Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-03-01
INVESTIGATORS DECLARE J. p
MORGAN q co. ARE coNcEN.
TRATioN AGENTS.
REPUBLICAN, MINORITY
AGREES TO MAIN FINDINGS
Dangerous Concentration Of Wealth
Declared to Exist, With New York
Group Of Finaneisrs the Hub Of Fl.
naneiaI WheeI-ons Member Of Com.
nittee FlatIy Disasrsss.

Washington, March 1.-Three diver
. gent reports were presented to the
house by the members Of the commit
tee which conducted the money trus.
investigation.
The majority report, signed by
Chairman Pujo and the six other dem
cc1atic members of the committee,
found that money trust exists, ac-
cording to their understanding Of the
term. This report names as 'the most
active agents in bringing about the
concentration of money and credit" j..
P. Morgan &; Co., First National and
National City banks, and Kuhn, Loeb
& Co., of New York. Lee Higginson &
Co., and Kidder. Peabody e. Co., OF
Boston. Two bills accompanied the re-
port. one forbidding the use Of the
mails to stock exchanges which fail to
observe prescribed stringent regula-
tiors 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 asso-
Citations to which they belong. This
report is substantially presented to the
committee by Samuel Un.ermyer,
counsel.
DiseIoses Dangerous Concentration.
The first minority report, signed by
Representative Hayes of California,
Representative Head of Delaware and
Representative Guernsey of Maine. re-
putlicans. set forth that the investiga-
ton has not disclosed the existence OF
any so-calied money trust but added:
'It has, however, disclosed a danger
Gus concentration Of credit in New
York City and to some extent in Bos-
ton and Chicago"
while agreeing substantially with
the majority" said the report. ION
many of the abuses to be corrected in
the financial system, the stock ex-
changes end the clearing house asso-
Citations, the undersigned have doubhts
as 10 the wisdom of some OF the rem
edies proposed by the majority.
This report further sets forth the be-
lief that before definitely recommend
ing any remedial legislation, testlmon!
should be taken covering more fuliy
the effect of the various changes IN the
laws that have been suggeste ed.
1T manifestly is Impossible. the
report concludes, that any Of the pro-
posed legislation can be considered ps
this congress and it seems to us wise
to leave the matter of recommending
complete remedial legislation to those
who will be charged with the response
biiity of formulating and reporting
such LEGISLATION TO congress.
MeMorran Disasrses.
An individual minority report hlea
by Representative McMorran, ot MICH
i1an, republican, was fiat, o.
tailed disagreement with the recon-
mendations and findings of the ma
jority.
while I believe that attention has
been called to grave deficiencies IN our
financial laws, also believe that
Sinister light has been thrown over
banking practices which was not ousu-
fled by the facts: that no EFFORT mas
been made to show the reasonable ana
commemorative explanations OF these
practices, and that in many cases an
impression has been given to the coun-
try as to the character and motives OF
leading bankers which is altogether
unfair.
"A sentiment has been created thru
out the country against Wall street
and many of our good citizens DO not
realize what it means that New YORK
has become one Of the worlds leading
money markets. and that the banks OF
New York and their associates now are
able to handle large transactions whicn
they were unable to handle only Few
years since.
q feel that every American citizen
should be proud Of the fact that we
have city where there is sufficien.
capital TO handle these enterprises ana
should take pride also in the character
and integrity of the men who are at the
head of its financial institutions.
Mr.. McMorran declared the proposed
scheme of regulating stock exchanges
drastic and unwarranted' and tnae
there was mo real evil" in interlockins
directorates.