The Washington times., 1913-03-02
PUJ) QUIZ REPORTS
STIR HORNETS NEST
Final Outcome Of Findings Is
Viewed From Various Angles
by Congressman.

The publication of the reports Of
the Pujo Money trust committee, with
seven members contending that there
exists a money trus," and four
finding that such an octopus does not
exist, was the subject of general COM
ment at the Capitol yesterday.
1t is predicted that currency reform
legislation will follow during the extra
session of Congress, but it is not GER
tain that the new Banking and Cur
rency Committee VIII follow the rec
concentrations of the Pujo probers Con-
gressman Carter Glass with succeed Mr..
PuJo as chairman of the committee, and
Mr.. Glass has not been friendly to the
conduct Of the Money trust probe,
which he was inclined to think was
dominated by. Attorney Samuel Unter-
meyer. sfgt 9eESa 50 y
The Money trust controversy may be
aired briefly on the floor of the House
before the end of the present session.
The fact that the investigation cost
$4,000, and that three separate reports
came from the eleven members OF the
committee, is the subject OF unfavora-
Bile comment In some quarters today.
The six Democrats of the committee
signed a majority report, copdemning
Pierpont Morgan. Recommending quasi
Federal control. of stock exchanges and
clearing houses. and asserting there ex-
ist "a Money trust. 1sses, .s,-,,
Congressman Heaid. Hayes and Guern-
sey. Republicans, signed a minority re-
port, and Congressman McMorran, Re-
publican. >. presented individual dissent
ing views. SeQ x*ssss
An ,'IntsEmediate =
me Glass suhrppmittess "a ~ fl tfcouso
Banking and sCirrencyse e06nhittee,
which has .condacted heaanEs. on cur
renef reform,i preparing rSht Mr..
CLASP terms an .'intermediates peport
The Glass REPORT is to- supplement
that OF the P9jo committees In selsthning
the new Dem2cratic currency program.
House membsrs regarded as sik9incant
the fact that Glass, instead okS Pujo,
has been in conference with President
elect Wilson regarding currency legisla-
uop. They look to Glass to take the
reins IN future policies.
The Pujo report and Glass report are
the superstructure upon which early
legislation will be founded. Mr.. Glass
stated today that he would probably
have s-concfete @egislation prepared by
April to submit to the extra session.
II President Wilson signifies a desire
to take up that subject. In any event,
members of the Aanking and Currency
Committee stated today that subject 10
certain be one of the first efforts Of
CongTeee next December. IL it Is passed
Money Trust Probe Ended.
The Money trust Investigation is end
cd. however. This is the almost unani-
nous belief in the House. despite recon-
mendations Of the Democratic report of
the Pujo body that 1t be continued.
Democratic leaders today openly voiced
their opposition to continuance Of the
investigator. Chairman Fitzgerald. of
the Appropriations COMMITTEES, is un-
alt<rably opposed to further probing
along thaf line. He objects to the ex.
penge already incurred. Congressman
Ga1ne& of Texas is another prominent
DempeFAt who ls against further in
Dlsuensien also exists among the Puto
coHm1ttee itselfs even the Democrats,
asatS1t continuing its work.
xgfe~ Of the Democrats signed the
partisan report recommending more In
veetagatton under pressure, in order to
present a unanimous front against the
Republicans on all lines.
Before the present session closes a
pitched battle between advocates and
opponents Of the Money trust quis is
TO be staged. Congressman Byrnes of
South Carolina, one of the most power
fui Democrats Of the Pujo probers. said !:
The committee-some of US at least
propose to answer on the floor the ex-
travagAnt criticism and unfounded
chaxes that have been recently made
IN t4E HOUSE e. .#-
Reports At Variance. s--. f.
The Hayes-Heald-G Guernsey report
says there Is no Money trust. but there
does exist "a dangerous concentration
of credit in New York city and. to some
extent in Boston and Chicago" The
minority report agrees with the major
ity on many of the abuses to be cor
rected in the financial system, but we
have doubts fthe wisdom of some O.
the remedies proposed by the majority"
Mr. McMorran says:
while ! believe that attention has
been called TO grave DEFICIENCIES In our
financial iawE T. also believe that a sin
lister light hxs been thrown over bank
the facts that ne effort has been made
TO show the reasonable and commend
able explanations Of these Pract1ces and
that IN many cases an impression has
been given to the country as to the
character and motives of leading bank
ers, which is altogether unfair.
The majority members say the most
active agents in bringing about the con-
centra.ion OF mo1ey and credits are J.
p. Morgan & Coz, The First National and
National City banks of New York !;
Kuhn Loeb z Co; Of New York. and
Co, Of Boston. The Democratic MEM
bers fail to find any public spirited mo-
tive in Mr.. Morgan's acquisition of the
Equitable stock from Thomas r. Ryan.
Two drastic reform bills accompany
i. Forbiddhs the use of the mails to
stock exchanges which fail to observe
prescribed st-ingent regulations as to
the conduct Of their business.
3. Establishing rigid rules for the
conduct Of national banks, their officers,
and clearing house associations to
which they belong. E. --