El Paso herald. (El Paso, Tex.) 1901-1931, 1912-12-09

and show that it is absolutely impos-
sible for anyone who does not belong"
to finance any enterprise without the
sanction Of those interests.
The committee promises to show that
this is not only true Of individuals but
Of great financial institutions through
out the country. The attempt will be
made TO establish the fact that so over
whelmingly does the Morgan-Rocke-
Teller interests dominate and dictate
the finances Of the country that there
are few If any financial institutions in
America who are willing, If indeed able,
to resist the demands Of these interests.
Mr. Untermeyer and his associates
will undertake to prove that with the
Morgan efeller chain of banks as
a basis, there is a well established IN
Outstanding between the great indus
trials, such as the United States Steel
corporation on one side, the great rail-
road systems on another. and the great
public utility plants on another, which
enables these factors to manipulate
banking conditions to their own advSn-
tage and to the undoing OF all out
siders."
Baltimore Methods.
Methods of the Baltimore clearing
house were described before the money
trust" committee today by William W
Cloud, president Of the State bank of
Maryland. He said his bank had ap-
piled for clearing house privileges, but
had been refused, because it was not a
member Of the Baltimore clearing
house, but desired to clear through an
other bank that was.
Does the Baltimore clearing house
prescribe rules which prevent a bank
making its own price on exchange on
out-Of-toWn checks2' asked Samuel
Untermeyer. counsel for the committee
Yes, it amounts to that" answered
Mr.. Cloud.
But that is throttIing competition.
sry7va1T ,--,,,15-,s+ go +E-o++1f,--r
Methods Remedied.
John r. Bland, president OF the
United States Fidelity and Guaranty
company. said his company had sought
in vain to secure the privilege of clear
ing out-of-town checks through its
banks of deposit Within the last few
weeks, however, he had been given to
understand that arrangements had been
made to take care" of the trust com
panies
"As a result of the agitation OF this
committee, your object has been &C
complished!" suggested Mr.. Inter
wei, cannot say as to that" he re-
Clearing House Rules.
Waldo D. Newcomer, manager Of the
Baltimore clearing house, under ques-
tOning by Mr.. Untermyer, explained
that the clearing house had decided
that no more banks were to be admitted
- 80 --At7 --1Is7S E'--f--teoIo nAlA-oA-
submitting to the rules of the clearing
house
If they were THIS admitted" he
said, they might proceed by ulcon-
servative methods to cut rates ct ex-
change"
To Prepare For Inauguration.
When the senate convened 1T noon
senator Overman introduced a Joint
resolution authorizing a joint Inaugural
ton committee Of six members.
The judiciary committee considered
president Tafrs judicial appointments,
but took no formal action. The Repub-
lican members received definite infor-
nation that the Democrats of the SEN
ate would probably try to hold up many
appointments in the southern states
President Taft transmitted a report
Of the economy and efficiency commits
sion, recommending radical changes in
patent office procedure.
The principal recommendations Of
the committee are.
Limitations upon the life Of a patent
to 10 years
Increases in salaries and force
amounting to $236,000 a year.
The trial Of judge Archibald was re-
sumed:
To Probe Gamers.
a general congressional investigation
Of the canning industry Of the country
was proposed in a resolution today by
Allen. Of Ohio. The res
olution sets forth that conditions in