The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-11-25
TWENTY-FIVE
BILLION DOLLARS
This Staggering Sum is Not
Large Enough to Include
AL Money Trusts
Influence.
--
BRANDE1s TELLS STORY
Combination Controls Corporations
Having Capital Three Times
Greater Than New Eng
lands Value.

UNITED Press Leased Wire service.l I
NEW YORK, Nov. 25.-"The huge
sum of s22.000,000, 900 Is not large
enough to include all the corporations
to which the influence" of the three
allies, CT. P. Morgan and Co., and the
National City and First National
banks), extends says Louds D. Bran
deis in the second Of series Of arti
cles on the money TRUST which will
appear In Harper's Weekly tomorrow,
under the caption, How the Combin-
ers Combine.
THE leading exploits is In the COM
pany,' Brandeis says, have long
been known; but the part played by
their allies was not fully disclosed
until Samuel Uttermyer developed
them before the Pujo committee. Two
New York banks, the National City
and the First National, stand pre-
eminent. They constitute with the
Morgan Arm, the inner group Of the
money trust Each OF these two
banks, like Morgan and Co., has huge
resources. Each of two banks, like
j. P. Morgan and Co., has dominated
4 by genious combination. In the Ma
/ tional City 1t is James Stillman: in
the First National, George F. Baker
The Pujo committee finds that the
members OF J. P. Morgan and Co.
\ and the directors of their controlled
A trust companies and the First Ma
4 tional and National City bank, to
gether hold, in all, 341 dtrectorstips
4 in 112 corporations having aggregate
resources and capitalization Of $22,
i 245, 100000. Twenty-two bil1iol dol
lars is more than three times the
assessed value of all the property
I real and personal, in all New Eng
land.
J "But the huge sum OF TWENTY-FIVE
billion dollars is not large enough t
include all the corporations to which
: the Influence OF the three allie
extend
For instance" continues Bran
; deis, "the capitalization of the Ney
Haven system is given as $685., 200
600. That sum represents the bon
and stock capital of the New Have
railway. But the New Haven syster
comprises many controlled corpors
! tdons whose capitalization is only
, a slight extent included directly G
indirectly in the New Haven railwa
a balance sheet
Brandeis goes on to tell how tn
triple alliance came to dominate th
; other big banking centres. He says
"The three allies dominated Phil
delpfia. for the firm Of Drexel an
J Co, is j. P. Morgan and Co, undt
another name In Boston there al
two large international bank'n
houses, Lee TIigginson and Co., an
J Kidder, Peabody and Company. The
2 control aggregate resources of s2S'
/ 1856 ,294. about half the banking r
:. Sources of the city. Both are devote
y co-operators with the Morgan ass
ciates in larger and Interstate tran
actions.
Similar relations exist betwet
:, the triple alliance and Chicag2's gre
" financial institutions, it's First n
- tional bank, the Illinois Trust al
:. Savings bank and the Continental al
. Commercial National bank, contro
2 ing se5ources of 1851 600, 900"
Traaing the control Of these :
= financial centres down through t
i smaller groups Brandeis enume at
the resultant evils as foloHs
First, these banker barfns levy
heavy toll upon the whole commnni
upon own ers of money for leave
invest 1t, upon railroads u"on pub
service companies, and through the
corporations upon consumers
Second, ard more ser US is
effect of the money tr st in DIR ct
: suppressing competition
Third, but far more serious e1
: than suppression of competiton
3 the suppression Of industrial 1T 81
3 indeed of manhood itself, which t
8 over-weening financial power entail
i Nearly every enterprising bl
$ ness needs banking credit The grs
: ing of credit involves the exercise
|. judgment Of the lank, of the ex
u ence shows tfat their judgment
: warped by the all pervadang po'
II OF the money trust.