Perth Amboy evening news., 1913-01-16
PROBERS
CALL PERKINS
incorporate Stock Exchange
Is FinanCisr's Advice.

Washington, Jan. 16. - George W.
Perkins was called to the witness
stand at the session of the Pujo con
mittee tina. is Investigating the so call
ed money trust" When asked what
his present occupation was Mr.. Per
Then he added that testifying before
4, congressional committees constituted
a large share of BIS present activities.
/ Mr.. Untermyer took VI with him his
corporation. Mr.. Perkins testified that
he had never known Of the Steel cor
poration buying In It's own stock except
for purposes OF profit sharing with It's
employees.
Mr.. Perkins said that he was In IA
vor Of giving the minority stockholders
the legal right OF representation In cor
pornte and financial institutions pro
vided the right could be properly safe.
guarded.
Such a safeguard should make 1t I'm
possible for inimlcal interests to buy a
few shares and get on the board and
raise havoc.
II don't know Just how It could be
safeguarded," he admitted in answer to
Mr.. untermyer's questions.
incorporate Stock Exchange.
Mr.. Perkins said he favored incorpo
rating the New York Stock Exchange
IN the interests of the public. At first
he said he preferred chartering the e1-
change under the laws Of the state.
but upon second thought he said thai
he favored incorporating II under fed
eral laws.
Il believe q vast sum of money
would be invested In American securi.
ties If the exchange is incorporated"
he added.
Mr.. Untermyer described the concen
tration Of banking resources and credit
and asked Mr.. Perkins II he thought
this constituted a peril.
Mr.. Perkins failed to give a fiat re-
ply. although he acknowledged that
the question had been submitted to him
In writing. The individual element en-.
tered into the question. he said. He re.
! marked that II j. T. Morgan would put
out an issue Of bonds from the Sahara
desert they would all be subscribed for
This was because Of the faith In Mr..
Morgan personally, not because of any
money power. e.
The organization Of the In~ternatlona
Harvester company was Ibis Job" Mr.
Perkins said. He explained his partic
lpatiop In the Morgan voting trusts
and told again of assisting In the or
ganizatiop Of the steel corporation. He
disclaimed knowledge that the concerI
had operated pools In Its own stocl
and said lie disapproved of such prac
tees.
Perkins insisted that because con
greSs had not been Jealous enough IL
banking and currency reform bushes,
had had to go ahead IA best 1t could
He urged that all questions be consid
cred together In framing new legisia
ton.
Mr.. Perkins had no solution for ma
nipulation of stocks.
Gambling and Speculation.
what would happen II Legislation
could be enacted which would prevent
gambling III stocksY' asked Mr.. Inter
myer.
at would be q good thing II 1t coult
be done" replied the witness.
Would 1t not release for commercial
rrses a vast sum Of money!"
Mr.. Perkins said II depended upor
what was meant by gambling. Hs
stated that a man who speculated In
real estate tied up money indefinitely
while speculation In stocks was hui q
temporary tie-up Of money. He favored
small boards OF directors rather thar
large ones.
Mr.. Untermyer presented statistic.
showing that nine institutions had com
bined assets Of 81. 29a OOO. wv and asked
whether this presented Z situation vi
peril.