Pujo Committee Money trust

this idea validated in united states pujo committee in 1913 unanimously determined small cabal of financiers had gained consolidated control of numerous industries through abuse of public trust. chair of house committee on banking , currency, representative arsène pujo, (d–la. 7th) convened special committee investigate money trust , de facto monopoly of morgan , new york s other powerful bankers. committee issued scathing report on banking trade, , found officers of j.p. morgan & co. sat on boards of directors of 112 corporations market capitalization of $22.5 billion (the total capitalization of new york stock exchange estimated @ $26.5 billion).

attorney samuel untermyer headed 1913 pujo money trust investigation committee investigate money trusts defined money trust george baker during pujo hearings; define money trust established identity , community of interest between few leaders of finance, has been created , held through stock-holding, interlocking directorates, , other forms of domination on banks, trust companies, railroads, public service , industrial corporations, , has resulted in vast , growing concentration , control of money , credits in hands of few men .

the pujo committee report concluded in 1913 community of influential financial leaders had gained control of major manufacturing, transportation, mining, telecommunications , financial markets of united states. report revealed no less eighteen different major financial corporations under control of cartel led j.p morgan, george f baker , james stillman. these 3 men, through resources of 7 banks , trust companies (banker’s trust co., guaranty trust co., astor trust co., national bank of commerce, liberty national bank, chase national bank, farmer’s loan , trust co.) controlled estimated $2.1 billion. report revealed handful of men held manipulative control of new york stock exchange , attempted evade interstate trade laws.

the pujo report singled out individual bankers including paul warburg, jacob h. schiff, felix m. warburg, frank e. peabody, william rockefeller , benjamin strong, jr.. report identified on $22 billion in resources , capitalization controlled through 341 directorships held in 112 corporations members of empire headed j.p. morgan.

although pujo left congress in 1913, findings of committee inspired public support ratification of sixteenth amendment in 1913, passage of federal reserve act same year, , passage of clayton antitrust act in 1914. publicized in louis brandeis book, others people s money--and how bankers use it.