157

second great trust set up by Baruch brought the copper industry into 

the hands

__________________________

77 Letters and Friendships of Sir Cecil Spring-Rice, p. 219-220

78 Col. Elisha Garrison, Roosevelt, Wilson and the Federal Reserve Law, 

Christopher Publishing House, Boston, 1931, p. 260

89

of the Guggenheim family, who have controlled it ever since. Baruch 

worked with Edward H. Harriman, who was Schiff’s front man in 

controlling America’s railway system for the Rothschild family. Baruch 

and Harriman also combined their talents to gain control over the New 

York City transit system, which has been in perilous financial condition 

ever since.

In 1901, Baruch formed the firm of Baruch Brothers, bankers, with his 

brother Herman, in New York. In 1917, when Baruch was appointed 

Chairman of the War Industries Board, the name was changed to 

Hentz Brothers.

Testifying before the Nye Committee on September 13, 1937, Bernard 

Baruch stated that "All wars are economic in their origin." So much for 

religious and political disagreements, which had been specially touted 

as the cause of wars.*

A profile in the "New Yorker" magazine reported that Baruch made a 

profit of seven hundred fifty thousand dollars in one day during World 

War I, after a phony peace rumor was planted in Washington. In 

"Who’s Who", Baruch mentions that he was a member of the