New-York tribune., 1912-06-11
BANKERS NOT BANO|TT|,
Mr.. VANDERBILT WRITES
By IndireCtion Member of Clear
ing House Denies 1t Forced
the Oriental to Close.
CRITICISES Mr.. UNTERMYER
Attitude of Having Testimony
Conform to Preconceived As
sumptions Keeps Wit
nesses Away, He Ayers.

| The Clearing House is not a group %
banditti," wrote Frank A. Vanderlip In
letter he sent last night to Represent
ative A. F. Pujo, chairman of the Con-
gressional committee Investigating the
money trust in reply to an epistolary
challenge for certain anonymous bank
ers" To deny as witnesses the testimony
that the Clearing House forced the Ori-
entail Bank to the wall.
The letter inviting Clearing House
bankers to take the stand was penned by
Samuel Untermyer. Of counsel for the
inquiry committee. Mr.. Vanderlp. wh)
is chairman of the Clearing House COM
mittee, touches on the lawyers conduct
OF the inquiry by a reference to the bad
epect produced by inuendos," and de-
cares the history of the Clearing Hous,
Is one Of helpfulness and conservation in
all times.
Members of the Clearing House, Mr.
Vanderlp wrote, had not volunteered e.
aid the PuJo committee because of an
impression that its disposition was to
limit the evidence to preconceived as
sumption.
BY indirection Mr.. Vanderlip denies
that responsibility. in the Oriental Bank
failure reposed in the Clearing House.
His letter TO Mr.. Pujo follows
My Dear Mr.. Pujo: There has been ad
dressed To me by one OF the counsel OF your
committee an open letter, In which / am
toll hat Nnt hu In ltppn
to inform me as chairman OF the Clearing
IIouse committee that you will be pleased
to hear any member Of the Clearing House
committee at your session Tuesday morn
ing The letter Is signed by one OF the
counsel for your committee, but for obyi-
Gus reasons. | make reply to YOU as the
responsible head OF the government inquiry.
particularly because or reference to anony-
nous members, etc, which | can hardly
believe would form part OF a courteous in
vitation from you or your colleagues to
members OF the clearing House committee.
Why Bankers Hesitate.
In my opinion. the reason that responsible
gentlemen connected with the Clearing
House do not volunteer to appear before
Your committee Is due to an Impression that
thus far the disposition OF the commit
tee, as reflected in the attitude of its coun-
sci. has been not SO much to ascertain the
actual facts as to limit the evidence SO as
to support. II possible, prcconceiyed as
sumption. Gentlemen hesitate To place
themselves In such a position as examina-
tions Of this character entail, much as
they might like To be OF service to a com
mttee OF the House of Representatives
making a legitimate inquiry into conditions
I'm legislative considerations.
Take for example. the sensational state
ment, which has been given wide publicity,
that the profits OF the New York banks on
the collection of country checks reached
so OOoOU per annum This statement OF
course, emanates not from a witness, but
from your counsel. but the press reports
or the hearing have undoubtedly left in the
minds OF many readers the inference that
q has been officially brought out at a
bearIug Of your committee that the profits
nf The New York banks from this source
opproximate that large figure.
AZ matter of fact, instead of New
York banks making profit of $5O.oOoooo
Continued on fourth page. sixth column.