KING MAMMON RULES
Hourwich, Iskander
King Mammon Rules Control of Credit Squeezes the Small Manufacturer and the Worker—-The Recommendation of the Pujo Committee to Destroy the Money Trust By ISKANDER HOURWICH (Concluded) BEFORE...
...This provision is aimed at the evil practice of some of the national banks, through their officers, from participating in the flotation of securities, as in most cases these are of doubtful value and at all times entail great risks, which if uncurbed are al times liable to ruin a bank...
...Some Useful Weather Proverbs, by W. J. Humphreys...
...Improved Methods of Handling and Marketing Cotton, by Charles J. Brand...
...also make it a prime to offer such a reward or commission...
...Montana...
...Northwest Territory...
...The Big Five" THE Pujo Money Trust Committee succeeded in showing that this concentration does exist It has shown the following facts: That five organisations of New York City—J...
...At the end of the report are found two bills which are to be introduced into the House with a view to carry out the conclu-sions of the committee...
...Pull State suffrage...
...Tasmania...
...In the opinion of some, If these measures were to be adopted, the evils of the exchange such as short selling, manipulation, and discrimination would be wiped out leaving the exchange a place for honest trading, and above suspicion...
...Insects Injurious to the Onion Crop, by F. H. Chittenden...
...This improvement has revolutionized the manufacture of that part, so that he is able to turn out better engines at a greatly reduced rate...
...In this way that which threatened to result into a serious state of affairs was adjusted without difficulty...
...The enactment of this provision is sought for, for the same reason that it has been advocated that national banks should not become underwriters...
...Isle of Man.......Parliamentary suffrage...
...Borrowings, directly or indirectly, by an officer of a national bank from the bank of which he is such an officer, and all other transactions between them of a financial character should be prohibited...
...Arizona...
...And so on indefinitely...
...Besides the report of the Secretary of Agriculture there are twenty-four special articles upon subjects of general interest that have received special consideration during the year by the departmental experts...
...and unless they keep books of account showing the actual names and transactions of customers, and give access to them to the Postmaster General...
...Overnight on May 9, the stock rose from 160 to as high as 1000...
...Some Important Insect Enemies of Live Stock in the United, States, by F. C. Bishopp...
...Prohibit clearing houses from making any restrictions as to charges on out of town checks or rates of interest on deposits, exchanges and discounts...
...These alone have total resources and capitalization exceeding $8,000,000,000...
...1886 New Zealand...
...New Mexico...
...Minnesota...
...1850 Ontario..........School suffrage, women married and single...
...Denmark.........Can vote for members of boards of public charities and serve on such boards...
...The responsibility is now upon the Congress and the public...
...South Dakota...
...Municipal suffrage...
...local taxation in all towns and villages of the State...
...National banks should be forced to make their lists of assets, other than names of borrowers, and their list of stockholders public...
...unless they prohibit the lending of securities between members (usually done to cover short sales...
...Each voter has a work to do and he should do it now...
...Raisins, Figs, and other Dried Fruits and Their Use, by C. F. Lang-worthy...
...KIND OF SUFFRAGE...
...The Position of the Worker IN OTHER WORDS, if there exists concentration of the control of money, which is but another way of saying credit then the men who do the controlling also control the fate of all business ventures...
...Condensed and Desiccated Milk, by Levi Wells...
...This is aimed at making the directors of a bank more responsible, and less of puppets than they are now in banks having boards with thirty and forty directors on them...
...The responsibility is now upon the Congress and the public...
...Each voter has a work to do and he should do it now...
...Ginter Park, Va...
...1884 Ontario..........Municipal suffrage...
...1871 West Australia ...Municipal suffrage...
...Some New Grasses for the South, by R. A. Oakley...
...together have almost absolute con-trot and in many cases where they own stock or have voting trusts, completely so, of 112 of the biggest corporations in the United States among which are the following: The Astor Trust Company, The Chemical National Bank, The Liberty National Bank, National Bank of Commerce of New York, New York Trust Company, Bankers' Trust Company, Guaranty Trust Company, Mutual Life Insurance Company, The Equitable Life Assurance Company, Chicago Great Western Railroad, Erie Railroad, International Mercantile Marine Company (the shipping trust), Lehigh Valley Railroad, New York Central, and Hudson River Railroad, New York, New Haven and Hartford Railroad, Norfolk and Western Railroad, Northern Pacific Railroad, Reading Company (which owns both the Reading Railway and the Reading Coal and Iron Company and is the leading spirit in the Coal Trust), Southern Railway, Adams Express Company, Baldwin Locomotive Works, General Electric Company, International Agricultural Corporation, International Harvester Company, The Pullman Company (sleeping car trust), United States Steel Corporation, Westinghouse Elec-tric and Manufacturing Company, American Telegraph and Telephone Company, Atchison, Topeka and Santa Fe Railroad, Farmers' Loan and Trust Company, Hanover National Bank, United States Trust Company, Delaware, Lackawanna and Western Railway, Seaboard Air Line, Lackawanna Steel Company, Consolidated Gas Company, and many others...
