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
Twenty-two billion dollars is a large sum--so large that we have
difficulty in grasping its significance. The mind realizes size only
through comparisons. With what can we compare twenty-two billions of
dollars? Twenty-two billions of dollars is more than three times the
assessed value of all the property, real and personal, in all New
England. It is nearly three times the assessed value of all the real
estate in the City of New York. It is more than twice the assessed
value of all the property in the thirteen Southern states. It is more
than the assessed value of all the property in the twenty-two states,
north and south, lying west of the Mississippi River.
But the huge sum of twenty-two billion dollars is not large enough to
include all the corporations to which the “influence” of the three
allies, directly and visibly, extends, for
_First:_ There are 56 other corporations (not included in the Pujo
schedule) each with capital or resources of over $5,000,000, and
aggregating nearly $1,350,000,000, in which the Morgan allies are
represented according to the directories of directors.
_Second:_ The Pujo schedule does not include any corporation with
resources of less than $5,000,000. But these financial giants have
shown their humility by becoming directors in many such. For instance,
members of J. P. Morgan & Co., and directors in the National City
Bank and the First National Bank are also directors in 158 such
corporations. Available publications disclose the capitalization of
only 38 of these, but those 38 aggregate $78,669,375.
_Third:_ The Pujo schedule includes only the corporations in which the
Morgan associates actually appear by name as directors. It does not
include those in which they are represented by dummies, or otherwise.
For instance, the Morgan influence certainly extends to the Kansas
City Terminal Railway Company, for which they have marketed since 1910
(in connection with others) four issues aggregating $41,761,000. But
no member of J. P. Morgan & Co., of the National City Bank, or of the
First National Bank appears on the Kansas City Terminal directorate.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account