Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1913-01-03
THE MONEY TRUST.


How often do the interests of the coun
try demand that j. p Morgan organize
trust?
Mr. Morgan testified, somewhat airily
before the Money Trust investigating com
mittee that he got busy every time it wal
good business and for the interests of the
country"
When Mr.. Morgan's concern organized
the Illegal Steel Trust it took $29,000,00C
worth of stock for its trouble
In order that dividends may be paid
upon this $29. 100000 every consumer in
the United States must pay excessive
prices for manufactured steel goods, be-
cause every family in the land uses in
some capacity at least some of the pro-
ducts of this illegal Morgan steel trust
How can it be figured that the interests
of the country" demanded that American
consumers be thus goueed?
In order that dividends may be paid on
the $29,000.000 of Morgan's watered
stock the men who work in the blast
furnaces of the steel trust are forced to
work IL hours day, seven days week !
Did "the interests of the country" call for
this?
Immediately upon the organization of
Morgans illegal steel trust the price Of
barb wire to the American farmers was
increased nearly one-third And nails,
sheet iron and many other products in
creased in price in like proportion
Do the American people have such a
thick growth of wool over their eyes that
they will believe that any Of these things
were brought about by Morgan for "the
interests of the countryH"
Mr.. Morgan says there is no money trust,
but if the state of affairs that he admitted
does not reveal money trust, it would be
interesting to know what money trust is.
Testimony before the Pujo committee
shows that eighteen financial institutions
in New York, Chicago and Boston by means
of interlocking directorates have voice in
the management of 1874 corporations with
an aggregate capital of $25,325, 000,0 900.
1t shows that J. P. Morgan & Co., the
Guaranty Trust Company, the Bankers
Trust Company. First National Bank and
the National City Bank through 341 inter-
locking directors are allied with corpora
tons having resources of $22, PAS. 100000.
The eighteen institutions that have a
voice in the MANAGEMENT Of $25. 1925, 000,-
000have 1870 partners and directors These
1870 men hold 385 directorships in forty
one banks and trust companies with de-
posits of So, 384.000,000. They hold fifty
directorships in eleven insurance compa-
MES with total assets of S2,646, 100000
They hold 1855 directorships in thirty-one
railroad systems having total capitaliza-
ton of $12,193,0 100000. They hold nine
ty-eight directorships in twenty eight pro-
ducing and trading corporations with a
total capitalization of 1888, 100000.
They hold forty-eieht directorships in nine
teen public utilities corporations with an
annual gross earning capacity of $428,-
100000.
II these 1870 men do not constitute a
money trust, what is money trust?
Who would underwrite the securities of
a corporation that promised keen compe
tition with any of the corporations within
the sphere of influence Of these 1870 men
Would the banks and the trust companies
that they control lend money to such COM
petitors Would weaker banks be inclined
to take the risk of mourning the hostility
of the stronger banks?
The sole purpose of all of these combi-
nations is to control credit through the
control of money. and whoever is master
of credit is master Of the commerce and
industry of a nation.