...South Australia .. Municipal suffrage...
...1889 Scotland...
...This case is quoted as a moral lesson...
...a vote...
...This man, say, who is a builder of engines, has invented a new wrinkle in some vital part of the engine...
...1883 Nebraska ........School suffrage...
...The Handling of Dressed Poultry a Thousand Miles from the Market, by Mary E. Pennington...
...1898,Ireland ..........All offices except Members of Parliament...
...If there is no concentration, then the workman can safely feel that his job is secure, for if his employer deserves credit he will get it On the other hand, if there is collusion among the givers of credit the chances are that the employer of the workman has competitors who have succeeded for various reasons to have credit refused him...
...No, sir," replied the waiter...
...Municipal suffrage in capital city, Belize...
...New York........Women in all towns, villages, and third class cities vote on bonding propositions...
...It may be possible to secure legislation to prevent, in the future, the more glaring iniquities revealed by the investigation...
...Such measures which are now in force in most cities tend to stifle competition...
...Sweden ..........Eligible to municipal offices...
...It should be made a crime for a national bank officer or director of a national bank to accept any reward or commission for in any way helping to have a loan authorized of the When writing to advertisers, bank's funds...
...The Son—If you do I'll disgrace the family by riding around in a secondhand auto.—New York Globe...
...Concentration Is Evil SO PAR no attempt has been made to discuss the evil effects of the concentration of the control of money and credit...
...The list if completed, would contain every industrial corporation of any importance...
...1913 Alaska...
...Pamlo reigned, Instead of using the clearing house to make matters worse, Morgan and others interested—and Incidentally it may be mentioned under the pressure of nearly all the brokers—affected a settlement at 150 and at the same time made an agreement not to demand Immediate delivery of the stock...
...With this regulation, it is expected to break up the practice devised by certain unscrupulous men, of having bank officers or directors borrow money for them so as not to arouse the suspicion of the banks which otherwise might not lend the money...
...permitted to consolidate without permission of the Comptroller of Currency...
...In appearance and in contents it is fully up to the standard of previous Year Books...
...If he has credit he can go to his bank and explain the matter and will obtain the necessary money to purchase materials...
...In that way, every manufacturer finds himself some time or another in need of credit...
...Full State suffrage...
...1908 Michigan .........Taxpayers to vote on questions of local taxation and granting of franchises...
...Full suffrage...
...1876 Colorado...
...Eleven bills embodying many of the features of the bills introduced by the committee were also introduced in the Senate of the New York State legislature at the behest of Governor Sulzer...
...and The Commercial Weather Map of the United States Weather Bureau, by Henry L. Heiskell...
...Montana .........Tax-paying suffrage...
...A Successful Method of Marketing Vegetable Products, by L. C. Corbett...
...No person shall be allowed to be a director in more than one national bank serving the same community, nor should any director of a state institution or a trust company be eligible to a directorship in a national bank that is serving the same community...
...This measure is of course self-explanatory...
...unless they require the companies whose securities they list to make a full disclosure of their affairs as to the underwriting of the security and so forth...
...In time of panic, every one finds himself in need of it Without it as has been shown, business can not be carried on...
...It was shown that had the Clearing House kept hands off, practically all failures would have been avoided, and at the very most a bad financial stringency would be witnessed...
...In the present time, credit is the basis of all industry, particularly where carried out on a large scale...
...The subject is one of great importance to the people as it...
...Officers and directors of national banks should be prohibited from participating in syndicates, promotions or underwritings of securities in which their banks are or may become interested as underwriters or owners or as lenders thereon...
...It is parboiled...
...The general attitude of the public is one of utter indifference...
...1909 Belgium .........Can vote for members of the counseils des prudhommes, and also eligible...
...To understand this better, take for example the case of the small manufacturer—which is typical...
