The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1912-06-07
WILL NOT PROBE
MONEY TRUST.
THE INVESTIGATION NOT TO BE.
GIN UNTIL AFTER MA
TIONAL ELECTIONS.
Professor LoughIin, Head OF Citizens
League, Tells Why Certain BIG
houses Made No Contributions to
Campaign Fund.

NeWf ork, June 6.-New York
bankers and officers of the New
4ort Clearing House association and
OF IL New York Stock Exchange held
themselves in readiness today to tes-
tlfy before the so-called money trust
investigation which opened mere to-
day. Members Of the house sub-com-
mlttee on banking and currency, who
Will conduct the inquiry, arrived in
New York last night
One of the first witnesses to be
called, it was expected, would be Will
liam Sherer, manager of the New
York Clearing House Others men
toned as witnesses were A. Barton
Hepburn, president of the Clearing
House association, and George w.
Ely, secretary of the stock exchange.
1t is understood that the commit
tee will try to ascertain just how i'm
portant factor the clearing house
Is, Ind what, if any, powers of die
tation the association has over the
smaller banks.
Because of its lack of power to OBJ
tain necessary data the so-called
money trust Investigation in its main
scope will not be taken up until fall.
This announcement was made by
Chairman Pujo, of the investigating
committee, at the opening of the
hearing in New York today.
Mr.. Pujo's announcement says in
part:
Money Trust Doubts Power.
There will be no testimony taken
at this time nor until the autumn on
the main branch of the inquiry. In
view of the insistence by certain of
leading financial institutions, whose
affairs it may become necessary to
investigate, that the committee is
without power to enforce its demands
for information, the committee ad-
heres to the conclusion that it is moi
advisable to take up the main inquiry
until all doubt as to the powers OF
the committee to conduct the inquiry
on The lines that it believes to be nee
essary has been removed by the pas
sage of the pending bill to amend
the banking law, which has passed
the house and is now before the f.
nance committee of the senate.
Months of Work Required,
1T will require months of painstak-
ing investigation and preparation, af-
ter The proposed legislation has been
enacted, to secure the data that is es-
sential to the inquiry. The preva-
lent impression that this can be ac-
complished by merely examining wit
nesses demonstrates the popular mis-
conception of the character of the
task and the constructive results as
sought to be obtained The field Of
inquiry is so vast and the subject so
highly technical and specialized that
the work, if attempted in that way
would prove endless and aimless.
The required data must be gath
cred will be Investigated in the few
sessions that are to be held before
the summer vacation
The committee considers if mad
visa5le in any event to conduct this
important and far-reaching economic
inquiry during the heat and excite
ment Of political campaign and has
not from-the outset contemplated any
such course. 1t has been recognized
as imperative that the public conf
dence in the judicial reason the com
mite has not considered pursuing
the main branch of the investigation
until after the election.