Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-03-01
Chairman Holds Views Of Sam
ueI Untenmyer That Money
and Credit Combinations Must
be Rightly Restrained,
REPUBLICANS TAKE NO
SUCH GLOOMY VIEW
One Member Regards Whole
Proceeding as Farce, Injud-
GUS TO Business and Unjust
to Wall Street

w w kll OAl lNNN
tli, Morning journal special Leased Wirel
Washington, Feb 2N.-Throe di-
Norgent reports We're presented to the
house today by the members of the
committee which conducted the mon-
cy trust inycstigation The majority
report signed by Chairman puio and
the six other democratic members of
the committee. found that money
trust exists according to their under
standing Of the term, This report
names as the "most active agents I'm
bringing about the concentration OF
money aud credit" j. r. Morgan a
Company. First National and National
city banks and Kuhn, Loeb a Conn
nanN of New York Lee Higginson a.
Company and kidder. Peabody a
Company OF Boston Two bills ao-
eompanied the report, one forbiddlng
the use Of the mails tn stock eN-
changes which fail 10 observe pre-
seribcd stringent regulations as 20 the
conduct of their business and the
other prescribing rigid rules for the
conduct of national banks their Off
GERS and clearing house associations
20 which they belong
This report is substantially ia ac-
cord with the conclusions presented
to the committee hy samuel rnter-
mycr. counsel The first minority RE-
port. signed hy Representative Haycs,
of California. Representative lleald,
Of Delaware. and Representative
Guernsey of Maine. republicans. set
forth that the Investigation has not
disclosed the existence of any SOC
called money trust beat added "lt
has however disclosed dangerous
concentration Of credit In Ncw York
city and to some extent IN Boston and
Chicago
while agreeing substantially with
the majority said the report. "on
many Of the abuses to he corrected in
the financial system. the stock eX-
changes and the clearing house as
sociaiions, the undersigned have
doubts as to the wisdom Of some Of
the remedies proposed by the major
ity.n This report further sets forth
the belief that before definitely
recommending any remedial legisla-
tion. testimony should be taken cover
ing more fully the effect of the var
lous changes in the laws that have
boon suggested 1T manifestly is im-
possible the report concludes. "that
any Of the proposed legislation can
be considered by this congress, and
il seems 10 MS wise to leave the mat
ter OF recommending complete RENEE
dial legislation TO those who will De
charged with the responsibility of
formulating and reporting such legis-
atiou f. congress.
An individual minority report flied
by Representative MeMorran. of CHI
eago. republican was flat detailed
disagreement with the recommends
uons and findings Of The majority
While / believe that attention has
been called 10 grave deficiencies IN
our financial Laws, also believe lhat
a sinister light has been thrown over
banking practices which was not JUS
u1ed by the facts, that no effort has
been made to show the reasonable ana
commendable explanations of these
practices and that in many cases an
impression has been given to the
country as % the character aud mo-
Hres of leading bankers, which Is al
together unfair A sentiment has been
created throughout the country
against Wall street ana many of our
good citizens do not realize what itI
means that New Yorl, has become
one Of the worlds lending money
markets and that the banks Of New
York and their associates now are
able 10 handle large transactionsI
which they were unable 10 handle
only Il few years since
- feel thut every American citizen
should be proud Of the fact that we
have city whore there is sufficient
capital To- handle these enterprises
and should take pride also ia the
character and integrity of the mon
who arr at the head Of ts financial
institutions
Mr McMorran declared the pro-
posed scheme for regulating stock ey-
changes. drastic and unWAfranied,
and that there was mo real eVil' IN
interlocking direotorates.
The majority report after decnr-
ing the existence of d. money trust I
said "that the increased consideration
of control of money aud credit had
been erected principally as folluws
First Through consolidation of
competitive or potentially compeil- +
tive banks and trust companies. which |
consultations in turn have recently |
been brought under sympathetic man |
agement
second Through the same power |
Of the Interests becoming large stock |
holders in potentially competitive |
hunks aud trust companies. This Is
the simplest way Of acquiring con-
troll. but since It requires the largest |
investment Of capital. 1t is the least
used. although The recent investments