The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-07-15
A. Barton Hepburn Tells Pujo
Committee of Mistakes.
Banking Statutes Not as Good
Here as Elsewhere.
COMMITTEE UNDER SUSPICION
FinancierS Believe 1t Is I'm
friendly to Them.
Hepburn Declares Monetary
Commissions Plan Correct.

New York, July 15.-Some of those
who have watched the course of the
securities market since the subeom-
naittee of the Pujo investigating COM
nnittee began it's work in this city sus
pect that the testimony and the sur
mise that the attitude of the commit
tee toward New York financing and
financing institutions is not very friend
~ had some, although perhaps trif1ing.
effect upon the prices for securities. If
the suspicion be well founded then
the market cannot have been very
seriously affected. In Wall street cir
eleS more attention has been paid tc
certain testimony which seems to have
little effect upon the committee than
TO other testimony which the public
elsewhere may regard as serving tC
show the existence of a true money
trust and monopohstic control of bank
credit in New York. city.
For instance, since Mr.. A. Barton
Hepburn testified as a voluntary wit
ness before the committee there has
been good deal of discussion centered
upon certain features of his testimony.
This may be due in part to Mr.
Hepburn'S reputation and experience as
a banker Probably the Pujo COM
mittee viii be unable to find anywhere
in the United States a man of greater
expert authority or wider experience
than Mr.. Hepburn. His whole career
banking except, possibly, his brief ser
vice in the New York state legislature
AS the head of the New York state
banking department he mastered the
principles and the details which dis
tinguished the MANAGEMENT of state
chartered institutions. Later he be-
came national bank examiner His SER
vice in that office brought him into
personal relations with every one of
the national banks of the old city of
New York. The leading bankers of that
time spoke without dissent not only of
the thoroughness of Mr.. Heppurn's ex-
animation, but of the wisdom of his
counsel. In fact, it was the reputation
gained in this service which led to his
appointment by President Harrison as
comptroller of the currency.
With the advent of President Cleve-
lands administration, in 1893, Mr.. Hep
burn of course retired from the post of
overseer in behalf of the government
of all the national banks A4e speed
lily. became president of the Third Ma
tional bank. and it was presumably
upon his advice that this bank was
liquidated. After short service as
vice president of the National CITY
bank, Mr.. Hepburn became vice presi-
dent of the Chase National and then
president of that institution. Under his
greatest of the national banks
In addition to the varied and really
exhaustive experience gained in these
vacations Mr.. Hepburn took up the
historical study of the banks and the
currency questions. That enabled him
to write a hook upon this question
which is now regarded as standard
authority.
A Leader Among American Bankers.
He was also prominently Identified
with the effort made by the American
BankeTs association to persuade con-
SreSs to amend the national banking
act so as to eliminate certain features
which are regarded as dangerous and
also so to perfect the system as to make
u equal or even superior to the bank
ing systems of any other nation. Mr. !
Hepburn gave great assistance to the
committee of the American Bankers
association which prepared an amend |
ment to the national banking acf |
which was submitted to the congress
which met in December, 1907 While
this measure was not accepted by con-
gress it nevertheless served so greatly |
TO influence that body that it passed
the emergency currency act That act
served instantly to restore confidence,
and there has been no time since the
passage of that act and the present |
that the business men of the United |
States have not had perfect confidence |
that Whatever emergency might arise |
however great might be the stringen- |
eIeS IN the money market, the provf- |
stons of that act would be sure to fur
nfsh SUFFICIENT currency to meet any /
reasonable needs
1t was in some recognition of Mr.
Hepburn's various services that the |
chamber of commerce, the representa-
tive commercial body of New York |
elected him president of that institu-
ton and the Clearing House associa-
ton In a like manner honored him.
A man whose career has been so I
notable and successful as has been
that of Mr.. Hepburn was therefore |
qualified to testify before this COM
mittee in way not probably expected |
by 1t. There have been several incl
dental and somewhat trivial questions
put to Mr.. Hepburn bearing chiefly
upon the closing of the Oriental bank
Who Was to Blame?
Mr.. Untermyer asked Mr.. Hepburn /
If he did not think the clearing house
should be regulated by some judicial
or legislative PROVISION. Mr.. Hep
burn instantly answered that he did |
not. whereupon Mr.. Untermyer wanted !
TO know why Mr.. Hepburn was of that |
opinion.
There followed the testimony which
is regarded here as the most impor-
tant statement made to the Pujo COM
mittee. Tt is even said that in this /
brief reply of Mr.. Hepburn is con-
tanned the reason for whatever unsat-
isfactory condition may prevail, and |