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...whose son later married the daughter of a Morgan partner, had called for an inquiry into the "Money Trust." Chairman Arsene Pujo of the House Banking & Currency Committee set the stage. The first day the elder Morgan spent 17 minutes on the witness stand and was so upset by Inquisitor Untermyer that he could not name his ten partners. The second and last day he was again master of himself, barking out his answers, defending his deals with Financiers Baker. Rockefeller, Gary and Vanderlip, praising Character as the only basis for credit, revealing little or nothing about the House...

Author: /time Magazine | Title: National Affairs: Wealth on Trial | 6/12/1933 | See Source »

...Roland for an Untermyer, or a Walsh or a Davis, Inquisitor Pecora did a much better job of establishing substantial information about private banking on which to base legislation. With time to search and prepare, he never dropped a question until he got his answer. Yet it was not Banker Morgan who supplied him with most of his facts but Partner George Whitney, tall, handsome, slick-haired brother of President Richard Whitney of the New York Stock Exchange. Mr. Whitney (known on Wall Street as "Icicle") gave the committee the impression that he knew more about the House of Morgan...

Author: /time Magazine | Title: National Affairs: Wealth on Trial | 6/12/1933 | See Source »

...Senator Glass and Counsel Pecora shook hands for photographers as they made up their quarrel as to committee procedure. Senator Glass won his point of demanding advance information on what Inquisitor Pecora was trying to extract from witnesses...

Author: /time Magazine | Title: National Affairs: Wealth on Trial | 6/12/1933 | See Source »

...Brothers Van Sweringen, clients of the House of Morgan, began building up their railroad empire in 1916 on a loan, borrowing from a Cleveland bank $2,000,000 to make a cash payment to the New York Central for the Nickel Plate. According to Inquisitor Pecora, they got control "without putting up a 5¢ piece...

Author: /time Magazine | Title: National Affairs: Wealth on Trial | 6/12/1933 | See Source »

Issues. Throughout the land last week Banker Morgan and his partners were being judged less on the facts than on the headlines distilled by Inquisitor Pecora. What were the real issues...

Author: /time Magazine | Title: National Affairs: Wealth on Trial | 6/12/1933 | See Source »

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