The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-01-26

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conceived Z generation ago Las hesa
perfected since tie 1850 panic. and
Is sr0EEzz
Thai satsr1cczIng efrersorztes-
Izx national tank examination weak
tslEinE Laws and passive public II.
Es-sss- are the principal czases
Tast the more powerful fsazacIers
ara partners and ncE competitors.
That issues are distributed undsr
an agreement zgains roachsnsr on
coapetitors' r=se-ves. IN financial ssr
rstortes established By unEritten tzTs
81 financial ethics.
H0F huge. secret profits are made
Il foztiag securities. shared in by
p-tFate investments OF bankers.
Loans OF millions o. dollars 20,
Wal street s1ecuIati ton, rEth large
part poured into New York as M
GEoast hank reserTes from tanus
ands OF cohnsry banks.
Making Of mammoth loans on e
curitses xnose value Is largely fixe6
By Ne# York stock market quota
t.ons. often manipulated.
Naming BIZ the financial powers q
directors On banks and other huge
corporations
Refusal Of clearing hoHse member
ship 70 banks ~ select eSecutir.
committee Of dominant bankers
Arbitrary establishment Of mem
bersh;p rules for clearing house rules
firing collection rates. evea Fheshal
interest Is to be paid or not paid IL
deposEtors
Power Of the clearing house POW
ersr TO close banks BIZ refusing clear
ance privileges through membel
banks
Eyasion OF the national hank 1sns
prohibiting holding Of certain classei
Of securities By forming subsi6ia
.'truss'' companies. for nationa
banks.
Lack Of federal or s.ate supervtz
Ion 81 the stock exchange.
TIE tentztfTs plan Of reform Iegis
Iation 10 be suggested By the com
n.ittse Includes:
Regulation. 81 IL possible. sbsolu.4
prohibition D. -interlocking director
ates," at least as to national Banks.
Federal or state incorporation 0
clearing houses. s-ock and other 81
changes
Prohibition q bank directors an,
oHcers from loauing 70 themselve
from bank funds.
Supervision o. bank mergers.
Prohibition Of control Of anancla
institntsons By Fctfnz trustees
Limitation o. size OF bank director
ates prohibition Of 6ummy dlrss
tors and generalization os responsible
~
Publicity os bank assets and STOCK
holders
Prohibition u banks from ornin
stock Ia other fsnsrctal irs isutions.
Psoaa5it.on Of insurance cofapaDie
troEn owning Rank stcck, Or aavsa
{ Representation On dfreeiorates an
vice ye-sa.
Publicity to stockaofders * ban
iosns
actson q sals session Of congres
ason noze u tfs proposed legtsIstio
Is proposes By the COMMITTEE
4 II. .