New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-03
.PUJ0 WOULD DELM HERE.
Committee Chairman FavOrS We"
York "Money Trust" Hearings.
so ADVISED BY UNTERMYER
After Comforting with Congress-
man Lawyer Accuses Finan-
ciers of Obstruction Tactics.
From The Tribune Bureau


Washington. June ITO facilitate the IN
vestigation OF the money trust, the HOUSE
committee having the matter in charge
may decide to hold meetings III Ne" ioih,
instead of Washington, with the we" ol
being on the scene of action. ms susses
ton was made to-day by Representative
A. T. Pujo. chairman of the committee
who returned here tonight. after "a con-
ference with Samuel Untermyer regarding
the procedure to be followed.
The committee will meet tomorrow 10
determine whether II shall be Washington
or New York and to settle several details
of the temporary arrangements. CHAIRMAN
Pujo believes the work Of the committee
would be expedited by holding at least
few sessions in New York. as the FIRST SUD
jects of the inquiry will be the New YORK
I Stock Exchange and the New York Clear
ing House Association
I'VE would find It much easier to con-
duct the examination by having the va
rious records right at hand, SAID Cha"-
man Puio Personally ] am IN favor oi
holding New York sessions. but, OF course
the committee will decide that question
Chairman Pujo declined to discuss his
conference with Mr.. tntermyer aside from
saying that it related to the plans OF the
investigation. He said he wished 10 report
10 the committee before giving out any IN
formation on the subject.
| The inquiry will be thorough. according
TO the head Investigator. lie said every
phase of the banking and monetary ques-
ton would be taken up 10y the committee
! TO determine the abuses now existing. He
y AT Inc H.
mittee working through the summer
months
Nearly all the big national banks of the
country have refused 10 comply with the
committees request for information as TO
their loans and names of borrowers. y
this information does not come later, ana
the Puio bill enargns the inquisltoridl
powers Of Congress. which passed The
House, should fail I'M the Senate, the com
nlittee will summon as witnesses the heads
Of most of the big banks Of the country.
Difficulties encountered by the Congress
| committee investigating the so-caled
money trust" are set forth I'm letter sent
! by Attorney Untermyer. counsel 10 the
committee. TO Congressman Pujo. aud made
public by Mr. Pujo yesterday after a con
! ference with Mr. Untermyer ~ hts Non-
| kers home Mr. Untermyer charges that
the big hnanciers who make use Of the ma
| tlonal banks FOR their own IS are re
sponsible FOR am the obstacles. The letter
saws ON this point
! II is notorious fact. readn, capable Of
/ proof. that many Of our great financial IN
sttutons are dominated, and IN effect con
| trolled bv men who are neither officers
] hot ftHIH q
| directly using the facilities of the insifu-
| tiOns FOR themselves or for the enterprises
| IN which they are interested IT. is these
men and interests from whom mo ouI''-
/ tions 10 this bin really come
! The bin referred 20 is tho one now before
the Finance Committee OF the senate, the
passage n which would dispel al doubt as
/ 90 the power OF the investigating commit
Tee 10 enforce hos demands n was ON the
| pa sage ~ This hiil amending the original
act. that Mr. Untermycr conditioned hi5
agreement 20 act a. counsel A. to tho
scope az the committee. tho letter sets
! forth
! Doubt as to tho power 81 the committee
| Is a fatal as want ot power, h''d lH' h'.
hind this doubt al Interests that desire to
! escape investigation Will shelter themselves.
and before this shelter could he torn away
| the life II tho committee would expire I'm
/ the present stat" OF the Jaw on inlr SUD
| iect tie very considerable expenditure that
are involved are not JUSTIFIED
Mr.. Untcrmyer goes on 10 explain that
the opposition to the bin is based ON tine
ground that the House should not Doe vested
with power as comprehensive as that ~ the
Controller Of the currency. and that n
would be- "inadvlsahlc' To- permit tho dis
closure Of the transactions between national
banks and their customers.
! 70 those who arc familiar with the sub
| jcct. the lawyer asserts. there IS every rca-
son a. doubt the good faith Of the objection
made In the osteusble interests OF the cus-
| toners. but I'm the real interests Of the
| banks that desire 10 defeat the inquiry.
! II would be better 10 abandon the inquiry
for the present than to have II done IN
| half-heartcd way. Mr. Untermycr adds