Character and cars

Booklet courtesy of Richard Blacher. Comments courtesy of Paul Jackson.

Character and Cars

Elbert Hubbard, no date

This booklet measures 8" x 6"  and has 18 pages and was printed on Roycroft watermarked paper. This booklet mentions the Pujo Committee which was in 1912 and it refers to the late J. Pierpont Morgan who died in Rome Italy on March 31st 1913 so it was definitely printed after that. This pamphlet is not listed in McKenna.

J. Pierpont Morgan info:

John Pierpont Morgan, the son of a successful financier, was born on 17th April, 1837 in Hartford Connecticut. Educated in Boston and Germany, he trained as an accountant at the New York banking firm of Duncan, Sherman and Company. In 1867, Morgan transferred to his father's banking company and ten years later became a partner in Drexel, Morgan and Company. This was reorganized as J. P. Morgan and Company in 1895, making it one of the most important banking houses in the world.

In 1891 Morgan arranged the merger of Edison General Electric and Thompson-Houson Electric Company to form General Electric, which then became the country's main electrical-equipment manufacturing company. After financing the creation of the Federal Steel Company he joined with Henry Frick to merge it with Carnegie Steel Compasy to form the United States Steel Corporation.

Morgan had good links with the London financial world and was able to arrange the capital for growing industrial corporations in the United States with money from British bankers. This enabled Morgan to become a member of the board of directors in several of these companies including most of the major railroad companies. By 1902 Morgan controlled over 5,000 miles (8,000 km) of American railroads. In his final years, Morgan concentrated on gaining control of various banks and insurance companies. This in turn gave him influence over most of the nation's main corporations. John Pierpont Morgan died on 31st March, 1913

Pujo Committee Information:

Arsène Pujo (born in Lake Charles, Louisiana, 1861; died 1939), was a member of the United States Congress best known for chairing the "Pujo Committee", which sought to expose an anticompetitive conspiracy among some of the nation's most powerful financial interests. Pujo practiced law in Louisian, and was elected as a Democrat in 1903. In 1908, he became a member of the National Monetary Commission, a body which sought to study foreign banking systems to in search of ways to better the domestic banking system. In 1911, he was appointed to chair the House Banking and Currency Committee. In 1912, he left the National Monetary Commission and obtained congressional authorization to form a separate committee, which came to be called the Pujo Committee, to investigate the "money trust".

The Pujo Committee found that a cabal of financial leaders were abusing their public trust to consolidate control over many industries. Although Pujo left Congress in 1913, the findings of the committee inspired public support for ratification of the Sixteenth Amendment (Income Tax as it exists today) in 1913, passage of the Federal Reserve Act  that same year, and passage of the Clayton Anti-trust Act in 1914. They were also widely publicized in the Louis Brandeis book, Other Peoples Money and How Bankers Use It.

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