The Dawson news. (Dawson, Ga.) 1889-current, 1913-02-04
,,,c SATANIC MAJESTY DWELLS
IN BANKERS MORGAN, STILL
MAN AND BAKER.
FINDINGS OF THE COMMITTEE

r,+ai1s as to Workings of InterlOck-
ing Corporations Make Interesting
Reading for the Public. Congress
Is to Seek Remedy.
wASHINGTON.-T money
4rrsto exists; that j. P. Morgan, Geo.
Z Baker and James Stillman, New
works. mightiest money barons,
o,o i+s head, and that it's actual pow
-. &c a national menace, are the main
concerns of the Pujo investigating
Committee. On highest authority IL
was stated tonight that these are to
he the principal feaures OF the COM
,,,ittee's "yerdict'' following the tes-
+imony of the nations greatest imam
oiers Actual real existence OF
money trust will be predicated alone
,non the committees definition OF
the alleged combination. This is:
An established identity of interest
hotween a few leaders of finance,
which has been created through in
+er1ocking directorates and other
forms of domination which has re
suited in concentration in the hands
of a few men.
Here is the money trust as outlln-
ed by a committee member tonight:
I P. Morgan & Co., the First Ma
+ionaI Bank of New York and the
National City Bank of New York.
P. Morgan is head of the firm
hearing his name; George F. Baker
is the ruler of the First National
Rank and James Stillman of the Ma
tional City Bank.
Fifteen lieutenants of the army OF
finance are named, with Morgan
Baker and Stillman as generals.
These include mighty millionaires in
New York, Boston, Chicago and Phil
adelphia.
$50 Privates in Ranks.
That eighteen giant organizations
control $25, 1925, 100000 in resources
was declared to be proved. The ''pri-
Yates in the ranks of the 'trust"
are said to number $50 with control
in practically every large industry ,
The Pujo committee report is to be
an intermediate finding" because OF
the hating of the inquiry. 1t will
be filed within thirty days.
Recommendation to curb the
trust" will be made by the commit
tee. 1t is learned that it will recon-
mend drastic changes in the whole
national banking law.
These will be principal findings:
Control by ]. P. Morgan & Co. of
banks having $1,406, 100000 re-
sources; of the Equitable Life lnsur-
ance Society with $1,249, 100000 as
sets; of twelve railroads with S4'-
397,000,OOO capital; of Industrial
CORPORATIONS with assets worth scores
of billions.
Morgan director on thirty-nine
corporations, with resources of $1O,-
O36,OO0,OO0.
Directors affiliated with George r.
Bakers First National Bank in forty
nine corporations
Directors affiliated with James
Stillman's National City Bank in for
ty-seven corporations.
That the concentration of wealth
conceived a generation ago, has been
protected since 1907 and is growing.
That 'interlccking directories, .
lax national bank examination and
weak laws are the principal causes.
Partners Not Competitors
That the powerful fianciers are
partners and not competitors.
That issues are distributed under
an agreement against ''peaching" on
competitors reserves. How huge
profits are made in floating" securi-
ties.
Loans of millions of dollars for
Wall street speculation, with large
part poured into New York as nation
al bank reserves" from thousands
Of country banks.
Making a mammoth on securities
whose value is largely fixed by New
York stock market quotations.
Naming by the national powers OF
directors of banks and corporations.
Refusal of clearing house member
ship to banks by a select executive
committee
Arbitrary establishment of member
ship rules for clearing house rules
fixing collection rates, even whether
interest is to be paid depositors.
Power of the clearing house pow
ers' to close banks by refusing clear
anee privileges.
Evasion of the national banks pro-
hibiting holding of certain classes OF
securities by forming subsidiary
trust" companies.
Lack of supervision of the stock
exchange.
Remedy to Be Sought.
The legislation to be suggested in
cludes:
Regulation or prohibition Of inter
locking directories.
Federal or state incorporation OF
clearing houses.
Prohibition of bank directors and