Word: pujo
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Died. Samuel Untermyer, 81, smart Manhattan attorney, orchid fancier and politico; of pneumonia; in Palm Springs, Calif. Lawyer Untermyer made $75,000 in his 21st year, was a millionaire before he was 40, made his fame as counsel for the Pujo Committee in the Congressional investigation of the "Money Trust." Some of his biggest fees: $775,000 for merging Utah Copper with Boston Consolidated and Nevada Consolidated; a cool million for reorganizing the amusement empire of William Fox. For three witnesses whom he examined, he expressed professional admiration : the late Steelmaster Charles M. Schwab, the late John D. Rockefeller...
Died. Arsene Paulin Pujo, 78, tall, stately, renowned chairman of the trust-busting Pujo Congressional committee of 1911-13; of pneumonia, in Lake Charles, La. The Pujo committee was the first to third-degree J. P. Morgan Sr. and his "inner circle" of finance control; it was basic for the Federal Reserve Act of 1913, the Clayton Anti-Trust Act of 1914, the Securities Act of 1933, the Securities Exchange...
...early years, which grows increasingly vague and general when it runs into post-War prosperity and depression. To characterize the early period Author Allen describes the Harriman-Hill battle over the Northern Pacific that created a panic in 1901; the collapse of the trust companies in 1907; the Pujo money investigation and the reform movement. His illustrations of post-War conditions include accounts of the Insull and Van Sweringen holding companies; the careers of Charles Edwin Mitchell, Albert Henry Wiggin, Amadeo Peter Giannini; the history of the banking collapse...
...counsel to the pre-War Pujo money trust investigation, had spoken of the bill's original draft as "impossible, impracticable." Testifying before the Senate Committee last week, the aging attorney criticized many provisions as deflationary and indiscriminate, found numerous glaring omissions. Roundly he denounced a fixed formula for margin requirements, urged instead discretionary power in the hands of the central credit body, the Federal Reserve Board. The Senators and their counsel, Ferdinand Pecora, were impressed...
...Senate allowed Mr. Morgan and other witnesses $3 per day and railroad fare. *Erroneous is the widespread belief that the Federal Reserve Act grew out of the Pujo in-vestigation...