The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-28
MORGAN & co. BOOKS
ARE OPENED TO FOLK
Bankers Agree to Give All Rec
ords Relating TO New
Haven Line.
WORK WILL BEGIN TO-DAY
Examiners Expect TO Be Busy
Six Months-FOlk at Con-
ference Here.
WORK WILL BEGIN TO-DAY

All books and papers of ] p Morgan
Co relating In any way to the New
York, New Haven and Hartford Railroad
ana It's subsidiary companies are to be
examined by the Interstate Commerce
Commissions Experts Of the commission
viii begin work on them this morning
MIR. Morgan has assured former Governor
Joseph w. Folk OF Missouri chief counsel
for the commission that the Investigation
viii not be restricted In any way In con-
Quoting their search
The decision TO open the books Of The
banking house was reached after Mr.. Folk
had been In conference for several hours
with Francis Lynde Stetson, Allen Ward
well and Dwight Il. Moreau, counsel for
j. Il. Morgan 4 Co. The offer to open the
books was made by Mr. Morgan in his
statement OF Tuesday dealing with the
recent testimony OF Charles $. Mellen re-
specting Mr. Mellen's management OF the
New Haven Railroad. Mr. Folk came here
from Washington yesterday for the con-
ference, which was held at the Waldorf.
After the conference Mr.. Folk announced
that Mr.. Morgan had agreed TO his view
that the Interstate Commerce Commission
should be the judge OF the materials FOR
examination He said that this meant
that every book, paper, account or other
document throwing any light upon the re-
lations OF J. L. Morgan n Co. to the New
Haven or its subsidiaries would be placed
~ Nilc u4SpOShl VI NhS tNehhtitio.
Examiners Begin ON Books To-day.
II is understood that this decision will
not permit the investigators TO browse
about In all the books of the Morgan
company for the purpose OF picking out
what they think may relate In some way
10 the New Haven. The firm Is ready
10 furnish the commissions examiners with
the New Haven records Of the firm and the
personal records OF the late J. =. Morgan,
but this does not mean that all OF the
firms books are to be thrown open Mr.,
Folk said IL should be understood that
this is an inquiry into the New Haven
road and not into the Morgan Arm. Rec
ords of stock transactions will not be
shown to the examiners.
II is the understanding OF Mr.. Folk
that the invest igatOrs Will not only have
access to books, papers and memoranda
covering transactions OF J. T. Morgan
Co. with the New Haven and its subsldl-
aries but also to those which deal with
direct or indirect transactions Of indi-
viduals with the New Haven through the
house of Morgan. Ii is known that j. i.
Morgan 4 co. do not understand the
agreement to reach quite 50 far.
Mr.. Folk said last night that II there
was any misunderstanding on this point IL
would be adjusted satisfactorily. He
didn't want to go into details, but said
tina his visit had been very satisfactory.
The expert examiners who will go over
these mater las are David L.. Brown
Francis H. McAdams. +. 5. Fowler. A..
C. Henson and II. * Gartner. They be-
lieve that it will take six months to go
over the books and papers. By beginning
to-day thcy expect TO be able by next
week, probably on Wednesday when the
hearings u the Interstate Commerce Com
mission will be resumed, to present a pre-
nminiry report OF some kind. This will
no. pll1a Mr. E'Dik In his
examination of directors the New
Haven road and of Mr.. Morgan. II he
becomes a witness
Mr.. Folk talked yesterday with several
directors OF the New Haven who have
been snbpunaed as witnesses before the
commission. He did this In order TO
mark out his course when he gets them
on the stand Those he interviewed were
George +. Baker. William Skinner. IL. X.
McHarg and A. Heaton Robertson. He
had already talked with J. =. Elton and
Lawrence Minot In Washington.
A Washington despatch printed yes
terday. in which 1t was asserted that dis
crepancies exist in the testimony OF Mr.
Mellen and the minutes OF the special
committee of the New Haven directors
that handled the Westchester railroad
transaction was shown TO Mr.. Folk. lie
said that II was not true that such dis
erepancies existed but he declined to be
more specific.
As for the report from Washington that
the Administration is contemplating hold
ing up the investigation of the New Haven
by the Interstate Commerce Commission in
order to bring criminal actions before any
more OF those concerned receive immun-
Wy, Mr.. Folk said he knew nothing
about that He said he expected to &c
ahead with the inquiry next Wednesday
along the same lines that he had pur-
sued with Mr.. Mellen
Mr.. Folk said he had not received n re-
port from DIR. Francis McAdam. who made
a study of the physical condition OF
. William Rockefeller The commission Ia
DESTROYS of having Mr.. Rockefeller as a
witness in the New Haven invest CATION
Mr.. Folk returned to Washington last
night.
III Gil plIZzI QGClnI-AL1