sons for your conciusiont'
No Direct Answer
In reply. Mr.. Perkins delivered long
talk on economies. the gas; Of which
was
Every one viii agree that at = GER
tain point concentration would be a
peril. but whether At the point you saw
IL has reached 10 would be a peril 7
can notsav. 7 have been out Of touch
with these Affairs for two years and
would want 60 study these QUESTIONS
very carefully. ! am opposed TO tho
concentration Of money power. brain
powsr. or energy where that conccntrs-
ton l. likely 10 result II harm