ment with 56 million dollars in gold, most of which was obtained abroad. Morgan was said to have greatly profited from the transaction, although much upheaval was caused when Morgan refused to reveal his profits to a congressional committee. In March of 1907, the stock market crashed, prices collapsed, brokerage houses close and interest rates soared. The panic of 1907 had begun with the public in mayhem and the government turning once again to Morgan for his leadership. Morgan pooled together an emergency committee with Rockefeller, Harriman, Frick, Schiff and H.H. Rodgers. This meaning of great financial leaders decided to help deal with the problem and deposit money into the government funds. Morgan rejected this idea; however, the group did instruct the secretary of Treasury to deposit substantial government relief funds and organize thousands of banks nationwide to deposit excess money into the relief fund. Pierpont Morgan was a man of many pecuniary gains and along with these gains came speculations and controversy into his financial dealings. The public often questioned the large undisclosed sum of money Morgan made by supporting the Treasury in 1895. However, President Cleveland himself emphasized the public service that had been rendered. This event was only one of many debatable issues that concerned Morgan and his control over the government and the American market. President Roosevelt investigated Morgan's large deal with the U.S. Steel Corporation and Tennessee Railroad Company but found that that the "means employed were none the less effective, as well as profitable." The culmination of the government and public's suspicion of Morgan's activities were the Pujo hearings of 1912. The House Banking and Currency subcommittee headed by representative Arsene Pujo had been trying to establish that a "money trust" ruled over America's major corporations, railroads, insurance companies, securities markets, and banks. The investi...
