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Dividends of DevelopmentSecurities Markets in the History of U.S. Capitalism, 1866-1922$
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Mary A. O’Sullivan

Print publication date: 2016

Print ISBN-13: 9780199584444

Published to Oxford Scholarship Online: November 2016

DOI: 10.1093/acprof:oso/9780199584444.001.0001

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Too Much Ado about Morgan’s Men

Too Much Ado about Morgan’s Men

The US Securities Markets, 1908–1914

(p.273) 7 Too Much Ado about Morgan’s Men
Dividends of Development

Mary A. O’Sullivan

Oxford University Press

Crucial in colouring the debate on banking and currency reform that culminated in the Federal Reserve Act of 1913 were the results of the unprecedented federal investigation into the operation of the US securities markets led by Arsène Pujo in 1912 and 1913. The Pujo report is infamous for its contention that a ‘money trust’ dominated the business of underwriting and distributing corporate securities in the United States in the years following the panic of 1907. The chapter assesses the various claims made in the Pujo report based on a critical consideration of the statistics and testimony that the investigation generated, as well as new evidence compiled from other sources. The analysis leads to the suggestion that there has been too much ado about the money trust for understanding the operation of the US securities markets prior to the First World War.

Keywords:   money trust, underwriting and distribution, board of directors, Morgan’s men, call loans

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