The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-22
LAUNCHES SHAFTS
At money TRUST"
Representative Medley Would
Reform Methods OF the
Stock Exchange.
%NTEREsTs' SMASH BANKS
Wants Evils Uprootcd Before
Passage Of Administrations
Currency Bill.
INTERESTS" SMASH BANKS

Washington June 2l.-Rcprescnta-
tive Medley. OF Kansas. going after the
money trust" delivered Il speech in
the House OF Representatives. in
which he begged and pleaded with
all his force that the currency leEis-
lauon now in tho air should not over
shadow the Importance Of uprootinR
what he termed were most vicious evils
existing III the stock exchange and
clearing house situation. MIR. Neelcy
voiced the sentiments Of Representa-
tive Henry. Of Texas. and other promi-
ncnt Democrats. who have openly de-
clared that unless the money trust is
dissolved the currency legislation will
play into the hands of "a very small
and select company of New Workers.
who control pretty nearly all the money
in the United States according TO Mr..
Medley.
Mr.. Neeley raped tho rules OF tho
New York stock Exchange and declared
that the rules Of the exchange could
be used at any time to squeeze out
minority stockholders in the Interests
OF a trust-forniing scheme. lie said
that the rules OF the exchange allowed
ii broker 20 take his clients stock and
hypothecatc IL at any time without his
clients knowledge. greatly 10 the risk
of his clients safety
scores Former senator Bailey.
he pointed out that bills had been
introduced TO uncover money trust evils
and tlat they had been held UP by
various manikins." acting in the in
terests Of the interests. One of the
obsta cles in the way of the adoption
of the bill. he said. was Senator Bailey.
Of Texas. sruearcd with the smell OF
Standard oil from head to heels"
Speaking OF iniquitous proceedings
under the cloak OF stock exchange
rules. Air Necley went into detail con-
cerning the floating Cf the stock of the
California Pct rGla,ltrt Ia
said several big New Workers got to-
gether TO boost the sale OF this I'M
tried stock
They immediately secured the serv-
ices OF number OF stock brokers'"
said Representative Ncclcy. and began
system az bogus sales back and forth
to create an appearance of activity and
attract the attention OF purchasers.
having at one time nineteen different
brokerage firms thus engaged.
When the operations began they
listed l05.779 shares OF this stock, and
so successful were their rlanipuIations
that when the campaign closed on the
9th OF October 1872. 362.270 shares
Of this unknown stock had been traded
IN during the three weeks OF manu-
featured activity. and the entire cap
ital stock Of the concern had been
bought and sold nearly three ana a
half times over thereby permitting the
promoters TO escape with between seven
and eight million dollars Of proiits"
For stock Exchange reform.
To prevent evils OF this kind, Mr.
Necley advocated instant reform. re-
ferriug TO a BIZ already introduced by
him
IL -hcse recommendations are
adopted h said. the stock exchange
viii become market Instead OF a
sh-aring pen. and the man who makes
false representations will be prose-
,uied the Same in any confidence
Same
The clearing house came in for
severe tongue lashing from Mr. See
ley, who declared that the institu-
tion had cruelty and luthlessiy smash
cd the Brooklyn Bank and the Borough
Bank which cleared through the
Oriental Bank and that il had closed
UP the Oriental. He spoke Of three
prominent New York ba lkcrs who cx-
Hinincd the affairs OF the oriental and
said tina, ITO banks and trust COM
panies had been bought out, consoli-
dated or forced TO tho wall IN New
York in the last ten years by this
gang OF financial pirates, who have
sought the complcte domination or
try for their own Acknowledgement"
Mr.. Neeley spoke at length con-
corning an alleged press agent bureau
conducted by J. J. Morgan & Company
and the Standard Oil Company. He
said these TWO concerns pay enormous
salaries to have distributed broad
all sorts OF statements concerning the
money trust committed