The Leon reporter. (Leon, Iowa) 1887-1930, 1913-01-09
OUR WASHINGTON LETTER.

(By Clyde Fl. Tavenner, special
Washington Correspondent to The
Reporter.)
Washington, Jan. 3.-How often
do" the interests of the country
demand that j. p Morgan organize
trust?
Mr.. Morgan testified, somewhat
airily, before the money trust in
vestlgating committee that he got
busy every time it was good bust
ness and for the interest OF the
country"
When Mr.. Morgan's concern or
ganzed the illegal steel trust it took
S29, 100000 worth of stock for it:'
trouble.
In order that dividends may be
paid upon this $4,000, 900 every
consumer in the United States must
pay excessive prices for manufacture
cd steel goods, because every family
in the land uses in some capacity at
least some OF the products OF this
illegal Morgan steel trust
How can it be figured that the
interests of the country demanded
that American Consumers be thus
gouged.
In order that dividends may be
paid on that $29 100000 of Nor
CAMS watered stock. the men who
work in the blast furnaces Of the
steel trust are forced to work 2
hours a day. seven days a week.
Did the interests OF the country
call for this?
Immediately upon the organiza-
ton Of Norgans illegal steel trust,
the price of barbed wire to the
American farmers was increased
nearly one-tnird. And nails. sheet
iron ;tnd many other products il
creased in price in like proportion
Do the American people have SUCH
growth Of wool over their eyes tina
they will believe mat any one CT
these things were brought about by
Morgan for the Interests OF the
country"
What is Money Trust:
Mr.. Morgan says there is no
money trust, but if the state of af-
lairs that he admitted does not re-
veal a money trust, it would be in
teresting to know what a money
trust is.
Testimony before the Pujo com
|
| institutions in New York, Chicago,
| and Boston by names OF interlockin2
directories have voice in the man
agement of 1874 corporations with an
aggregate capital of S25,325, co.
900. 1t shows that J. P. Morgan &
| Co., the Guaranty Trust Company
the Bankers Trust Company, the
First National Bank and the Nation
al City Bank through BAL interlock-
ing directors are allied with corpora
tons having resources of $22,245,-
100000.
The eighteen institutions thai
have a voice in the management OF
S25,325, 100000 have $50 partner:
and directors. These $50 men hold
$50 directorships in forty-one banks
and trust companies with deposits
of $2,S34, 100000. They hold fifty
drectorships in eleven insurance
companies with total assets of ST.,
646, 100000. They hold 1875 direc
| torships in thirty-one railroad sys
tens having total capitalization O
$12, 900. They hold ninety
eight directorships in twenty-eigh
producing and trading corporation:
. with a capitalization of $685., 900,
600. They hold forty-eight director
ships in nineteen public utilities cor
Dorations with an annual gross earn
ing capacity Of S42S,0o0,0 700.
Ii these $50 men do not consul
tute money trust. what is none,
trust?
Who would underwrite the secur
tiles Of a corporation that promised
keen competition with any Of tbs
corporations within the sphere o
influence Of those $50 men? Would
the banks and trust companies tina
they control lend money to sucl
competitors? Would weaker bank
be inclined to take the risk Of in
curing the hostilities OF the strong
er banks?
The sole purpose OF all these com
binations is to control the credi
through the control OF money, AM
whoever is master OF credit is mast
er of the commerce and industry o
a nation.