New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-25
j. S. CONTROL PUJ0 CURE
FOR MONEY TRUST EVIL
Federal Supervision OF Wall
Street Will Be Recommend
ed. II Is lntlmated.
CHECK ON DIRECT0RATES
Untermyer Would Deny Use of
Mails and Telegraph to Ex-
changes That Refused to
Obey Regulations.
From The Tribune bureau.

Washington, Feb. 4-fegislation AFFECT
ing interloclins directoratcs and prob
ably providing for federal supervision OF
Wall Street viii be reported 70 the House
on THURSDAY or Friday as the result OF
to-day's executive session OF members OF
the Pujo money trust" committee. This
il tho intimatlon of members OF the com
nittec tonight, although the committee
voted not to make public tire exact nat
ure of its recommendations until il is re
ported to Congress.
The committees belief IN tho existence
Of a real money trust" and the deter
rn.nation to take pronounced steps to curb
It's power became apparent tonight. fol-
lowing an all day session OF the probeTs-
The legislation Tearing on federal con
trcl OF Wall Street was not teken up fol
consideration until late tonight. TINS
conference vill be continued tomorrow
\ radical bill is expected as the resu!,
OF to-day's conference Evils which The
committee believes iow from tHe So
called money trust" Will be attacked IN
the measure which Will probably be pre-
serted 70 the House on THURSDAY
Samuel Unterinyor. special attorner foi
tie Investigators. brought 10 the eXccu'
tive session massive package OF papers
containing his findings. which Will be in
Guided in the committee report 10 be as
tributcd soon.
During the day the committee reviewed
a5ost one-sixth Of NJ CntermNer re
port which recommended legislation
regulating stock exchanges through re
fusing the Use OF the mails ana inter-
state telegraph and telephone lines 70
such exchanges as tailed 20 comply WITH
prescribed regulations Difference OF
opinion was expressed ON that point and
The committee members were inclined
10 analyzc Nj. Untormyor's conclusions
c!ose,y.
On the question OF tie constitutonaihy
o. the proposed feacTai control OF Nal
Street the committee is divided. some
think that control should be vested in the
state Of New York, while Others argue
Tor strong law giving the federal gov
eminent the power to regulate the stock
exchanges Nh Crtcrmycr ITclt az
length TO-DAY on this phase Of the situa-
,.ol.
o. he question II controlling the inter-
locking diroctOratos the committee IL
nearer unanimity. II Is minated TO-
night that the bill Will Gndoubtedly con-
tain regulations 20 prevent individuals
from being member OF more than one
directorate in national banks.
The rrobors expect TO continue IN SOS
sion Tomorrow. and possibly Wcdnes-
DAY. 10 receive. further statistics bear
ing on the position Of J. T. Morgan g.
%. the First National Bank the Ma
tional City Bank ana the Guaranty and
Bankers Trust companies.
The inquiry is not likely 20 extend into
the next session. a. facts now in the
possession Of the committee are con-
s:dcreG sufficient for the framing Of
remedial measures.
The report which the committee Is
framing will be a volua nous document
and thc probers have ordered that large
number Of copies be printed for distribu-
ton Immediately after the House receives
he findings.