Impeachment of Federal Reserve Board: Hearings Before the United States House Committee on the Judiciary, Sixty-Fourth Cngress, Second Session, on Feb. 13, 20, 1917U.S. Government Printing Office, 1917 - 68 pages |
Common terms and phrases
administration Aldrich allege arbitration articles of impeachment bankers Banking and Currency bill brotherhoods CARAWAY CARLIN cent CHAIRMAN Chamber of Commerce Chicago Civic and Commerce claim Commerce Association Congress conspiracy cost of living Currency Committee currency system DANFORTH dollars DYER editorial Edwin Y eight-hour day evidence export facie facts favor Federal reserve act Federal reserve banks Federal Reserve Board filed give House IGOE impeachment articles impeachment charges increase inner group J. P. Morgan legislation LINDBERGH Loeb & Co matter mean membership Minn Minneapolis Civic Money Trust investigation National Bank NEELY NELSON Paul persons Piatt Andrew present President Wilson proceeding purpose question railroads Railway rates of interest reference referendum Senator BRISTOW sent spiracy statement swear TAGGART telegrams testify testimony things tion to-day union station United States Chamber VOLSTEAD vote WALSH Warburg Washington WHALEY witnesses
Popular passages
Page 59 - ... the great systems. It is impossible that there should be competition with all the facilities for raising money or selling large issues of bonds in the hands of these few bankers and their partners and allies, who together dominate the financial policies of most of the existing systems.
Page 59 - ... inner group and its allies have drawn to themselves the bulk of the business of marketing the issues of the greater railroad, producing and trading, and public-utility corporations, which, in consequence, have no open market to which to appeal; and from this position of vantage, fortified by the control exerted by them through voting trusts, representation in directorates, stock holdings, fiscal agencies, and other relations, they have been able in turn to direct the deposits and other patronage...
Page 33 - The servants must under no circumstances learn who we are,' cautioned Senator Aldrich. " 'What can we do to fool them ?' asked another member of the group. The problem was discussed. " 'I have it,' cried one. 'Let's all call each other by our first names. Don't ever let us mention our last names.
Page 59 - Through their power and domination over so many of the largest financial institutions, which, as buyers, underwriters, distributors, or investors, constitute the principal first outlets for security issues, the inner group and its allies have drawn to themselves the bulk of the business of marketing the issues of the greater railroad, producing and trading, and public-utility corporations, which, in consequence, have no open market to which to appeal; and from this position of vantage, fortified...
Page 32 - ... to an island deserted by all but a few servants, living there a full week under such rigid secrecy that the name of not one of them was once mentioned lest the servitors learn their identity and disclose to the world this strangest, most secret episode in the history of American finance.
Page 59 - Issues of securities of local or small enterprises requiring moderate sums of money are frequently financed without the cooperation of these gentlemen; but from what we have learned of existing conditions in finance and of the vast ramifications of this group throughout the country and in foreign countries we are satisfied that their influence is sufficiently potent to prevent the financing of any enterprise in any part of the country requiring $10,000,000 or over, of which for reasons satisfactory...
Page 33 - ... quietly into a private car which the railroad had received orders to draw up at an unfrequented platform. Drawn blinds balked any peering eyes that might be around. Off the party set. New York's ubiquitous reporters had been foiled. So far so good. After bowling along the railroad hour after hour into southern country, the order was given to prepare to disembark. "Stepping from the car when the station had been well cleared of travelers, the members of the expedition embarked in a small boat....
Page 59 - ... issue would have been less than one-third of 1 per cent. Issues of securities of local or small enterprises requiring moderate sums of money are frequently financed without the cooperation of these gentlemen ; but from what we have learned of existing conditions In finance and of the vast ramifications of this group throughout the country and in foreign countries we are satisfied that their Influence is suflJciently potent to prevent the...
Page 59 - ... situation that unless checked is likely to do more to prevent the restoration of competition than all other conditions combined. This power standing between the trusts and the economic forces of competition is the factor most to be dreaded and guarded against by the advocates of revived competition. Mr. Morgan was unable to name an instance in the past 10 years in which there had been any railroad building in competition with any of the existing systems.
Page 28 - George F. Baker, president of the First National Bank of New York...