The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-12-09
PUJO Committee
RESUMES WORK
Room Was Packed to Capacity Long
Before the Hearing
Was Started.

Before the Hearing
Was Started.
rUnited Press Leased Wire Services
WASHINGTON, Dec. 9.-Following
an election campaign truce, the Pujo
committee Of the house today resum-
ed Its Investigation of the money
trust.
The house banking and currency
committee room was packed to Its !
capacity long before the hearings be-
gan and Chairman Pujo Is looking for
larger quarters for the meeting to-
morrow.
Utmost secrecy was maintained~to-
day by the committee regarding the
witnesses to be called. No advanced
information as to the identity or the
character of the testimony to be Sc
cured. would be given out. it was
stated officially, during the entire in
quirys
1t was known. however, that about
thirty witnesses have already been
subpoenaed These include the gov
|ernors of the New York stock ex-
change, brokers Ind bankers of near
by cities. C. A. Pugsley OF Peeks-
kill, N. Y, former president of the
American Bankers Association, it was
rumored, would be the first witness
called today.
Huge piles Of figures have been
compiled by the committees expert
accountants to show the financial at
filiations and ramifications OF most
of the millionaires of the country.
These tables of statistics will be the
basis for Attorney Samuel Utermey-
er's cross-examination OF the stock ex-
change and clearing house officers.
A serious check upon the investiga-
ton is the failure OF the senate to
pass the joint resolution giving the
committee access to the national
bank reports made to the comptroller
of the currency. The committee con-
tends that its activities are hampered
to large extent by this limitation of
law. but the proceedings today are in
spite OF such difficulties.
Chairman Pujo is working with the
senate, urging the passage OF his
resolution at an early date, to allow
more thorough inquiry by the money
1 trust committee.
In opening the hearings, Chairman
Pujo took occasion to warn the pub
lie that there had been a consistent,
hostile effort In certain directions to
embarrass the inquiry" shown In mis-
lieadlng and inspired reports concern
ling the probe.
At no time has there been any
friction. misunderstanding or differ
ence either among the members or
with, or between counsel" he said.
Pujo said that the committee could
not fully cover the financial situation
in its probe until the senate had en-.
acted the house bill defining its pow.
ers, but that meanwhile the commit.
tee would press forward with other
features of the inquiry with view
of submitting an intermediate report
accompanied by such recommends
tions as may be deemed WISE
The "postponement over the
presidential campaign" he said, twas
taken pursuant to the frequently-an
lnounced determination that this i'm
portant investigation should not BIZ
subject to the criticism OF being II
any way influenced or connected
\ with political exigencies."
President Cloud of the State Bani
of Maryland Baltimore, was the frs
witness. He said his bank had al
authorized capital Of 100000 Clout
testified that other banks OF Balti
more enjoyed the privilege OF doin!
business through the Baltimore clear
ing house, but that his bank was no
! a member of the organization. Tw,
!, applications to join were rejected, h,
declared, because of certain bylaw
3 OF the clearing house.
The advantages of clearing houses
9 he explained, included the privileg
. OF exchanging checks and drafts witt
d other banks IN other cities withou
: exchange charges.
John r. Bland, president OF TIL
; United States Fidelity and Guarant.
y company, and Equitable Mortgage an
Trust company, of Baltimore, was tn
} next witness. Bland testified that tn
} Equitable company, capitalized a
100000, made conditional application
for membership in the Baltimor
clearing house through the Nationa
IL hop6 ~ rp,rp,arno
;, An outright membership later wa
= asked, he testified
; The application was held under cor
sideration for a long while, he sait
Finally three weeks ago the clearin
house notified his institution tina
favorable action would be taken.
A letter written by President Blan
was read by Untermyer showing the
the Equitable Trust Co. applied 70
membership in the clearing house an
that the application had been held VI
Another letter written at later dat
also importuning the clearing hous
to accept the Equitable company wa
1 n 4. ~lz..-