Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1912-12-10
Head Of Baltimore Clearing
House Took a Stand
Against Government Reg
ulation of Concerns.
PUJO'D DENIES THAT
FRICTION EXISTS
3 Head of House Committee
IS investigating the Money
Trust, Says No Differ
ences Have Existed.


eral defense Of the clearing house
system of banking and decided stand
against government regulation Of
clearing houses was made today by
Waldo Newcomer, manager of the
Baltimore clearing house, before the
house money trust investigation COM
mittee.
| The committee took up the clearing
house situation In Baltimore. Repre.
sentatives of two banks which had
been refused conditional membership
In the association appeared. Man
ager Newcomer explained that the
banks were not admitted, because as
additional members they would not be
bound by the rules of the association
as to out Of town check exchange
charges and other rates and would be
in a position to compete at an adyant-
age with the other members OF the
association bound by the rules. :
Each senator and representative
would be called upon to file a state
ment showing the interest OF himself
or family In any banking, loaning or
brokerage business under d resolution
introduced by Representative Lind.
bergh of Minnesota. ss
The resolution says the senate cQnA-
mittee on finance and house commit.
tee on banking and currency have
membership mostly made up OF bank
ers and bankers lawyers:
The money trust investigating com.
mittee got back to work, today after .
recess of several months. The program
for the next few days includes the
calling as witnesses OF several New
York bankers. among them Jacob II.
Schin, and some representatives OF tho
New York stock exchange.
At the opening session Of the COM.
mittee today Chairman Puio made &
statement in which he repudiated pub
lished reports OF what purported to
be the committees intentions for the
course of the inquiry.
! Says Reports MisIead.
Chairman Pujo made the following
statement:
I'm resuming this inquiry the COM
mittee feels that the many unauthor-
,ized, misleading and inspired reports
that have been circulated concerning
It's work and plans should be corrected
and that the public should be warned
against placing any credence In them.
There has been consistent hostile
effort in certain directions to embarrass
the inquiry. No statements have been
or will be made or authorized on be-
half of the committee at any time ex1
cept such as may be openly announced
at the hearings. r..
Y " Has Been No Friction. s3-s
AT no, time has there ever been
any friction. misunderstanding or edif-
ference either between the members
OF the committee or witnesses or. be-
tween counsel. The utmost harmony
has prevailed from the beginning and
the reports to the contrary have been
sheer fabrications. Nor Is there any.
Authority for the persistent published
report as to proposed remedies or
legislation. The question has never
been before the committee and it would
be premature to consider It..
"The committee is not in possession
of the facts on which to base a judg.
ment. 1t has barely reached the
Threshold Of the inquiry so that any
opinion as to its action is premature
to say the least
Delay Due to Congress.
Attention is called to the announce.
ment made at the outset OF the hear.
ling last May and since frequently 70.
ported, that the terms Of the resolu.
ton under which the committee IL
acting cannot be fully carried out un-
less or until congress shall have enact
ed the bill that has passed the house
and is now pending in the senate, re-
Imovlng all existing doubt as to the
power of the committee to inquire into
the part, If any that is played by the
national banks in the alleged concen-
tration and control Of money and
credit. n
Meantime the committee will press
forward with the other heads OF the
inquiry with the view OF submitting
an intermediate report accompanied
by such recommendations as may be
deemed wise.
"The postponement over the presi.
dental campaign was taken pursuant
to the frequently announced determi-
nation that this important investiga-
tion should not be subject to the
criticism or suspicion Of being In any
way Influenced by or connected with
II NJ xaalae :.