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Newspaper Page Text
KING MORGAN TESTIFIES
Washington, Dec. 19. J. P.
Morgan appeared before the Pujo
committee today in the investiga
tion of the Money Trust. He
swung a cane as he came in and
fiddled with his silk plug hat.
His son and daughter were with
him; also a bunch of lawyers.
Morgan shows signs of age.
His eyes , wandered aimlessly at
times over the crowded room.
His heavy jaw, with its flabby
jowls, the sloping head et for
ward on a thick neck, the lips
compressed and the bulbous red
nose sticking out these were the
features of the. king of finance
and boss of the Money Trust.
He wore a big waistcoat a
thick watch chain withcameo
seal, a little gold box that hung
near "his watch pocket, wide
winged collar and horn-rimmed
spectacles. Also pahts, etc
Morgan said he marketed hun
dreds of millions-of securities an
nually, and thought it best forhis
firm to name the directors of the
railways he controlled.
Morgan said his deposits on
Nov. 1, 1912, were from $100,000,
000 fco $110,000,000. Admitted he
was a director of some firms that
deposited with him.
Showed contracts with N. Y.
Central Railway and -allied lines
and New, Haveri and allied lines,
giving Mdrgan exclusive right to
market all their securities at a
commission of lj per cent.
Is also fiscal agent of the Steel
Trust,. Bell Telephone and other
He said nobody was named a
director of the Steel Trust witft-3
out his approval, and told how'
the powerful banks scrambled for
stocks issued- by the house of
The- Steel Trust, he said, was
organized without written con
He admitted that he himself de
cided that J. P. Morgan & Co.
should be fiscal agents for the
Steel Trust, and -that he fixed the
prices to be paid for plants bought
by the trust.
When asked how much stock
he had in the City Bank and the
National Bank of Commerce, -he
yawned wearily and said: "Oh, I
don't know; a milion or so."
He showed weariness when he
said his health compelled him to
remain abroad several months
He told how he reorganized the
Northern Pacific and ' Southern
railroads, how his firm had under
written billions of securities and
how he and his firm members sat
in boards of directors of railrbads,
banks, trust,companies, insurance
Morgan said he favored co-operation
and concentration. "I be
lieve control of money is impos
sible," he said. "A man may own
all the money in Christendom,
but he can't control- it. The ques
tion, of cojitrol is personal. A
man can't keep any other kind."
Ten-convicts in state peniten
tiary at Joliet, 111., will get pa
roles as Christmas presents pro
vided jobs for them are forthcom
ing by that time;