Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-01-16
CONCENTRATION Of
MONEY MENACE
TO COUNTRY
Head of Great Chicago Bank
Tells Money Trust Commit.
tee of Dangers in Bank Con.
troll.
DECLARES GOVERNMENT
EXAMINERS INEFFICIENT

/ thN Leased Wire - Evening Herald. /
washington. Jan. lG.-That the
present concentration Of money and
'I'dit '- potential menace tn the
country was asserted before the
mousse money trust committee today
nS George NJ Reynolds. president of
mo continental and Commercial Nn.
ton bank oi Chicago.
MI Reynolds said that he kpey. o,
lhr trend toward concentration of
money ana credits ana that ht
though, DO dangerous thing.
y am opposed Co the concentration
OF amy sort of power" hc said.
u believe that concentration to ,nc
'"ini it bias already gone ia "a monaco.
zoo s'l .ug tn1t do not aish to sid bon
Judgment u' th" men who hold tina;
power.
MI &c.. .uoljs so.d hc was opro-.d
Co. tho principle or iutorlorRinE direr-
l"rs Boo potentially compelling concerns
and tH1i Doe had adhered tu 'h4t urir.
c.plo throughout Dis banking corcor
Ih" Continental and Commercial
H0uk. \lr Reynolds gid loaned mo-.
H.N 20 It own directors .uU corpora
N"us with NuI.. fhe. ser. connected
nu' d.d uui loan .u its officers. Hr
'iN mot H..U." officers should bc sI.
lowed fo. borrow from their uAu
.Hnhs Ma Reynolds trai lrri that
OH" 'h..IsH clearing house $500. fls
u'" 3" 'uH oN 10 bank examiner
Wa. tHNi because yuI 'uuud the
'edeFHl iu.pc.tor. inefficient" asked
Mr i'ntorW.,J
fr> 40 thai tim, Ns found ~ .u-
'ninirnf 800 connection with the tnr,.
aanks ul John R walsh m, other
|anN~ of th.olrp nad 90 pusr,ut,,
mo d"u""I's '' 'r" Walsh banks.
Hhl,H Wei, 'r H JaU.Hraalc condition.
tut they IgiH thorn uu ri Io.s. Tu
prevent su,H J situation arising again.
Va" formed ar examining force"
MA StIUTI' ON ruI. STAND
Jac"n Il. !, MN oi kuhn. Loeb sna
conn rTus. t,-.I...| fh, wsthud of ...
'YIrE .,.urii.,. .u toruofarou. ,rI
rrururcd py u.s house. lie said after
his hrm hs1 agreed to issue sc..r.. /
n'f syndicate. V.r, formed to un
d"r"IIi" llr U.t .-.umr1 nv The
honduousr
The 'niorf or the sgudi.lt, is 90 .
take over tine securities 10 YOU faI Goo
'N them" asked Mr.. uutcrmyCr.
"hrs. ihul'- ii.' eHld MI SchIU
I1nNs 1nd Trust com ulrics. hr said, .
''r' ,rr participants boz these uudoi- 1
writing NuHir1''s Nr S0hIn said /
about g. to lg5 concerns were on a
Nst o' participants lrom t.mc On time
invited 90 take part bon uudcrWritng 1
-Nudinrf,s
'W0a' 1r" rhc ethics of tho banking 7
business 900 connection with bond is- |
sucg'" asked Nr. tr'DfmNcr.
'il is NOT cons tered good form " (
s1id Mr.. SrhiT "to create undue in /
i'rl'r'nr" or competition hy o. bunk |
Ing urw."
IT, .df,u that big banking houses
generally 11d corporations ms thcir
clients ana thai me- bond house would /
ndo1N"r Go toh" tho issues from mo
banking hrm. recognized as tine usual |
fiscal agent pf tho corporation.
Mr.. S.hin said there WAS n sharp
rivalry between his urm and Spaver
and company, but nr knew ot nu .n-
stance In the last Hyc years. when /.
Morsnn and company has Invaded /
the H"ld oft Kuhn, Loeb ana COM
nanv 0r vice versa.
MIR. ~.Nim said tho National Rauk
and Trust company ,nicyrs were not |
norod participation iu syndicatss |
formed hy Kuhn, Loeb and comnany.
'ut ho believed banks and trust COM |
Dnui,s should ho allowed 90 particle /
.Hir lU those underwriting sgudIpat,s /
Mr. REYNOLDS could not make stt !
specific recommendation us 90 rem !
diving the concentration of money |