The Sentinel=record., 1913-03-01
THREE SEPARATE REPORTS ARE MADE TO THE HOUSE BY MEM
 6ERs OF THE COMMITTEE.
REPORTS DISAGREE WIDELY
Principal Report Says There Is a Trust, Minority Report and Also Individual Report Disaerees
 Materially.

washington, Feb. 2S.--Three diver Igent reports were preported to tae house today by the members of the committee which conducted .ne money trust investigation.
 The majority report signed by Chairman Pujo and the six other dem ocratic members of the eommfuee. found that a money trust exists ac- eording to their understanding of the term. This report names as the most active agents in bringing about the concentration of money and cred. 1t. j. r, Morgan and company. First National and National City banks and Kuhn Loeb and Company of New York. Lee. Higginson and Kidder, Peabody & Co, of Boston.
 Two bills accompanied the report. one forbidding the use of the mails to stock exchanges which fail to ob- Iserve prescribed regulations as to the conduct of their business and the other prescribing rigid rules for the conduct of national banks, their offi- ceTs and clearing house associations o which tAey belong.
 This report is substantially in ac- cord with the conclusions presented to the committee by Samuel Inter. myer, counsel.
 The first minority report, signed by Representatives Hays of Califor- nia; Heald of Delaware; and Guern zey, of Maine. republicans. set forth Ithat the Investigation has not dis closed any existence Of any so -called money trust" but added, "it nas, how ever, disclosed dangerous concen- tration of credit in New York City. and to some extent in Boston and Chicago"
 While agreeing substantially with the majority said the report, lon many of the abuses to be included in the financial system. the stock ex- changes and the clearing house as- sociations, the undersigned have doubts as ito the wisdom of some of the remedies proposed by the major ity'
 This report further sets forth the belief that before definitely recon. mending any remedial legislation, tes- timony should be taken covering more fully the effect of the various changes in the laws that have been suggested. Tt is manifestly impos- slble", the report concluded. that any of the proposed Legislation can be considered by this congress and 1t seems to us wise 10 leave tae mat ter of recommending complete reme. dial legislation to those who will be charged with the responsibility of formulating and reporting such legis- lation to congress-"
 An individual minority report filed by Representative McMorran. of Michigan. republican, was flat. de- tailed disa greemant with aha reeen.- mendations and findings of the ma jority.
 While l believe that attention has been called to grave deficiencies in our financial laws. says the McAIor- ran report T also believe that a sinister light has be.a thrown over banking practices when was not jus tified by the facts, that no effort has been made to snow the reasona ble and commendable legislations of these practices and that in many cases an impression has been given to the country as to the character and mo- tiyes of leading bankers which was altogether unfair. A sentiment has created against Wall street and many of our good citizens do not realize what it means that New York has be- come one of the worlds leaorng money markets, and that the banxs of New York and their associates are now able to handle large transactions which they were unable to handle on. ly few years since. feel that every American citizen should be proud of the fact that we thaye a city where there is sufficient capital to handle these enterprises and should take pride in the integrity of the man at the head of it's financial institutions.
 The majority report after declar- ing the existence of money trust. said, that the increased concentra- ton of money and credit had been affected principally as follows.
 First through consultations of competitive or potentially competi- tive banks and trust companies, which consultations in turn have recently been brought under sympathetic man. |agement.
 "Second, through the same power ful interests becoming large stock holders in potentially competitive banks and trust companies. This is the simplest way of acquiring con trol, but since 1t requires the largest investment of capital, it is the least used although the recent invest ments in that direction for that ap- parent purpose amount to tens of