The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-01
Believes Financial Trust
is Dangerous to
Country.
PRESENTS BILLS
FOR ITS CURBING
Two Minority Reports Are Sub
n1itted, One Merely Finding
Too Much Concentration of
Wealth. the Third Flatly
Disagreeing and Regret
ting False Light Shed.

Washington. February 2s.--rhres
diScrRcnt reports were prcseutcd to
the House to-day By the membcrs oil
the committee which conducted the
"moncS trustr investigation,
The majority report, sIEu.d by
Ghnirmnn PuJO nnd the six other Demo-
CRITIC members of the comrn,ttsc,
found that money trustr exists. ac-
cord'ng DO their understanding or the
term. This report names n, the nmonu
nctiFe ngenfs In bringing about the
concentration of money and credtf,o
=. r. Morgan d CO.. First Natiopa, ana
Saf1on"t City Bnnks. nud Kuhn, Loeb
co., Of New York, Lee HigElnson
and ISidder. Peabody & Co., OF HorSon.
Two bills accompanied the repori.
one foroidding the use OF the mails 10 y
stock exchanges which fail to observe
prescribed stringent regulations asE to
the conduct os their business and the
other prescribing, rigid rui.s .or Io.
conduct of national bankp their officers
and clearing house associations 10
which thoy belong
rms report is substantially in ao-
cord with the CONCLUSIONS presented
10 tho committee by Samuel Inter
nyer. counsel =.
Dangerous Concentration -
"e nrst minority report. signed by
Representatives Hayes. OF California; 4
Hcald, of Delaware, and Guornssx at
Maine. Republicans. set forth thai the
investigation 'has not disclosed the
eAistence OF any so-called money
trust but added, 1T has however,
olsciosed dangerous concentration
OF credit in New York City, and 10
some extent in Boston AMI Chicago
!. ~ nile agreeing substantially with
ia
many OF the abuses to be Included in
tne hnaneial system. the stock ea-
cnanSe and tho clearing house asso.
oiations' the undersigned have doubts
as to the wisdom of some of the RENE
ales proposed BY the majority"
,oi,a ns report further sets forth the
belief that before definitely recon-
mending any remedial Legislation. tes
tHnony should be taken covering more
,uiiy the effect of the various changes
IN the laws that have been suggested.
| Flat Disagreement.
An thdlViduol minority report filed
| =. representative McMorran. or Miol-
iSah. Republican. was a fiat, detailed
disagreement with the recommcnda.
lions and findings OF the majority.
| Whiie I believe that attention has
oeen called to grave deficiencies in
our nhahcial laws. also believe that
sinister light has been thrown over
banking practices which was not ius.
s.neu oy tue tacts that no effort has
pceh MADE to show the reasonable ana VI
! eoHmendablc explanations of these
| practices. that In many cases an I'm,
preston has been given to the conn
| try as to the character and motives ~
| leading bankers which is altorether
| Unfair sentiment has been created
SSnroushout the country against Wall
otrcef, and many OF our good citiz.ns
| do not realize what IL means that Nsr-
/ iork has become oue OF the wor,d,x
! leading money markets. and thar the
banks OF New York and thoir as.o
ciates are now able to handle large
transactions which they were unable
20 hahd'e only a few years since"
| Mr.. McMorran declared the proposed
scnemc Tor regulating stock exchanges
drastic and unwarrantcd." and that
there was mo real evil' In interloek
| ing directorates
IT would. OF course. be absurd" said
me report TO suggest that control Of
the bulk of the widely distributes
wealth of great nation can he cox
raied by any set OF men If that9js
wnat is meant by gentlemen who deny
the existence OF money trust your
committee agrees with them
Such n thing. of course. would ho ~,
possible. and It's suggestion IL r,dcr.
ious. 1t IS not. however necessary
mat group Of men shall direetly
| control the small savings In tic bang.
nor the scattered resources OF tho conn
Try In order 10 monopolizo the, great
hhanc'al transactions or 10 .be Able
10 dictate tho credits that snail he
extended or withheld from the more
important and conspicuous business
enterprises This Ills substantialIy
what has been ccAnplishcd md fair
ly represents the @sting con,iiijnn..
What Ia y hey trust.
The great bank banker with ae,
cess to the mains rinss Of the con-
centrated resources - otber ncapIs,.
money,' the report daelared. noan
handle the vast issues of securities
nov demanded by the commercial and
lnoustr'al development of tho country.
rut thc oank reFcrve system. II is
iurthcr cohtended. concentrates
large part of the funds or the smallest
banks in the only public money market
of the country. New York. where
group of men there have strengthen
cd their interests in the various bank
lng ipstitutions. The report said
If therefore by money trust
Is meant AN established and Well de-
fnod identity and community of I'm
tcrest between p few leaders ot fli,ance
which has been created, and 10 held to-
Gcther through sfcckholdIuga iutcr-
locking directorates, and ether sorms
of domination over hanks trust corr
pantes. railroads. public service and IN "a
dustnal corporations. and which bas
resulted In vest ard growing con
oentration OF the cpntroi of rnoneY
and cref 1t in the hands OF a compare 4
.tlyeiy4 irw men syour commit 1tpc, ;ss M
boforeA sscd. has nd, EST tat ! -
Ssert ~ s],e: re s WI =. lis, - ~ =
I ,tss snsy 4