Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-05-06
MORGAN As A WITNESS
Famous Financisr Had Supreme Con.
fidenee in Himself.

Famous Finanoier Had Supreme Con.
fidenee in Himself.
Ida M. Tarbell writes about 1.-The
Hunt for Money Trust" in the May
American Magazine. She was present
at many Of the hearings Of the Pujo
committee when Samuel Untermeyer,
the governments inquisitor, examined
some Of the most famous witnesses. In
regard to J. P. Morgan's testimony,
wherein "the great man of Wall street"
showed the wonderful confidence he
had in himself, Miss Tarbell says In
part:
This superb and primitive conf
dence in his power to decide each case
as 1t came UP, apparently on instinct,
certainly without formulated reason,
he showed best perhaps in telling how
he acquired the Equitable Life Assur-
ance Society. This society has now as
sets Of something over $500, 0,000. 900, and
by virtue Of his ownership Of 81 per
cent Of its stock its future was in Mr..
Morgan's hands. For this control he
paid somewhere in the neighborhood"
Of 100000. He drew on his invest
ment seven per cent dividends or
about $3.50 year, about one-ninth of
one per cent! Why did he make such
an investment?
at bought the Equitable from Mr..
Ryan and Mr.. Hartman Mr.. Morgan
told the committee, because / thought
1t was a desirable thing for the situa-
ton. I have an agreement with Mr..
James stillman and Mr.. George +. Ba-
ker to take half the interest or my
hands II wish 1t. but hold It all till
I suppose It was safe in Mr.. Ryan's
hands, but thought It was greatly Inn
proved in the hand of myself. The
purchase was not question Of money?
I thought 1t was better with US than
where It was. told Mr.. Ryan so. He
hesitated about II, but sold It.
"T have never had any question
about the disposition Of the Equitable.
My idea has always been to have It
turned over to the policyholders. do
not know how 1t can be done. Whatever
is done must be done by the trustees.
think the legislature Of New York can
fix that. am living In hopes that they
will,
"Mr. Untermeyer evidently could not
believe his ears-T do not understand
yet Mr.. Morgan. why you bought this
company he insisted.
ct did not buy II to make money. I
did 1t because thought II was better
In my hands. have no criticism Of
anybody. I thought 1t was best to have
that stock where there was no danger
Of 1t being divided up into small lots
Mr.. Ryan had already sold half Of 1t
and you could not tell. Mr.. Hartman
died a few months afterwards and II
that had gone with his estate you could
not tell how 1t would be divided and
then the policy holders wanted II, It
could not have been had. did It be-
cause thought It was the thing to do
and that Is the only reason had and
the only thing can say. You can not
analyze my reason any further. can
not do II myself -i-asa.E-s-----I -
II see no reason to doubt and never
have that Mr.. Morgan in purchasing
the Equitable sincerely desired to do
his part towards helping in the Inn
portant and difficult matter Of making
mutual life insurance companies mu-
tual-making them truly for policy
holders, and not stockholders, compa-
nies where the full surplus which in
equity belongs to the policyholders viii
be used for their benefit and theirs
alone. Certainly the documents In the
case which Mr.. Morgan asked to have
printed In the Record support this
view.
But we are discussing whether Mr..
Morgan, as the head Of this aggrega-
ton of interest and resources, had any
power. He said he did not feel It
doubt II in contemporary financial his
tory there Is a single incident, which
so startles an outsider with sense Of
his power as his purchase Of the Equi-
table from Mr.. Thomas Ryan"