It may help to an appreciation of the allies’ power to name a few of the more prominent corporations in which, for instance, Mr. Baker’s influence is exerted—visibly and directly—as voting trustee, executive committee man or simple director.
- Banks, Trust, and Life Insurance Companies: First National Bank of New York; National Bank of Commerce; Farmers’ Loan and Trust Company; Mutual Life Insurance Company.
- Railroad Companies: New York Central Lines; New Haven, Reading, Erie, Lackawanna, Lehigh Valley, Southern, Northern Pacific, Chicago, Burlington & Quincy.
- Public Service Corporations: American Telegraph & Telephone Company, Adams Express Company.
- Industrial Corporations: United States Steel Corporation, Pullman Company.
Mr. Stillman is a director in only 7 corporations, with aggregate assets of $2,476,000,000; but the directors in the National City Bank, which he dominates, are directors in at least 41 other corporations which, with their subsidiaries, have an aggregate capitalization or resources of $10,564,000,000. The members of the firm of J. P. Morgan & Co., the acknowledged leader of the allied forces, hold 72 directorships in 47 of the largest corporations of the country.
The Pujo Committee finds that the members of J. P. Morgan & Co. and the directors of their controlled trust companies and of the First National and the National City Bank together hold:
“One hundred and eighteen directorships in 34 banks and trust companies having total resources of $2,679,000,000 and total deposits of $1,983,000,000.