Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1913-03-06

invest rs per cent Of their capital IN
state, city, county or corporation
mortgage bonds If the corporation is
sues have paid interest regularly for
five years; reform of the system OF
railroad reorganization to conform with
the scheme outlined in the British law
which places reorganization under the
control of the courts, giving the In
terstate Commerce commission the
power to supervise reorganization
plans placing railroad securities Is
sues under the control Of the COM
bidding on such issues; forbidding Of
f1cers OF national banks from borrow
Ing from their banks; providing for
publicity for loans made by director
fiOm his bank: forbidding national Of
f1cers and directors from participating
In underwriting syndicates; making it
crime for officers or directors to ac-
cept any compensation for loaning
banks funds; limiting the number OF
directors of national banks to not less
than five or more than 1S: providing
publicity for the assets and for the
stockholding lists of national banks.
The two bills presented by the COM
rnittee deal with, the national banks
and with stock exchanges. The first
embodies the committees recommen-
dation as to control of clearing houses.
cumulative voting for directors, for
restrain trade; limiting the number of
bank directors, regulating loans by
national banks to officers and direc-
tors; forbidding interlocking direc-
torates in banks and national banks or
officers from participation in under
writing syndicates and providing a
fine of $4,000 and Imprisonment for
two years for violation.
The second bill enlbodies all of the
recommendations of the committee as
to stock exchanges and fixes penalties
for violation.
Representative Hayes Of California.
Representative Head of Delaware and
Representative Guernsey of Maine, re-
publicans, set forth that the investiga-
ton has not disclosed the existence OF
any so-called money trust" but added.
ut has, however, disclosed dangerous
concentration of credit in New York
city and to some extent in Boston and
Chicago
while agreeing substantially with
the majority said the report, ION
many of the abuses to be corrected in.
the financial system, the stock ex-
changes and the clearing house assoc
citation, the undersigned have doubts
as to the wisdom of some of the rem
edies proposed by the majority
Second Minority Report.
An individual minority report filed by
Representative McMorran, of Michigan,
republican. was fiat, detailed dis,
agreement with the recommendations
and findings of the majority. He says:
while i believe that attention has
been called to grave deficiencies in our
financial laws, also believe that sim
lister light has been thrown over bank
ing practices which was not justified
by the facts; that no effort has been
made to show the reasonable and COM
mendable explanations of the practices.
and that in many years an impression
has been given to the country as to.
the character and methods of the lead
ing bankers which is altogether unfair.
A sentiment has been created through
out the country against Wall street,
and many of our good citizens do not
realize what it means that New York
has become one Of the worlds leading
money markets"