The Mena weekly star., 1913-01-30
THREE MEN ARE
 THE MONEY TRUST
PuiO Committee Names Morgan Baker and Stillman and Will Rec Ommend New Laws to Curb
 Power to Control Finance.

man, New York's mightiest money barons," are it's heads, and it's ac- tual power is a national menace.
 On highest authority, it was stat ed that these are to be the princi- pal features of the committees verdict" following the testimony of the nations greatest flnanciers. Actual, real existence of money trust will be predicated alone upon the committees definition of the al- legged combination.
 What the Money Trust Is.
 This definition is: An established identity of interest between few leaders of finance, which has been created through interlocking direc- torates and other forms of domina tions has resulted in concentration in the hands of few men.
 Here is the money trust as out lined by a committee member last night:
 J. p. Morgan & Company, the First National Bank of New York and the National City Bank of New York.
 J. PierpOnt Morgan is the head of the firm bearing his name, George F. Baker is the ruler of the First National Bank, and James Stillman of the National City Bank.
 Fifteen lieutenants of the army of finance are named-with Morgan, Baker and Stillman as generals" '" These include millionaires in New York, Boston, Chicago and Philadel- phia.
 That IS giant organizations con- trOl 25,325 million dollars in re- sources was declared to be proved The "privates in the ranks" of the trust" are said to number 180, with control in practically every large industry.
 The Pujo committee report is to be an immediate finding," because of the halting of the inquiry. It will be filed within 30 days.
 Recommendations to curb the trust" will be made by the com mittee. It is learned that it will recommend drastic change of the whole national banking act.
 The Committees Findings.
 These will be the principal find ings:
 Control by J. P. Morgan & Co. of bOy1~r Lne OO0 OlA sources; of the Equitable Life As surance Society, with Sl,249,000000 assets; of 12 railroads with Si,379,- 100000 capital; of industrial cor porations with assets worth scores of billions of dollars. Morgan" directors on 39 corpo- rations, with resources of Sl0036,- 100000
 Directors affiliated with George F. Bakers First National Bank in i9 corporations.
 Directors affiliated with James Stillmans National City Bank in l7 corporations.
 That the concentration of wealth, conceived a generation ago, has been protected since 1907 and is growing.
 That 'interlocking directorate ' lax national bank examinations and weak laws are the principal causes
 That the powerful financiers are partners and not competitors"
 That issues are distributed under an agreement against ''poaching' on competitors reserves.
 How Big Profits Are Made.
 The committee then tells how huge profits are made in floating securities.
 Loans of millions of dollars for Wall street speculation, with large part poured into New York as na- tional bank reserves" from thou sands of country banks. Making of mammoth loans on se- curities whose value is largely fixed by New York stock market quotations.
 Naming the financial powers of directors on banks and corporations.
 Refusal of clearing houses mem bership to banks by select "ex- ecutiVe committee"
 Arbitrary establishment of mem- bership rules for clearing house rules, fixing collection rates, even whether interest is to be paid de- positors.
 Power of the clearing house powers" to close banks by refusing clearance privileges.
 Evasion of the national bank laws, prohibiting holding of certain class of securities by forming sub sidiary trust companies.
 Lack of supervision of the stock exchange.
 The Remedies tO Be Suggested.
 The remedial legislation to be suggested includes:
 Regulation or prohibition of "in- terlocking directorates." Federal or state incorporation oi clearing houses. Prohibition of bank directors and officers from lending themselves bank funds.
 Supervision of bank mergers.
 Prohibition of control of financial institutions by voting trustees" Limitation of size of bank direc- torates, prohibition of dummy" di- rectors and centralization of re- sponsibility.
 Publicity of bank assets and stockholders.
 Prohibition of banks from owning stock in other financial institutions | Prohibition of insurance nnnn-