The Mobridge news. [volume] (Mobridge, Walworth Co., S.D.) 190?-1917, 1913-03-07

Money Concentration.
Washington, March 3.-Three diver
gent reports were presented to the
house by the committee which cen
Quoted the money trust investigation.
The Majority Report.
The majority report signed by Chair
man Pujo and the six other Demo-
cratic members of the committee
found that a money trust exists. ac-
cording to their understanding of the
term
This report names as "the most ac-
tive agents in bringing about the con-
centration of money and credit" J.
Pierpont Morgan and company. First
National and National City banks and
Kuhn, Loeb and company of New
York: Lee Higgins and Kidder, Pea
body and company of Boston.
Bills Will Report.
Two bills accompanied the report,
one fOrbidding the use Of the mails
to stock exchanges which fail to OBJ
serve prescribed stringent regulations
as to the conduct of their business,
and the other prescribing rigid rules
for the conduct Of national banks,
their officers and clearing house as
sociatons as to which they belong.
This report is substantially in ac.
cordance with the conclusions present
ed to the committee by Samuel I'm
termyer, counsel
1t is a voluminous document accom-
panied by the two lengthy bills men,
toned above.
In the latter bill, proposed as an
act. the conduct of national bank Off
GERS and directors is closely restricted.
First Minority Report.
The first minority report, signed by
Representatives Hayes of California,
Heald of Delaware and Guernsey of
Maine. Republicans, set forth that the
investigation has not disclosed the
existence of any so-called money
trust" but added at has, however
disclosed a dangerous concentration ot
credit in New York city and to some
extent in Boston and Chicago"
while agreeing substantially with
the majority" said rne report. "or
many of the abuses to be corrected
in the financial system, the stock ex
changes and the clearing house asso
Citations. the undersigned have doubts
as to the wisdom of some of the rene
dies proposed by the majority"
This report further set forth tn,
belief that before definitely recon
mending any rational legislation tes
timony should be taken covering NOR,
fully the effect Of the various change
in the laws that have been suggested
"It is manifestly impossible" tn
report concludes, that any of tn
proposed legislation can be consider
ed nv this congress, and it seems wis
TO leave the matter Of recommends
ton for complete remedial Legislation
20 those who viii be charged wit
the responsibility Of formulating an
reporting such legislation to congress.
An Indnvndusl Minority Report
An individual minority report file
by Representative McMoren of Ch
cago. Republican, was a fiat. detaile
tions and findings Of the majority.
"While ! believe that attention ha
been called to grave deficiencies in OF
financial laws, also believe that
sinister light has been thrown owe
banking practices which was not ju
tilted by the facts: that no effort ha
been made to show the reasonable an
commendable explanations of thes
practices, and that in many cases a
impression has been given to til
country as to the character and m
tives of leading bankers which is a
together unfair.
"A sentiment has been create
throughout the country against Wa
street and many Of our good citiZeI
do not realize what it means that Ne
York has become one of the world
leading money markets, and that Il
banks of New York and their ass
ciates are now able TO handle lars
transactions which they were unab
TO handle only few years since.
feel that every American citiZt
should be proud of the fact that v
have a city where there is sutticie
capital to handle these enterprise
and should take pride also in q
character and integrity OF the mt
who are AT the head of its financial
stitutions.
Takes up Issue of Suffrage.