Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-03-02
THREE REPORTS filed
AS A RESULT Of LONG
PROBE Of MONEY TRUS'

mot disclosed the existence Of any So
called money rust" but added, at has,
however,. disclosed a dangerous concen-
tration Of credit in New York City and to
some extent in Boston and Chicago"
The individual minority report, filed by
Representative McMorran Of Michigan,
fatty disagreed with the recommendations
and findings of the majority. McMorran
declared the proposed scheme of regu'at-
ING stock exchanges is "drastic and un.
warranted" and that the real evil' is In
intcrlocEing directorates.
Washington, March THAT a money
trust does exist and that its powers
should be curbed by stringent federal reg
uIations as to the conduct of national
banks, clearing houses, and stock eX-
changes, We're the findings of the house
money trust committee set forth in the
majority report of fits Investigations filed
in the house late today.
The report. ssigned by Chairman PujO
and the six other Democratic members
of the subcommittee which conducted
Tie IluIltN Trust pIt'S, . 81 SOllhIllI1ulto
document accompanied by two lengthy
bills, one to regulate stock exchanges
through forbidding the mails to cXchang-
es which do not comply with federal
regulations and the other to regulate
clearing house associations through for
bidding national banks to join such as
sociations unless federal regulations are
observed.
In the latter bill, proposed as an am
endment to the national banking act. the
conduct of national bank officers and
directors is closely restricted.
The report as submitted to the hose
is largely the work of Samuel Untermyer,
counsel for the committee, who composed
the original draft of the report and who
drew the bills presented. On the question
of the existence of a money trust, the
report is specific and detailed.
1t ould of course be abusud," said
the report, to suggest that control Of
the bulk of the widely distributed wealth
of a great nation can he corralled by any
set of men. If that is what is near by
gentlemen who deny the existence Off a
money trust, your committee agrees witt,
them. Such a thing, Of course wonld be
impossible and it's suggestion is ridicul-
Gus. 1t is not, however, necessary that
a group of men sllal directly control the
small savings in the banks nr The scat
tered resources of the country in order
to monopolize the great financial transac-
tons or to be able to dictate tie credits
that shall be extended or withheld from
the more important and conscientious
business Enterprises. This is substantial
ly what has been accomplished and fairly
represents the existing conditions"
The great bank Or banker with ac-
cess to the mainsprings of the concen-
trated resources of other peoples money"
the report declares, can handle the vast
issues of securities now demanded by the
commercial and Industrial development
of the country. But the bank reserve
system, it is further commended, concen-
rates Il large part of the funds of the
smaller banks in the only public money
market of the country, New York, where
a group Of men there have strengthened
their interest in the various banking in
situations, the report said:
IF, therefore, by a money trust is
meant an. established and well define
identity and community. of interest be-
tween a few leaders of finances which
has been erected n hell together
through stockholdines, interlocking di-
rectorates and other forms of domination
over banks. trust companies, railroads,
public service and industrial corporations.
II which has resolved in a vast and
growing concentration of the control Of
money and credit in the hands of Il COM
parative few men, your committee, as
before stated, has no hesitation in as.
serting as the result of its Investigation
up to this time that the condition thus
described eA'>ts in his country today.
ITO say that the domination of this
group over the money and credit Of the
country controlled by our largest tinan-
cial institutions and that is available for
financing large security ISSUES for the
current needs of our principal interstate
corporations n of the individuals con-
Quoting great enterprises and for stock
exchange loans, is at least as effective as
for instance, is the control of the United
States Steel corporation over the steel
industry, is an under statement Of the
situation. although the methods by which
! this control is Effected and held together