OCR Text |
Show U0B6AN PICTURED AS INDUSTRIAL KING WASHINGTON. Feb. (UPr-J. F. Morgan Ji Co. waa described today Mforg senate) Judiciary subcommittee subcommit-tee aa tha head of group of New York Investment bankers which baa laboratad through stock bonuses and fictitious capitalization system whereby Industrial profits are diverted divert-ed and absorbed. W. Jett Lauck waa tha witness, testifying on the Black 10-hour week bill. Lauck la an economist whose distinctions dis-tinctions occupy five inches of Who's Who space. He was secretary of the national war labor board in lvle-1 "Too much of industry's production produc-tion goes to those In financial control con-trol as represented by the so-called Investment bsnking system," he said. "The condition la aggravated by the existence of a group of New York investment banks, of which J. P. Mor-gsn Mor-gsn if Co, Is the heed, which has elaborated an absorption system through stock bonuses and the issue of fictitious capitalisation to mop up the future earnings of Industry. |