Other People's Money, and How the Bankers Use It — John Shaqi
Other People's Money, and How the Bankers Use ItBrandeis, Louis Dembitz
History
Other People's Money, and How the Bankers Use It
Brandeis, Louis Dembitz
Banks and banking -- United States; Finance -- United States
Mr. Baker is a director in 22 corporations having, with their many
subsidiaries, aggregate resources or capitalization of $7,272,000,000.
But the direct and visible power of the First National Bank, which
Mr. Baker dominates, extends further. The Pujo report shows that its
directors (including Mr. Baker’s son) are directors in at least 27
other corporations with resources of $4,270,000,000. That is, the First
National is represented in 49 corporations, with aggregate resources
or capitalization of $11,542,000,000.
* * * * *
It may help to an appreciation of the allies’ power to name a few of
the more prominent corporations in which, for instance, Mr. Baker’s
influence is exerted--visibly and directly--as voting trustee,
executive committee man or simple director.
1. _Banks, Trust, and Life Insurance Companies:_ First National Bank of
New York; National Bank of Commerce; Farmers’ Loan and Trust Company;
Mutual Life Insurance Company.
2. _Railroad Companies:_ New York Central Lines; New Haven, Reading,
Erie, Lackawanna, Lehigh Valley, Southern, Northern Pacific, Chicago,
Burlington & Quincy.
3. _Public Service Corporations:_ American Telegraph & Telephone
Company, Adams Express Company.
4. _Industrial Corporations:_ United States Steel Corporation, Pullman
Company.
Mr. Stillman is a director in only 7 corporations, with aggregate
assets of $2,476,000,000; but the directors in the National City Bank,
which he dominates, are directors in at least 41 other corporations
which, with their subsidiaries, have an aggregate capitalization
or resources of $10,564,000,000. The members of the firm of J. P.
Morgan & Co., the acknowledged leader of the allied forces, hold 72
directorships in 47 of the largest corporations of the country.
The Pujo Committee finds that the members of J. P. Morgan & Co. and the
directors of their controlled trust companies and of the First National
and the National City Bank together hold:
“One hundred and eighteen directorships in 34 banks and trust companies
having total resources of $2,679,000,000 and total deposits of
$1,983,000,000.
“Thirty directorships in 10 insurance companies having total assets of
$2,293,000,000.
“One hundred and five directorships in 32 transportation systems
having a total capitalization of $11,784,000,000 and a total mileage
(excluding express companies and steamship lines) of 150,200.
“Sixty-three directorships in 24 producing and trading corporations
having a total capitalization of $3,339,000,000.
“Twenty-five directorships in 12 public-utility corporations having a
total capitalization of $2,150,000,000.
“In all, 341 directorships in 112 corporations having aggregate
resources or capitalization of $22,245,000,000.”
TWENTY-TWO BILLION DOLLARS
Public-domain text, read in full here on John Shaqi.
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