The midland journal. (Rising Sun, Md.) 1885-1947, 1913-01-31
Pujo Committees will Report 1t
Really Exists.
RULED BY a TRIUMVIRATE.
Proposed Changes In the Bank
Ing Laws The Real
Rulers-PrInclpal
Findings.

George F. Baker and James Stillman,
New York's mightiest money barons"
are its triumvirate. It's actual and
potential power is national menace.
These are the three salient conclu-
sions of the Pujo Money Trust" in
vestigating 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, Of Louisi-
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 fnanciers.-
The Real Rulers.
Here is the Money Trusts heart
las outlined by committee member:
u. P. Morgan & Co., the First Ma
tional Bank of New York and the Ma
tioDal City Bank Of New York.
]. Pierpont Morgan is the head Of
the firm bearing his name; George r.
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 to
many millions of dollars, and through
their more distant associates, into
billions, it is declared, will be the com,
mittee's decree.
Fifteen "lieutenants' of the great
army of finance are named-with Nor
gan, Baker and Stillman as the gen
erals"
These include mighty millionaires 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 $685..
325,000,000 in resources, will be de,
clared to be proven.
The private in the ranks" of the
trust are said to number $50, with
control, or potential interest in prac-
tically every large industry Of the
United States.
The Pujo committees report is to
be denominated an intermediate And
ing" This is because of the hating
of the inquiry to submit report be-
fore the present Congress adjourns.
It will be submitted within 80 days.
Complete and sweeping recommends,
lions to curb the trust" will also be
made by the committee. It is learned
positively that it will report drastic
change Of the whole national banking
act.
Principal Findings.
AS tentatively outlined, briefly, these
will be the principal findings:
Control of J. P. Morgan & Co, of
banks. having $1,406 200. 600 resources
and $989,000,000 deposits; of the
Equitable Life Assurance Society, with
s1,249, 100000 assets; of ~ great rail-
roads, with $4,379. 100000 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
tions with resources Of s1O.Os6.ooo.-
600.
Directors affiliated with George F.
Bakers First National Bank in 40 cor
porations with $11,542,00o.000 assets.
Directors affiliated with James Still
mans National City Bank in Al cor
porations with $13,205, 100000 assets.
That the concentration of wealth,
conceived generation ago. has been
perfected since the 1907 panic, and is
still growing.
That 'interlocking directorates,"
lax national bank examination, weak
banking laws and passive public in
terest are the principal causes.
That the more powerful financiers
are partners" and not competitors.
That security issues are divided UNI
der an agreement against "poaehing"
upon competitors reserves, in finan-
cial territories established by unwrit-
ten laws of financial ethics.