Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1913-03-04
COMMITTEE FINDS
MONEY TRUST EXISTS
INVESTIGATION BY HOUSE OF
coUNTRY'S FINANCES Is RE-
.... PORTED ~ PUJo.
MINORITY REPORTS.
Republican Members Of Commission
Dissent From Majority and
Oppose Latter's Views; Two
Bills are Offered.

Washington, D. c.. March THREE
divergent reports were presented te
the house by the members Of the
committee which conducted the mon
ey trust investigation.
The majority report, signed by the
chairman and the six other demo
cratic members Of the committee
found that a money trust exists. &C
cording to understanding of the term
This report names as "the most &C
tive agents in bringing about the con
centration of money and credit" j.
P. Morgan & Co., First National and
National City banks and Kuhn, Loeb
& Co., of New York, Lee Higginson
and Kidder Peabody & Co. Of Boston
Two bills accompanied the report,
one forbidding the use Of the mails
to stock exchanges which fail to OBJ
serve prescribed stringent regula.
lions as to the conduct Of their bust.
ness and the other prescribing rigid
rules for the conduct Of national
banks, their officers and clearing
house associations to which they be-
long. This report is substantially In
accord with the conclusions present
ed to the committee by Samuel I'm
termeyer, counsel.
The first minority report, signed by
Representatives Hayes of California,
Head of Delaware and Guernsey OF
Maine, republicans, sets forth that
the investigation has not disclosed
the existence of any so-called money
trust but added 1T has, however,
disclosed dangerous concentration
of credit in New York, and to some
extent in Boston and Chicago.
while agreed substantially with
the majority" said the report, ION
many of the abuses to be corrected
in the financial system, the stock ex-
changes and the clearing house as
sociations, the undersigned have
doubts as to the wisdom Of some OF
the remedies proposed by the major
ity."
This report further set forth the
belief that before definitely recon-
mending any remedial legislation,
testimony should be taken covering
more fully the effect of the various
changes in the laws that have been
suggested 49,.
at is manifestly impossible" the
report concludes, chat any of the
proposed legislation can be consider
ed by this congress and it seems
thus wise to leave the matter of rec
ommendation of complete remedial
legislation to those who will be
charged with the responsibility Of
formulating and reporting such leg
islation to congress"
An Individual Report.
An individual minority report, filed
by Representative McMorran, of Mich
igan, republican, was a fiat, detailed
with the recommends
tions and findings of the minority.
While I believe that attention has
been called to grave deficiencies in our
financial laws, l also believe that a
sinister light has been thrown over
banking practices, which was not
justified by the facts; that no effort
has been made to show the reasonable
and comm endable explanations of these
practices, and that in many cases an
has been given to the
as to the character and mo-
tives of the leading bankers, which is
altogether unfair A sentiment has
been created throughout the country
against Wall street, and many OF our
good citizens do not realize what 1t
means that New York has become one
Of the worlds leading money markets.
and that the banks Of New York and
heir associates are now able to handle
large transactions, which they were
unable to handle only a few years
since. feel that every American citi-
zen should be proud of the fact that
we have city where there is suffl-
Gent capital to handle these enter
orises, and should take pride also in
he character and integrity Of the men
who are at the head of it's financial in
;titutions."
Mr.. McMorran declared the proposed
scheme of regulating stock exchanges
drastic and unwarranted," and that
here was mo real evil" in interlocking