Show v Y u. u Y 1 I EY KINH 1 I t FIRl J GIVES OAT DATA A J. J Pierpont nt Morgan Occupies Center of St S- Stage Sg to g ge a in Investigation tion of So-Called So Money Trust by House Committee e eAN AN ANSWERS READILY ALL QUESTIONS QUESTIONS- PUT TO HIM Favors Allowing ving Interstate Cor Corporations p to Deposit Fu Funds in Private Banks Mass Banks Mass of Statistics Statistics' Put in to Evidence W WASHINGTON WASHINGTON Dec J. Pierpont Pier- Pier vv pont pout Morgan 1 occupied the center center cen cen- ter of the stage today h before forc the he so- so called money trust investigation committee committee com com- of the House of fives tives The Tile noted note financier reached W Wash sh- sh ington last night in response to a sub- sub pena from tb the committee but it was 33 not nut until 2 40 this that the va way w was s cl cleared ared f for r his bis testimony to begin Meantime Mr Morgan 10 11 sat for forn n nearly an m an hour nour listening to to the mats mass massof of statistics which Mr and the committee was piling up concerning concerning con con- Corning tJi the colossal financial opera operas tion 5 of l leading ding New York lOlk Chicago a O and Boston institutions through so- so called interlocking directorates dh Mr Morgan heard hoard hI his O own D n name and that of ot his firm firm referred referred to to many many times asp aB tables bles were ere presented present it shot ing tug the the tho affiliations of ot that e concetti ric n with many banks trust companies and nd transportation and Industrial ll c corpora corporation corpora corpora- tion He HC eared unmoved throughout through through- j out It all Ann location Readily f 3 Mr t Morgans Morgan's testimony lasted barely twenty minutes and aUd was was wao larg largely Jy pro pre pr to the testimony testimony- to be given tomorrow Mr conducted the tile examination of ot Morgan asking a a. rapid series of ot questions to bring out the general standing standing- of the firm of ot J. J P. P Morgan Co Its branch connections connections con con- in this country and abroad and Its affiliation with many other fi financial financial financial fi- fi Institutions Tho The preliminary examination brought out n no cl clashes he Mr fr Morgan responding promptly prompt to the varJo various s queries queried or calling for tor d data tl some of ot the tha representatives of t Continued on Facto Pago 13 13 Column 3 MORGAN ON STAND AT WASHINGTON I Noted Financier U Examination Examination nation in So Money Trust Inquiry Inq ry Continued d from Pa Pug Ono One the lie firm finn which would auld be be- bere re responsive to the questions pro propounded The chief point made tn In today today's examination ex cx- of ot Mr Morgan lavas rr wa as that bo ho favored allowing Interstate corporations corpora ra- ra to depoSIt their funds In tho hands of ot private bankers without re re- re them to government supervision He laid this was a a. matter to bo loft to tho the discretion tion of ot the boards of ot directors of the corpora corporations in question Morgan lion Hoa Deposit Deposta Mr rr Morgan d data by bp members ot of the Morgan Mu e showing that thirty six C accounts with the Morgan firm In January last had deposits of ot and that sev eight enty-eight accounts on November Noven 1 had hod deposits of ot 81 The Tho total capital surplus and funded debit of ot these depositors Mr Ir was va Mr Morgan agreed to this Prior to Mr r. r MorS Morgan t J examination the committee heard hoard testimony bearing bearIng bearing bear bear- ing upon tho the called so-called concentration of or mone money and credits This was pro- pro sentell In tho the form torm of ot charts prepared by Philip J. J Scudder which was pla placed d din In tho the records This explanation showed that tho charts dealt with tho affiliation of or ISO lS directors In eighteen banks and trust companies In New Ne NewYork NewYork York Chicago o and Boston It showed that these men hold held In all directorships in IU bankA banks and trust companies transportation and industrial industrial indus indus- trial corporations total re resources resources resources re- re sources of ot capitalization of ot It Jt also gave in detail Affiliations of ot J 3 P. P Morgan Co and other leading lending financial institutions in New York Boston and Chicago Growth of Insurance Companies II Tables purporting to show that four great lifo Insurance companies the tho Now York Equitable Mutual 1 and Metropolitan would have at tho the present present pres pros ent cut rato of ot Increase assets totalling In 1931 were presented b by Mr II Scudder On 31 n. n 1911 said Mr Ir Scudder tho the total assets of ot th the tho four tour companies were divided as follows New rew Y York rk Life Lite Mutual Life Equitable Lito CO Metropolitan Life LIta Mr 3 estimated the combined assets in 1916 a as In 1926 on and in 1931 Mr Scudder gave e a tho average e do- do deposits deposits de de- posits through tho the year 1911 for tor tho the Now York Life LIte as while white the tho deposits on the last da day of or tho the year December SI 31 a. a were anI only I During Durin 1910 ho said the average vorace of ot the New ew York deposits was while on December 31 the tho deposits During 1909 tho New Now York Life's Lifes average was 7 1 while on December 31 It was Nap Nai Broken lI As tho great mass maBS of ot statistics