New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-22
WAR ON |NTERLOCK|NG
D|RECTORATES BEGINS
Insurgent House Democrats
Will Force a Vote on the
Issue To-day.
ATTACK TO BE KEPT UP
Next Currency Bill Assault Will
Be on the Large Powers
Given to Federal Re-
serve Board.

Washington. Aug. 2l.--After meeting DE-
feat on the first amendment proposed tc
the administration currency bill. the in
surgent faction in the Democratic caucus
to-day preciptated the fight over the
Puio committee recommendation agaihs'
interlocking directories among national
banks. and will force vote to-morro"
afternoon Mr. Neeley. Of kansas
member of the recent PuJo committee
made good his promise TO oner an anu
interlocking directories amendment, ano
the Insurgents lined up behind it, Chair-
man Glass will answer insurgent argu'
ment before the vote.
Representative Palmer, caucus chail
man. said tonight that there was consiu-
cradle sentiment in the caucus IN FAVOR
of prohibiting interlocking direc'ora'eS'
but he predicted that the Neeley amehu-
ment would be defeated on the erouhu
that matters Of this kind should ~
handled az separate legislation and had
no place in the currency bill
The conservatives advance the arsu-
ment that il interlocking directories are
forbidden. the prohibition should Apply ~
railroads aad large industrial corpora
tons. as well az to inks.
Representive Wingo, OF Arkansas de-
clared at the close OF the session, that II
the caucus should. vote down the inter
locking directorate prohibition amend
ment. II would furnish the Republicans
with campaign material for a charge that
the Democratic party had surrendered Ia
cleveland H. Dodge and Cyrus meteor
mick. who had made heavy Contributors
TO the Wilson campaign fund.
There was no real test of so-ca lled- III.
surCent strength at any time To-Day. pu'
all important amendments proposed were
voted down overwhelmingly. the vote 10
one case being y To lO5.
To Fight for Farmers.
Representive Ragsdale. insurgent. failed
TO put through the initial amendment
offered by the insurgents to-day but il
IL not expected that the fun strength OF
the opposition 10 the bill Will be mani
tested until the rediscounts section is
reached. IL II To this section that the
RaRsdale-Henry faction hopes to tack
an amendment providing a system Of "ag-
ricultural credit" currency
Mr.. Ragsdale to-day objected 10 Ian
guage In Section OF the bin providing
that every national bank IN the respective
regional reserve districts shall subscribe
10 the capital stock Of the federal reserve
bank for the district sum equal 10 20
per cent OF the national banks unim-
paired capital The South Carolina insur-
gent said the amendment should read
capital and surplus" The big banks Of
the money centres. he asserted, might
have a small capital and enormous sur
plus. and he demanded % per cent de-
post Of the entire amount.
a substitute intended 10 clarity tic
meaning OF the section. offered by Mr.
Borland. Of Missouri. was adopted. ana
Nj. Ragsdale was bowled out. The in
surgents protested that the rejection Of
the Raesdale amendment meant fayorit-
ism toward the larger banks. Under the
BorlapI amendment tho subscribing
banks will put into the federal reserve
banks ~ per cent Of their capital stock.
fully paid in and unimpaired.
Attack on Reserve Board.
Representatives Stanley, Medley. Henry.
Byrnes and WinGo made speeches to-day
in favor or the amendment To- prohibit
interlocking directorates. II the insur-
gents are defeated on this amendment
Trey VIII next centre their attack on the
large powers Of the Federal Reserve
lizard. and finally will reach the dis
counts section. which l. peculiarly OBJ
noxous TO the Henry adherents.
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