The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-10-13

sis are anaassing greater and greater
portions Of the country's wealth
under their control.
The older argument that growth
in stock ownership is bringing
about democracy" in industry
greater mass control of the wealth
OF the country, is blown sky high
For example, We quote from the
report issued just a few days ago:
The marked increase in the pop
ular participation in securities
transactions has definitely placed
under the control Of financierS the
wealth of the nation. The diffuSed
distribution Of nonequity stocks
among the disorganized s5ockhold-
ers, who cannot effectively assert
concerted action, has resulted in
the domination Of corporations by
small groups of individuals con-
trolling a comparatively insight
cant part of the voting stock
These groups dictate the selection
Of directors and consequently the
management and control of these
corporate institutions"
Morgan's Great Power
In short, the so-called diffusion
of stocks instead of lessening the
control of the life of the workers
in the big trusts, instead Of spread
ing management to the small
stockholders, increases the power
of the Morgans, Melons, Rockefel-
lers and other finance capitalists
who rule this country.
"A schematic graph of the corpo-
rate directorships, the report Of
the committee goes on to state, "ot
finaneiers and Of their interlocking
directorates Of industrial, public
utility and banking and holding
corporations, depicts the usurpa-
ton OF the wealth stream OF the
nation to its very capinaries."
In short. the control Of the
trusts is so powerful that they suck
the wealth Of the nations down tx
the smallest drops.
One eXa nlple is given. Inc part
ners of j. P. Morgan & Co, ana
Drexel & Co. held 126 directorship'
and trusteeships in SO companies
excluding subsidiaries. with S1s,-
s2e, 1895, 475.39 total resources for 7:
Of these companies"
In the hands of these two bank
ing firms, controlled by one man
j. P. Morgan-are over 20 billior
dollars, and the lives and future o.
hundreds of thousands OF workers
employed, or dependent on thest
industries. When it is remembered
that these corporations are tht
most important in the country
such as the U. S. Steel, some Of the
leading railroads and public utili.
ties the leading armament firms, i
can be understood what grip ovel
the living conditions and the very
lives of the whole country theS'
powerful bankers have.
What They Don't Show
A few items are not taken up a
all by the banking committee il
order to conceal the role of tn
New Deal. The N.RA.'s main pur
pose was to strengthen monopol!
capitalism; that is. the control o
the big trusts. The MIRA. code
gave these very bankers more powei
to increase their profits, and t.
suck more profits out Of the "ver!
capillaries" of the nation At th'
same time, they were given greatei
and more powerful weapons tt
slash wages, through the codes. TIT
government, of course, stepped II
and through its arbitration, trieC
to keep the workers from struggl'
ing while the trusts increased theil
control, and increased their profits
Besides the usual method of eX-
plotting workers, of lowering liv
ing standards, the big bankers have
other ways Of making money, a lit
tie short Of outright robbery. They
formed investment trusts. ant
holding companies, and by crooked
means we're able to wipe out tht
smaller holders, actually making
incredible profits" as a result o.
the crisis and the bankruptcy o.
the small holders
Another small item not taken w
by the banking committee is the
fact that these huge trusts, which
control the wealth Of the nation
are intertwined with the govern
nient. For example, General john
son was the main representative Of
these leading trusts. with their in
terlocking directorstes. Bernard
Barucf, now one Of the most i'm
portant figures behind the scenes
ia Roosevelt's brain trust" is tbs
direct link between ]. P. Morgan
Il Co. and Roosevelt.
Aid Wage Cutters
While Roosevelt calls on The
workers to vote for his New Dea
candidates, promising the workers
better living conditions, a greater
distribution of wealth, his agents
work to help the big trusts retair
their strangle-hold on the country
wealth. Donald Richberg, for ex'
ANGLE, holds secret conferences with
the U S. steel Corporation direc-
tors on the question of slashinE
WAGES. But he does not tell the
workers what went on behind the
,losed doors.
The banking committee after adj
X - the startling facts printed
h.-e, merely proposes federal in
and federal registration
instead Of state registration for the
big trusts. What would this do2
Would it stop the draining of one