Читать книгу The Goose-step: A Study of American Education онлайн

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The house of J. P. Morgan & Company is closely allied with the Boston banking house of Lee, Higginson & Company. Mr. Morgan was reelected to the Harvard board in 1917, along with Francis Lee Higginson, Jr., of Lee, Higginson & Company; Eliot Wadsworth, representative of Stone & Webster, an allied banking house; Howard Elliott, then president and now chairman of the New Haven, a Morgan railroad; and, finally, a prominent corporation lawyer in San Francisco, representing the interlocking directorate in that city.

In his discussion of the Pujo report Justice Brandeis wrote that “Concentration of banking capital has proceeded even farther in Boston than in New York.” He goes on to tell of three great banking concerns, with their interlocking directorates, controlling ninety-two per cent of Boston’s money resources. These concerns competed in minor and local matters, said Mr. Brandeis, but they were all allied with Morgan. “Financial concentration seems to have found its highest exemplification in Boston.” And exactly the same thing is true of the concentration of control of Harvard University and the Massachusetts Institute of Technology, and the group of smaller colleges located in Eastern Massachusetts. They are all “State Street”—this being the Boston equivalent of “Wall Street.”