El Paso herald. (El Paso, Tex.) 1901-1931, 1913-01-15

was still a director and member of
the finance committee Of the corpora
ton and had a great deal to do with
its business Organization after 1t was
formed. Mr.. Perkins is director OF
the Steel corporation and the inter-
national Harvester company
Wade Urges Central Bank
This country can never have sound
monetary system without central
bank" declared Festus G. Wade, of St
Louis a member Of the banking ana
currency committee Of the american
Bankers association before the mouse
currency reform committee Mr. wade
said the socaled Aldrich plan proposed
the best system that had come under
his observation
Chairman Glass told the witness that
the declaration Of the Democratic party
AGAINST the Aldrich bill practically pre-
Guided the consideration Of any plan
embOdying the central bank feature
and asked for an opinion on system
of divisional reserve bank supervised
by a central board
the witness replied, but the system
will not be sound without the central
Mr. Wade insisted Democratic oppo-
sition to a central bank was largely
sentimental and recommended that the
committee report a measure similar to
the Aldrich bill
Texan Proposes Elastic Currency.
James Z. Ferguson a banker Of Tenn
in connection with the office Of the
controller of the currency, the cur
rencv bank of the United States, with
eight branches to be known as currency
et5tio6s and authorize the issue of
500. OOO 600 in currency by the United
States government The plan conteTn-
plated the loan Of currency to banks
on commercial paper at five percent
interest . Mr.. Ferguson said only an
elastic currency issued by the gov
eminent itself would meet panic con-
= Asks Protection for Steel.
s. ?. Ker. of Sharon, Pa, president Of /
the Sharon Steel Hoop company, be- /
fore the house ways and means com |
mittee considering the tariff on Steel /
advocated changes in the phraseOlogy /
of the law to prevent importers taking /
advantage of its terms Mr.. Ker told OF /
plans now under way by the united 1
States Steel corporation to advance the |
WAGES of its common labOrers and /
artisans and mechanics 10 percent Feb. /
/. Representative Fordney, of Michigan, /
estimated that this would mean an |
advance Of $1,000 600 I
In answer to chairman UnderWOOds |
inquiry as TO the cause OF the proposed |
increase Of wages by the steel corpora /
zion. Mr.. Ker said he thought that the /
corporation was taking time by the /
foreIock to hold its labor. He urged 4
DrOtectiOn from invasion from abroad |
and added that if the industry were !
disturbed, the companies would reduce
labor to the point where they could |
meet competition
Mr.. Ker advocated dumping clause /
to prevent the sending of goods into /
this country at prices lower than IN /
the country Of production
Affairs of the Waltham watch com /
pany. of Waltham, Mass, also were /
taken up by the committee, which con-
tinued far into the night
Trust Controls Aluminium Industry.
The existence of an international I
agreement covering the aluminium IN
Ia
u = President Arthur V. Davis. of the (
Aluminium company Of America ad-
mitted that his company, the only
aluminium mandatory IN the United
States, was owned by the Canadian
Aluminium company, which, in turn, had
a perfect agreement with all OF the
six or seven foreign aluminium com
panies. This agreement he said COW
ers all the world except the United
States. which he admitted to represen-
tatiTe Rainey OF Illinois, was excepted
because there is a law prohibiting II
The admission Of this agreement
amazed members Of the committee,
some of whom pointed out that, along |
aign trusts in other industries. ii pre-
sented q problem never before faced
by a tariff-making committee
Mr.. Davis protested against any re-
1uctiOn Of the tariff, which the tenta-
tive Democratic plan proposes to cut
in half Asked if he expected much
competition, in view OF the existing
agreement. he replied that there was .
though members Of the
committee declined to be convinced
Would Jail" Independents.
Walter Laidlaw, of New York city /
who said he represented about a dozen
Of pumping machinery,
but later admitted he represented the
sOcalled pump trust testified that
the International Pumping company
owned all the manufactures he men
toned. He said the international
Pumping company had net earnings Of
81, 100000 on its aggregate investment
Of SIS, 100000, or a percent return
on its capital investment He said he
believed that the Independents should
'be put in jail" for making a lower
price than they could make money on
The house has passed the postOffice J
appropriation bill carrying S27S, 4S9, 761. !
Tells Of Selling ArchbOld Letters.
VIM WINFIELD, the former Stand
ard Oil negro messenger, who has told