The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1913-03-01
MONEY TRUST
EXISTS SAYS
COMMITTEE
Pujo Committee Makes Report,
Finding That a Money Trust
Is in Existence.
]. p. MORGAN & co.
MOST. ACTIVE AGENTS
New York Banks, and Kuhn,
Loeb & Go. Are Also Active
Agents of Trust.

WASHINGTON, ID. C.. Feb eS.-
Three divergent reports were pre-
sented TO the house today by the
members OF the committee which
conducted the money trust investiga-
ton. The majority report. signed by
Chairman Pujo and the six other
Democratic members OF the commit
tee. found that a money trust exists.
according to their understanding OF
the term. This report names as the
most active agents in bringing about
the concentration of money and
credit" J. =. Morgan & Co.. First
National and National City banks.
and Kuhn, Loeb 4 Co. of New York:
Lee Higginson and Kidder. Peabody
& Co. of Boston. Two bills accom-
panieS the report. one forbidding the
use of the mails TO stock exchanges
which fail 10 observe prescribed
stringent regulations as TO the con-
duct of their business, and the other
prescribing rigid rules for the con-
duct of national banks. their officers,
and clearing house associations To
which they belong. This report is
substantially in accord with the con-
clusions presented to the committee
by Samuel Untermyer. counsel.
Minority Report.
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 a dangerous concentration
OF credit in New York city. and to
some extent in Boston 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 and the clearing house asso-
Citations. the undersigned have doubts
as to the wisdom OF some OF the
remedies proposed by the majority"
This report further set forth the
belief that before definitely recon-
\ mending any remedial legislation. tes-
timony should be taken covering more
fully the effect OF the various changes
in the laws that have been suggested.
Memorran Disasrees.
An individual minority report fled
by Representative McMorrar. OF Mich
/ igan. Republican. was a fiat, detailed
! disagreement with the recommended
tionS and findings OF the majority.
! While ] believe that attention has
been called TO grave deficiencies in
our financial laws. | also believe that
2 sinister light has been thrown over
| banking practices. and that in many
cases. an impression has been given
to the country as 10 the character and
\ motiyeS of leading bankers which Is
! altogether unfair. a sentiment has
been created throughout the country
I against Wall Street and many OF our
/ good citizens do not realize what IL
means that New York has become one
! OF the worlds leading money markets.
and that the banks OF New York
I and their associates are now able TO
J handle large transactions which they
} were unable 10 handle only a few
I years since feel that every Ameri-
I can citizen should be proud OF the
| fact that We have n city where there
i is sufficient capital 10 handle these
/ enterprises. and should take pride
/ also IN the character and integrity
. -