The citizen. (Frederick City, Md.) 1895-1923, 1913-01-31
HAVE LOCATED
4 MONEY TRUST
Puio Committees Will Report it
Really Exists.
RULED BY A TRIUMVIRATE.
Proposed Changes In the Bank.
ing Laws = The Real
RGlers-principal
Findings.

Washington. - \ Money Trust"
actually exists. !. Pierpont Morgan,
George F. Baker and James Stillman,
New York's mightiest money barons'
are its triumvira5e Us actual and
potential power is q national menace.
These are the three salient conclu-
sons Of the Pujo Money Trust in
yestigating committee These are the
three striking revelations OF months
OF investigation, which the commit
tee will report probably unanimously.
On the highest authority-the chair
man, Representative Pujo, CT Louisl-
ana, and its attorney, Samuel Inter
myer-it was stated that these are to
be the principal features OF the COM
mittee's verdict" following the sworn
testimony for the first time in the his
tory OF the country, OF the nations
greatest financiers.
The Real Rulers.
Here is the Money Trust-its heart
as outlined by a committee member:
u. P. Morgan & Co, the First Ma
tional Bank of New York and the Ma
tional City Bank OF New York"
]. Pierpont Morgan is the head Of
the firm bearing his name; George F.
Baker is the ruler OF the First Ma
tional and James Stillman, OF the
National City.
That the domination OF these men,
and immediate associates, runs in 10
many millions OF dollars. and through
their more distant associates, into
billions, il is declared, will be the com
mittees decree.
Fifteen "lieutenants Of the great
army OF finance are named-with Nor
gan, Baker and Stillman as the gen
erals"
These include mighty mill.onaires Of
New York. Boston. Chicago and Phila-
delphia with ramifcations extending
across the continent and even acress
the Atlantic.
That these is giant organizations,
with subsidiary interests control So
325Q00,o0Q in resources, will be de
clared 10 be proven.
The private in the rank" Of the
trust" are said to number $50, with
control, or potential interest in prac-
tically every large industry @. the
United States.
The Pujo committees report : 10
be denominated an intermediate find
ing" This is because Of the hating
OF the inquiry TO submit q report be-
fore the present Congress adiOuTls.
il Will be submitted within 80 days.
Complete and sweeping recommends
items 10 curb the trust" vii! also be
made by the committee. L is learned
positively that il will report drastic
change OF the whole national banking
act
Principal Findings.
IS tentatively outlined. briefly. these
will be the principal findings:
Control c; J. p Morgan & Co. Of
banks, having S1.406, COOS resources
and S9S9,OQ0000 deposits; OF the
Equitable Life Assurance Society. with
1929. 100000 assets; of L great rail-
roads, with $4379.00o,o00 capital and
mileage Of $4,000 miles; Of innumer-
able industrial corporations with
assets worth scores OF billions Of dol
lars.
Morgan" directors on 80 corpora
tons with resources Of S10,036.o00,-
600.
Directors affiliated with George F.
Bakers First National Bank in 4s cor
porations with $1L542,000o00 assets.
Directors affiliated with James Still
mans National City Bank in II cor
porations with 205.0Qo,000 assets.
That the concentration Of wealth,
conceived a generation ago has been
perfected since the 1907 panic, and is
still growing
That "iEterlocking directorates.
la~ national bank examination, weak
1aaEing laws and .essire public IN
terest are the p-:2cipa! causes.
That the more powerful enanciers
are partner" and not competitors.
That security issues are divided un-
der an agreement against "poaching
upon competitors reserves, in fnan-
cial territories established BY unwrit-
ten laws OF financial ethics.