The Washington times., 1912-10-26
CONF PTROLLER CAN
GIVE MONEY PROBE
COMMITTEE NO AID
Attorney General Will Hold
Information Requested Is
Privileged"

The PuJo Money trust investigating
committee Of the House will not obtain
the information II Is seeking at the
hands Of the executive branches of the
Government.
Attorney General wickersham, II is
understood. Is prepared to submit an
opinion to the President holding that
the Comptroller of the Currency cannot
sive to the committee privileged" in
formation that is In his hands, or get
such privileged" information for de-
livery to the committee.
Samuel Untermyer requested Presi-
dent Taft several weeks ago to issue the
necessary instructions for the delivery
to the committee OF Information that
might be In the hands of. the Comp
troller. or might be obtained by him,
with respect TO interloclsing directorates,
the underwriting of securities In New
York. and the particulars Of credits and
loans by the New York banks. These,
points upon which hangs the question of
the existence Of a Money trust In Wall
Street.
President Taft referred the request to
Attorney General Wick ersham for an
opinion as to its legality and the right
OF the Comptroller TO turn over such In
formation. Such Information has been
held as privileged" by tho courts for
sixty years. It is said. and Is strictly
II is felt In Administration circles
that the executive branch Of the Gov
ernment cannot very well take action
that the legislative branch refused to
approve. II being pointed out that Con-
gress has declined to pass laws for the
gathering OF the information desired,
and did not approve a resolution from
the PuJo committee which would have
srNs a..Al 81 -. r-.x, a
seems that the committee will obtain no
help from the Administration.
Though II is generally understood that
Mr.. Untermyer's request was for in
inter-relations of directorates. It is
stated that he does not care a rap about
this information. but wants to get facts
as to the underwriting OF securities,
upon which Money trust allegations are
largely based; He particularly wants
to know, It is said, whether fees for
this underwriting go to the bank s.
assets In cash, or whether they are
made up In stock and other securities
that ultimately find their way into the
hands of the directors or officers Of the
banks. In this connection II has been
shown that Morgan & Co. obtained 49,,
100000 In common stock. as recompense
for the organization and security float.
ing of the International Harvester Com
pany. Banking officials say that under
the law banks have a perfect right tc
deal In such resources. buying them fo
profit or as an investment.
Reports as to security underwriting
by banks have never been obtained by
the Comptroller's office. because Comp
troller Murray has felt that such In
formation was not essential to the en-.
forcement Of the national banking laws
1t was pointed out that II Mr.. Unter'
myer only wanted Information as Il
credits and loans and interlocking direc'
torates. this Information Is easily at
AAl ll.N.
the condition of national banks, ant
from New York publications giving list
of directorates. Details Of loans, as I,
the names OF borrowers, are held a,
privileged"
The real question at issue seems I,
be on the point Of aid from the Comp
troller In determining where the profits
20 in underwriting. The opinion await
ing the Attorney General OF final ap
proval and submission to the President
holds that the executive branch of tn,
Government cannot give this aid unit
Congress sees At to change the laws.