The chronicle=news., 1913-01-24

favor n law enforcing complete pub
licity OF intermediate profits made
by finnnccrs in floating securities
and would approve OF iorhidding
bank officers and banks from par
ticipating in synd!cat"s formed for
! floating sccuritics.
Mr.. Cntermyer brought up that
bn November !. J. y. Morgan and
company had deposits of sie9.oOo.-
900 and had In various banks $li.-
O00. 900. S..V00f
Mr.. Dawson offered long state
ment relative to concentration bu;
the committee withheld 1t from the
record until II could he examined.
When Mr.. Dawson was excused
James J. I'm was called.
Lamont. another partner Of j. p.
Morgan ana Company had declared
they had no Abatement to give out
The document reviews the Inf a-cncA
and says:
No such control EXISTS and no
such deduction can be- properly made
from thcse tables. Those who have
made such deductions have fallen
into several obvious crros. They
fail to observe. first. that of the TO-
tai number OF directors in these par
ticulnr corporations this group rem.
rcsents only about one quarter: src-
ond. thnt upon this assumption, these
men. in order to exercise control
must act and vote In every instance
as unit. although they came from
different parts of the country and
represent diverse and frequently
conflicting interests. that upon this
assumption. the directors outside OF
tins group must he mere dummies.
with no voice or opinion OF their
own. who. In almost every instance,
hre oferruled by minority: finally,
that this system of % billion dol
lars Is not actual cash or liquid as
sets. susceptible of manipulation or
misuse by the directors. the fact. or
course. being that the great hulk Of
this enormous sum is and for veors
has been tied mp in the rights of way
rails. ties. equipment. factories
plants. tools. manufactured goods
and other forms OF corporate propcr.
~ necessary for carrying on rnilood
ana industrial business in the conn
try.
MIR. Hill opened his testimony with
list OF his directorships in New
YORK and Chicago banks and in tho
Great Northern and burlington rail.
roads.
Mr.. Hill said the great Northern
ana the Northern Pacific railroads
were competitors.
When the Northern Securities
company was dissolved. he said he
received 31.0OO shares of Great
Northern and 26.0OO shares of
Northern Pacific. He now has 90
600 shares OF Great Northern and his
son. Louis w. Hill. has I3.5O0
shares, Mr.. Hin testified he was
director In the First National Bank
of st. Paul. one OF the largest banks I
in the Northwest. He disagreed |
with Mr.. untermycr's suggestion
that minority stockholders he Civ.
en- representation In directoratcs
through cumulativinS. He said that |
such system might allow compcti-
tors to secure corporations control |
by securing place on its board.
On the question of interlockinr
directors Mr.. Hin said he held that
the property of the practice rested
entirely upon thr character of the
individual man.
\ placer tin mine has been dis
covered near Funglin village, XIII
yang district, which is within the
Swatow consultr district. The sandy
bed OF n mountain stream had been
known for some time to contain
much mineral matter. II was lately
by returned mining stu
dents from abroad. and this mineral
was found to be tin II is estimated
that 40 to so catties l93 tolO6 lbs. II
of pure tin will be yielded by this
placer daily.
Even the community that needs
shaking up would draw the limo nj