...England .........Eligible as mayors, aldermen, and county and town councilors...
...1875 Michigan ........School suffrage...
...Iowa.............Bond suffrage...
...Cincinnati Enquirer, PROGRESS OF EQUAL SUFFRAGE TIME...
...School suffrage...
...Women of his dominions vote in municipal elections...
...This financial stringency was due to the gambling and short selling on the Exchange...
...Norway...........Municipal suffrage made universal...
...Or, in other words, they control more than the majority of the nation's wealth with the exception of real estate...
...thereby preventing banks from entering into any shady transactions...
...The example just cited makes it plain that even this could have been averted, and that the power to avert It lay within the hands of Wall Street, had it but desired to do any averting...
...Agriculture in Public High Schools, by Dick J. Crosby...
...Three-fifths of the women had it before...
...The only drawback to that is that the matter should be treated in the light of an interstate question and not within the power of any state, particularly New York, since it is perfectly possible for the Bankers and Brokers to move over to Jersey City which they have already threatened to do in the event of the passage of the bills, without suffering any inconvenience...
...Besides the measures enumerated, the committee also makes some very good suggestions for the reform of railroad reorganization...
...he has neither the shop nor the materials with which to fill the order...
...North Dakota____School suffrage...
...Some big wholesaler in one of the large cities, discovering this, places an order for a thousand engines...
...Tax-paying women, a vote on all municipal ques-tions...
...Dairying and Its Relation to Agriculture in Semiarid Regions, by A. K. Risser...
...It gets that way from serving soup...
...It has no right to be so...
...Truck Soils of the Atlantic Coast Region, by Jay A. Bonsteel...
...Wyoming ........Full suffrage...
...eligible to all offices...
...Or, for example, take the case of a man who has, in filling an order, spent his last cent in buying material, and finds that one of his most important machines has been broken beyond repair and must be duplicated...
...New Zealand...
...The number of directors of a national bank should number not less than five nor more than thirteen...
...Prohibit the association from examining members: a practice resorted to now which gives the examiners and other members of the association an unfair knowledge of the business of the banks examined...
...Which means that unless credit is forthcoming, all business ventures will find themselves on the rocks sooner or later...
...1879 Massachusetts...
...1878 New Hampshire .. Do...
...Vermont...
...National banks should be prohibited from directly or indirectly engaging in any promotion, guaranty of underwriting, involving the purchase, sale, public offering, or issue, or other disposition of the securities of any corporation...
...1887 Kansas...
...Money went up to 60, and all stocks in general were affected...
...1896 Utah .............Full suffrage...
...Victoria ..........Full State suffrage...
...Province of Quebec Municipal suffrage, single women and widows...
...The transfer of any part of the stock of a national bank to trustees solely or primarily in order that they may vote the same at annual elections and other stockholders' meetings— "voting trusts," as they are generally known—should be expressly prohibited...
...1893 Connecticut...
...Municipal suffrage...
...1869 England .........Municipal suffrage, single women and widows...
...This was adopted with an idea to prevent bank officers to borrow money for speculation purposes as is often done...
...France ...........Women engaged in commerce can vote for judges of the tribunal of commerce...
...Minority representation on the board of directors of national banks should be secured by what is known as cumulative voting which consists in giving every share of stock representation on the board...
...Unless he has credit to buy another machine he cannot continue...
...The Chestnut Bark Disease, by Haven Met-calf...
...unless they prohibit members to pledge securities purchased and carried for a customer for an amount greater than is owed on them, regardless or whether the customer consents or not...
...Does it hurt you...
...Pointing a Duty THE IMMEDIATE EFFECT of the investigation has been to place the public in possession of information and to point the way to remedial legislation...
...it is remembered that it was shown that these two institutions having aggregate resources of more than half a billion dollars were under the absolute control of J. P. Morgan and Company...
...Delaware ........School suffrage to tax-paying women...
...Such legislation will be secured only when the people in every section of the country bring pressure to bear upon their Congressmen and Senators...
...The Committee's Recommendations SO FAR Congress has taken on action on the recommendations of the committee, but if indications are to be believed, the public may expect action...
...in that case, the workman's Job is far from secure...
...As it happens, concentration of the control of money does exist, and therefore the position of no employee of an Industrial organization can be secure, but Is dependent on the whim of a few men...
...As has been explained, the Panic of 1907 was basically due to over-speculation, and was drawn out by the actions of the Clearing House...