was waa slowly put into tho record Mr Ir Morgan Morgan Mor Mor- gan relaxed in his Ills chair clasped his hands on his lap and closed his eyes Tho crowd crowel of ot spectators gradually s In Increased Increased in- in creased as tho afternoon wore toro on When finished Mr Ir myor called out Mr Morgan orSan will you take the stand r The Tue financier r walked to the chair at atthe tho the end of or tho the committee tab In and was sworn by Chairman Pujo In re response ro- ro to the usual qualifying questions questions ques ques- Hons ho he eald said he was Vas a a. banker In New Kew NewYork NewYork York City Aro you OU a a. member of ot a n. Philadelphia firm asked Mr Well Well that's the tho same sarno firm answered an nn- Mr MorganA Morgan lorgan I A Paris house The They are all aU tho the same house The firm Is iR In New York with branches In Philadelphia elphia Paris and London said Mr Morgan an Who aro are the members of ot the firm Mr Morgan Moreon furnished h d the following list J. J P. P Morgan H H. H P. P Davison W. W P. P I Hamilton T T. T W. W Lament Lamont H. H 1 P. P Lloyd J. J P. P Morgan Un Jr A. A A A. Newbold Willlam Will Will- Willlam lam 1 H. H Porter Charles n ef E. E T. T ana anu Mr Morgan said the tho same partners wore In all tho the houses house Corporation D Mr asked Mr Morgan organ whether his house housa carried deposits of ot corporations Mr 11 Morgan said ho did not quite und understand understand un un- un- un d what the attorney meant and Mr 11 explained that ho meant companies transacting business in more than ono one state Mr Morgan nalI his firm accepted the accounts of or any corporation corporation cor cur It thought reliable Have HuyO you ou accounts from Interstate corp corporations ens With any any- corporation wo we think is good said Mr Morgan AIr Mr Ir Unterm or read into tho the record a a. statement that in J January nuary there thero w wore were re six sixty accounts with the Morgan ors firm with deposits of or and und on November No 1 there wore seventy accounts accounts ac ac- ac counts having on deposit Do you think that tho those o great reat corporations corporations cor cor- that havo have their securities scattered catter d broadcast ought to bo be permitted per par to mako make its deposits with a private ate banker Mr I do do said Huld Mr 1011 Morgan Mr Ir said satti ho referred to tn no particular instance but asked whether Mr Morgan Mor-an thoU thought ht that as a n. matter of or public policy corporations really owned by b the tho public ought to be al allowed allowed al- al lowed to deposit with private ata hankers bankers not subject to fe federal eral lm inspection Approve Existing System I t do again said Mr Morgan ITc ITe To added that tho the facts taCHI ought to on the character of ot tho the banker and th the tho extent to which tho the board of at directors r 95 of i the 1 corporation might formally nn Morr-nn au au- i S' S u i D- D said the tho question waR wan ono which i he lie believed should bo be 0 left leCt to tho the boards of ot directors director Mr 11 asked naked for what In Interstate Interstate Inter Inter- tor- tor state corporations the Morgan firm acted acted acted act act- ed aa as fiscal agents Mr 11 Morgan did dill not know but ho accepted ac ac- ac- ac a 0 list furnished by his WB office to the committee Tho list Hit the tho Chicago Western Vestern Indiana railroad the Chicago Indianapolis t St. St Lou Louis I a railroad the Pero Marquette the N Now w York New haven Huven Hartford an and theNo tho the No ew York lork Central Mr Ir Unterm er asked about tho the terms of ot tho the agreement under which Morgan an for the Now New Co act a nil as fiscal agents Central You have havo the right to all their securities haven't your asked Mr r. r It If you OU can a. a agree ree on terms torms replied Mr Ir IOl Morgan an Mr Ir persisted in tho the question ques ques- question tion as to whether tho Morgan lor an did lId not have hn entire control of the s securities of ot the N r- r rw New w York Central Only anI if It we can cnn agree on terms terms re- re plied piled Mr r. r Morgan Ho He agreed to furnish L a a. copy of at m thin tho agreement between tho the New Now York Central and hla his firm At that point tho committee ad ad- Mr 11 Morgan lorgan will resume tho the stand tomorrow nock Rockefeller Evade Arms Sergeant Ridell of or the announced d today that he and hlo hin deputies dep had hud tried in vain since Juno 10 0 ti to serve serve- William Rockefeller Chairman Chair Chair- ma man PuJo then a statement cov coy erin tho efforts of the tho committee to U Mr Rockefeller Ho Ito ald said a a. ecrU j ri te from Dr Walter WaIter F. F Chapple Chappie sayIng sayIng say say- sayi i I Ing that Mr 11 Rockefeller was ill and m in his caro care had been received b by the com corn Ho flu said the committee had Informed in informed in- in formed Mr 1 Rockefeller that the certificate certificate certificate cate would not be reco recognized unless less ho be accepted service ser All following efforts to servo serve him had failed Mr Pujo said eald The committee has the power to ask aak the for tor a a. writ of ot attachment to force Mr r. r Rockefeller eller to appear Seeley Newman a special deputy ser ser- fI r- r geant at testified that he had searched both Mr Ir Rockefellers Rockefeller's town and his country house |