The Waterbury Democrat., 1934-12-14
Participation of Morgan Co in Financing War
 Studied
FAMOUS CABLE OF
 PAGE IS MENTIONED
Discussed War as Solution to Problem of Countries
 Meeting Bills

New York, December IA
 (UP) - The senate muni- tions committee plans to gather the complete story of the participation of J. F. Morgan & Co.,, in the financ- ing of the World War, Sena- tor Gerald P. Nye, chairman of the inquiry, said before leaving New York for Wash ington.
 ."No exhaustive study of the munitions business is possible, he added. without a knowledge of it's financiaF agents. \
 Nye indicated he expected con- gress to vote additional funds 10 the committee next month. In vestigators will be sent here to examine the files of the great banking house, it was indicated.
 Some doubt, it was learned, ex- ists at the House of Morgan over whether the resolution creating the committee empowers it to expand it's scope to war loans. But the committee is prepared to resolve any doubt on this score by asking additional warrant.
 The munitions committee is es- pecially interested in the back ground of a celebrated cable sent on March 5, 1917 by Walter Hines Page, ambassador at London. to President Wilson. It read in part.
 "The pressure of this approach ing crisis, I am certain, has gone beyond the ability of the Morgan financial agency for the British ana French governments it Is noE improbable that the only way of maintaining our present preemi~ nent trade position and ayerting q panic is by declaring war on Ger many.
 A month later, President Wilson requested congress to declare Wers
 A government official close to the committee said:
 'The crisis Page cabled aboMn was that Great Britain was unable to meet it's obligations to Morgan l for credits amounting to $40O,0Oes@ 900. This money was lent by Mor~ gan and other banks and then was used to buy materials manufac~ tured by Morgan-dominated conl- panies here, which were shippedst0 the allies. Although I can't speak for the committee. l know that It IS anxious to find out what part these activities played in bringing the United States into the war Washington, Dec 14.-(UP3--< Irenee Du Pont warned the nation to-day that wrangling over millions in profit might endanger security of the United States if war should come again.
 Accounting the difficulties and inyestigations surrounding it's com struction of the old Hickory pow der plant near Nashville, Tenn, during the World war, the spokes- man for the famous Du Pont munt- tions and chemical concern told the senate munitions commiuee:
 "If somebody else is offered contract for war construction, they might hesitate to accept it when they think of what we went through"
 Du Pont defended his company against assertions that 1t sought an exorbitant contract for con- struction of the old Hickory plant Following up disclosures of tre4 mendous World war profits tp munitions and industrial companiss Du Pont said:
 "We took only eight months build the plant, but it took eieSlt years for our vouchers to be aud ited by government officials. We had all the expense, have been held up to redicule as if we were trying to rob the United States, and have been subjected to I don't know how many investt- gations, all of which means more expense"
 Pierre S. Du Pont, eldest of the three brothers who built the huge Delaware munitions business, told the committee that Secretary ot War Newton D. Baker regarded the company as species of out law" in November, 1917, because of the terms it proposed for pow- der plant construction.
 Naturally I resented it, ne testified in an explanation of pre- liminary negotiations for the Old Hickory development. The clear (Continued on Page 4.l a