...1911 California ........Full suffrage...
...Some Results Obtained in Studying Rypening Bananas with the Respiration Calorimeter, by C. F. Langworthy and R. D. Milner...
...unless they state in their charter the condition under which securities shall be admitted to the trading list and provide for judicial review of the listing...
...1838 Kentucky ........School suffrage to widows with children of school age...
...British Columbia . Municipal suffrage...
...Norway...
...West Australia...
...Denmark ........Women who are taxpayers or wives of taxpayers vote for all officers except members of Parliament...
...1894 Ohio_____.........School Suffrage...
...Victoria ..........Municipal suffrage, married and single women...
...1905 Queensland .....Do...
...The Settlement of Irrigated Lands, by Carl S. Scofield...
...How well they will succeed is a matter of conjecture...
...Municipal suffrage to the single women and widows...
...Wurtemberg, King-dom of.........Women engaged in agriculture vote for members of the chamber of agriculture...
...Tasmania ........Full State suffrage...
...The table of contents of the new Year Book comprises titles of articles on Promising New Fruits, by "William A. Taylor and H. P. Gould...
...1867 New South Wales...
...King Mammon Rules Control of Credit Squeezes the Small Manufacturer and the Worker—-The Recommendation of the Pujo Committee to Destroy the Money Trust By ISKANDER HOURWICH (Concluded) BEFORE leaving the subject of crises, a little piece of history showing that panics can be averted will be found to be most interesting...
...1888 England.........County suffrage...
...Such legislation will be secured only when the people in every section of the country bring pressure to bear upon their Congressmen and Senators...
...It may be possible to secure legislation to prevent in the future the more glaring iniquities revealed by the investigation...
...1877 New Zealand...
...please mention "La toilette's...
...England .........Parish and district suffrage, married and single women...
...Manitoba...
...It tends to frustrate any attempt at concentration and at the same time prohibits a person from finding out the private affairs of a competing bank, as is often the case now when an individual may be a director in a bank which is supposed to be his competitor...
...Oklahoma........New State continued school suffrage for women...
...By this means it is expected to prevent loans being given to unscrupulous persons who have bribed the officers or directors of the bank...
...Possible Sources of Potash in the United States, by Frank K. Cameron...
...and no national bank shall be allowed to hold the stock of any other bank or trust company...
...New Brunswick .. Do...
...1891 Illinois..........School suffrage...
...County suffrage...
...Now the workman's bread and butter depends upon whether his factory Is doing business up to their limit or are forced to lay off people on account of lack of credit to do further business...
...In this manner it would be impossible to have a repetition of an outrage such as was perpetrated on the banking public and depositors of the Bankers' Trust Company and the Guaranty Trust...
...The stockholders of national banks should be prohibited from becoming associated as stockholders in any other corporation under agreements assuring that the stock of such other corporations shall always be owned by the same persons who own the stock of the bank or that the managements shall be substantially the same...
...And if to this list were added the names of the corporations in which the other four companies are interested it would bring the grand total to $22,000,000,000...
...1895 South Australia .. Full State suffrage...
...There were more shares of stock sold, it may be remembered, than there was outstanding capital, with the result that a corner in the stock occurred...
...if not he has to refuse the order, and ultimately, through the refusal of many such, he fails...
...In this manner the committee expects to put an end to the practice, prevalent in many banks, of having directors of such banks borrow money and afterwards use them in speculation...
...I'm going to cut you off with a million...
...What Is the Money Trust...
...1903 Kansas...........Bond suffrage...
...1912 Oregon ...........Full suffrage...
...This list contains only those companies in which Morgan has a say...
...on all pur-chases of stock...
...Bosnia...........Parliamentary vote to women owning a certain amount of real estate...
...How the Produce Dealer may Improve the Quality of Poultry and Eggs, by H. C. Pierce...
...unless they prohibit manipulation as executed when simultaneous buying and selling orders are issued to deceive the public as to the true condition of the stock...
...Loans or other financial transactions between national banks and either officers or directors of other national banks where the loans are made for the interest or ultimate benefit of some officer or director of a national bank, should be made in the name of such director or officer...
...He should have power to forbid it where it threatens to result in undue concentration...
...involves their daily bread and butter...
...unless they require a margin of at least 20 per cent...
...1901 New York........Tax-paying suffrage...
...That is why the workman should be vitally Interested in whether the control of credit exists or whether the giving of credit is distributed where there can be no collusion...
