New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-06
Bankers and Others Invited to
Give Their Views to the
House Sub. Committee.
MORGAN NOT TO BE CALLED
Pujo Raps Stock Exchanges and
Clearing House Associations
and Suggests Closing
Mails to Them.
fFrom The Tribune Bureau.

Washington, Dec. 5.-Representative
Carter Glass, chairman of the sub-com-
mittee Of the House Banking and Cur
rency Committee. delegated 10 frame a
bill amending the currency laws. made
public tonight partial list of the finan-
ciers who have been invited to testify
at the hearings which will begin on jan
uary 6.
Mr.. Glass said the subcommittee had
no intention of inviting j. Pierpont MOT
gan to come to Washington, as the list
of witnesses included men who might
speak authoritatively for the larger hnan-
cial interests on the subject OF currency
legislation. He added
Among those to whom invitations have
been extended are A. b. Hepburn. OF the
Chase National Bank. New York CITY;
James b. Forgan. OF the First National
Bank OF Chicago, and Festus j. wade, OF
can Bankers Association; J. Laurence
Laughlin. OF Chicago; Paul Warburg. OF
New York City, and j. V. Farwell. repre-,
| sentatives of the National Citizens
League; x-Representatve Charles n;
Fowler. of New Jersey; ex-Secretary. OF
the Treasury Leslie NJ. Shaw. OF Phiia-
delphia, and Victor Morawetg. OF New
York City, as representative those who
have given special attention 10 money
problems
The National Credit Mems Association
is asked to oe represented by u. @. Endy.
of Philadelphia. and A. II. Decatur, OF
| Boston; the laboring interests OF the
| country by John Mitchell OF the Ameri-
can Federation OF Labor, and Warren y.
Stone, OF the Brotherhood OF Locomotive
Engineers. From the National Association
OF Controllers and Accounting officers.
Samuel l.. White. OF Louisville: w. ).
i 80 Il g .,.I
Fisher. OF New York City. hay. been in
| vited. A selected number of country
bankers have been invited. and invita-
! tons Will also be sent To a limited num-
cultural interests who may he familiar
with banking and currency matters
In addition To the limited number Of
persons who will be heard BY the COM
| mittee. a list or questions Will be sent
out TO quite number OF other persons.
who will he invited In this way TO present
| their views to the committee
While Mr.. Glass occupied himself with
perfecting plans for beginning hearings
by his subcommittee, Representative
Pujo. chairman OF tho subcommittee
delegated to probe the money trust
issued statement I'm which he raped
the stock exchanges and clearing house
as ociations.
Would Bar tho Mails.
Among other things. Mr.. Pujo had This
10 say I'm his statement:
believe that il is clearly shown that
the stock and some OF the produce eX-
changes as well as most OF the clearing
houses are conspiracics In restraint OF
business should be barred from the malls
The committee. | feel certain, will recon-
mend such action by the executive branch
OF the government.
In listing securities, in limiting the size
OF their membership and by various other
restrictions the stock exchanges and
clearing house associations become, In
effect, gigantic trusts. monopolies OF
commerce that are amenable 10 the law.
The New York Stock Exchange Is "A
striking example OF this business domina-
| ton.
The postal laws will be invoked to ex-
clude the exchanges, associations or bank
| ers and brokers from use OF the mails in
| interstate commerce unless complete re-
organization is made. III they are not
! reorganized they will be treated exactly
as the Louisiana Lottery was treated.
| ! do not believe federal Incorporation
| OF stock exchanges Will be attempted,
| but federal supervision Will be demanded.
Must Change Methods.
| Mr.. Pujo declared bills TO carry out
these ideas would be introduced early in
January and then attacked clearing
houses anew. saying:
| As now organized and conducted, clear
| Ing houses force banks to Join or refuse
to clear" their exchanges. In most cases
| this compels bank either TO Join the as
ISOLATION or go out of business. Being de-
| MED the clearances and support OF other
| banks, institutions which refuse TO join
| the associations are business pariahs.
/ To my mind this condition OF affairs has
| become intolerable. IT Is the purpose OF
| our investigation To present these condi-
| tons 10 Congress and To the country
with a demand for legislation and action
| which will enforce the most revolutionary
and beneficial reforms In the credit sys'
| tenn OF the nation.
The money trust probers OF the Banking
and Currency Committee have promised
TO resume their frequently interrupted in
vestigation on December g. Meanwhile
the Glass subcommittee and the Pujo
| subcommittee are holding aloof from
each other, and the efforts OF Samuel
Cntermyer, counsel for the probers, 10
combine the two investigations have been
| unavailing.
Mr.. Glass has pointedly informed Mr..
PuJo on several occasions that the Glass
sub committee would jealousy safeguard
its right to frame currency legislation
without the aid Of either Mr.. Untermyer
or the other members of the Banking and
Currency Committee.