Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-01-16
.SCHIFF A WITNESS |
|. IN TODAY'S PROBE
OF MONEY trust
New York Financier Is
Asked About Big
Bond Issues.
COMMITTEE TO ADJOURN
UNTIL NEXT THURSDAY
Miss Harrison, Rogers's sscre-
tary, Hiding in Canada to
Avoid Service.

WASHINGTON. Jan. 1s.-Jaeob r.
Sehiff, of Kuhn, Loeb & Co., testified
when the House money trust commit
toe resumed its session ffis afternoon.
He gave the other members Of the
firm as Mortimer 7. SchiIf, bis son:
Otto H. Kuhn. Paul n and Felix ~
Warburg and Jerome J. HananeT. He
described the method OF Issuing Sc.
curities for corporations as prarfissd
by his house. He said after his firm
had agreed to issue the securities.
syndicates were formed 70 undernrIsa
the risk assumed bx the bono house.
The object OF the syndicate Is 10
take over the securities II yon faII
TO sell them2~ asked Mr.. I5ntermver.
Yes. that's it. said Mr. schiff.
Banks and trust companies. he "a q.
were the participants IN these under
writing syndicates-
That the present concentration of
money and credit = pstentiai
menaee to the country nge as
serted before the Committee .ofsx
by George NJ. Reynolds. president 81
the Continental and Commercial Na-
tional Bank, of Chicago
Mr- Reynolds said that he knew 81
the trend toward Concentration II
money and credits and that he
thought it a dangerous thing.
j am opposed to the concentration
of any sort of power, he said. r
believe that concentration fo tia
point il has already gone Is a menace.
In saying that | do not wish to SIT
IN Judgment on the men who ho16
that power.
MI Reynolds said he was Opposed
to the principle Of i1ferlockine
directors in potentially eonpst :ae
concerns and thar he had adhered "a
that principle throughout his bank[n9
career.
Mr.. Reynolds could not ma kal ans
specific recan2 2neudafion IS Il rz.<s,.
sdyine the & neentrssIon ef sz.5x
and cret ii was sure the l37zvef !.
ton of interlocking directors II com.
peting concerns would have a good
effect In conclusion Mr. Reynolds
said he believed that @cornpefftion
was not dead" but he beliTed bank
ing would be improved by a return
TO competitive conditions
Mr.. Reynolds said he would zn-
prove Of law giving minority stock.
holders in national banks the rizhl
of representation on the board Of a.
rectors and would approve law in
cooperating clearing houses so Iona
as it did not interfere with the fred
conduct of business
Il am in favor of utmost reguIa.
ton and publicity he said.
By vote of seven to one the com.
mittee has decided that william
Rockefeller must appear for short
oral examination despite his physical
condition
Twe-honr Examination
The examination will not last more
than two hours at the most, as DR.. c.
w. Richardson. who examined Mr..
Roekefeller's throat at the behest Of
the committee. reported that the re-
peated operations on the region ..
his vocal cords had reduced him ID
such a condition that the ordinary
day session OF the committee might
cause shock to his system which
would be fatal
According to dispatches from Palm
Beach, Fla, William G. Roekefeiler
will oppose the attempt to take his
fathers testimony by all legal means
Miss Katherine Harrison. who L
being sought by agents Of the Pu3o
COMMITTEES because. Of information she
is believed to have acquired while
confidential secretary TO the Iafe
Henry H. Rogers. is in Montreal
She has written to friends in this city
that her enforced exile IS irkscns
and that she may slip into town any
day il there is the slightest chance
of eluding the investigators.
! It is reported that when she 1of.
Miss Harrison took with her certain
books and papers which the commit
tee expected William Roekefeslef -
produce. Her presence before the
committee was suggested by samuei
Untermyer. who believes she can
greatly illuminate the Rogers Rocke
feller oil-eopper- railroad transactions
She is said to be worth s., ,eoe. 600 one
| third of which is in Standard Oh
/ securities. Subpoena servers are also
seeking Miss Anna Watson. . conf
Dental employee Of William Rookie
Teller.
The framing Of a report by the
committee TO be presented to the
House during the present congress
win be delayed by the necessity fof
an ADJOURNMENT from today until
next Thursday This viii throw the
final adjournment Of the commitless
| hearings well ON toward the FIRST 81
February and viii leave about =
month for the preparation and pres
entatlon of the report. This wllI
make practically impossible remedial
! legislation in this congress. owing "a
the congestion of appropriation biiis
| hv the. end Of the session