...Iceland ..........Parliamentary suffrage for women over 25 years...
...Added Flavor "That's a badlooking thumb you have, waiter," said the diner...
...PLACE...
...1900 Wisconsin .......School suffrage...
...Seed Collection on a Large Scale, by Henry H. Farquhar...
...Province of Voral-berg (Austrian Single women and widows paying taxes were given Tyrol...
...1880 New York...
...National Forest Timber for the Small Operator, by William B. Greeley...
...Kansas...
...No part of the stock of a national bank shall be held by any other bank, trust company, or holding company, directly or indirectly...
...Some of the measures advocated by the committee are: The incorporation of the clearing houses which would place them under government control and make them amenable to law suits, and at the same time check them from discriminating against banks...
...Our Meadow Larks in Relation to Agriculture, by P. E. L. Beal...
...Borrowings, directly or indirectly, by a director of a national bank, or by any firm of which he is a member, or a corporation in which he holds more than 10 per cent...
...There are few books published by the United States government as interesting as the Farmers Year Book...
...of the stock, from the bank of which he is such director, should only be permited where the director has given notice to all the other directors and a full statement of the transaction shall have been entered on the minutes of the meeting at which the loan was authorized...
...P. Morgan & Co., The Guaranty Trust Company, The Bankers' Trust Company, The First National Bank, and the National City Bank—through common directorships known as interlocking directorates, voting trusts, and holding of stock...
...This new edition will be distributed freely, as usual, by Senators and Representatives until the supply is exhausted...
...1906 Finland...
...New Jersey...
...Oregon...
...This is an admirable rule and is to be found in England and In most European countries...
...Arizona...
...While the efficacy of this measure is doubtful for the reason that its constitutionality may be attacked, it is aimed at such conditions as were explained in connection with the First Security Company...
...Colorado .........Full suffrage...
...Within the memory of most readers, perhaps, is the story of the three-cornered fight between Harrtman and Hill, Kuim Loeb & Co., and the Morgans for the control of the Northern Pacific, that occurred in the early part of May, 1901...
...Nova Scotia...
...1881 Scotland...
...Honduras...
...In this manner one bank would be prevented from owning another bank as is the case with the First National Bank which owns the Chase National Bank...
...Crop Safety on Mountain Slopes, by J. Cecil Alter...
...Two or more banks should not be Continued on page 13 THE immediate effect of the recent investigation of the Money Trust has been to place the public in possession of information and to point the way to remedial legislation...
...Louisiana........Tax-paying suffrage...
...The Farmers Year Book THE Farmer's Year Book for 1912 is out...
...1910 Washington......Full suffrage...
...Heretofore the manufacturer has been accustomed to orders of ten, twenty, and thirty engines...
...Minnesota .......Library trustees...
...also eligible...
...The portion devoted to the Appendix comprises the Review of Weather Conditions, the names of the officials of the agricultural colleges and experiment stations and state officials in charge of agriculture, statistics relating to agriculture in aspects of production, acreage, and value of crops, of the number and value of farm animals, of price of farm products at the farm and in the wholesale market, of for-eign trade in farm and forest products, and of railroad rates for the transportation of principal farm products...
...1902 Australia ........Full suffrage...
...Deny use of the mails to stock exchanges unless they are incorporated...
...Idaho...
...An Effective Threat Father—You have no sense...
...Relation of Birds to Grain Aphides, by W. L. McAtee...
...New South Wales...
...1861 Kansas____.......School suffrage...
...Diet of the Crown Prince of Krain (Austria) ......Suffrage to the women of its capital city, Laibach...
...India (Gaekwar of Baroda...
...a thousand and one reasons for the need of credit are to be found in every ndustry...
...SO THAT if we are to take the definition of what is a money trust as explained by the Pujo Committee, that it is— "An established Identity and community of interest between a few leaders of finance which has been created and la held together through stock holding, Interlocking directorates, and other forms of domination over banks, trust companies, railroads, public service and industrial corporations, and which has resulted in vast and growing concentration and control of money and credit In the hands of a comparatively few men"— there can be no doubt that the MONEY TRUST EXISTS...
...1907 Norway..........Full parliamentary suffrage to the 300,000 women who already had municipal suffrage...
...These subjects are not treated with exhaustive detail, as the articles are restricted in length in order that the number might be increased and a wide range of information covered...
Vol. 5 • July 1913 • No. 27
