New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-05
Seeks to RuSsianizc This
Country, Senator Hitch
cock Says.
UNTERMYER ENGAGES
IN NUMEROUS CLASHES
Control of Listing of Stocks,
Senator Nelson Asserts, Is
Real Solution.
From The Tribune Bureau.


Washington. Feb. 4.-Frcquent verbal
clashes between Senators Weeks and
Hitchcock and Samuel Untermyer marked
the hearing begun by the Senate Banking
and Currency Committee to-day on inc
owen bill prohibiting the use of the mails
telephone and telegraph lines for the FUR
thorance of fraudulent stock exchange
transactions.
James Il. Mabon. president OF the New
York stock Exchange; II. *. Pomeroy'
former president: J. 6. Milburn, counsel
and W g. Van Antwerp. member OF 'ne
board of governors. we're present at Inc
hearing and will he given an opportunity
10 testify tomorrow
The manipulation of California Petro-
leum was cited by Mr. Untermyer IN MUS
trating the methods by which matched
sales arc rosorted to for the purpose OF
displaying a fictitious activity IN the
stock 10 tempt the general public. Sen
ator Weeks questioned the soundncss of
the witnesses deductions. asserting that
/ they did not apply generally to stock ex-
change transactions.
The witness testified that it was not the
purpose Of the bill to stop speculation
and that he, for ono. would not stop 1t Ii
he could.
| Its a good thing" he said, IF IL is
genuine speculation. It's the pretence oil
! speculation by means Of matched sales
that this bill is intended to prevent.
Evidently" intcrjected Senator Nelson
when the question Of the morality o.
stock manipulation by this means was
under discussion. the law Of Moses
does not prevail in Wall Street
! Mr. Untcrmyer evoked further protests
/ from members of the committee when he
entered upon an oxhortation asking them
TO disregard the attitude OF the press,
particularly Of the metropolitan press,
| toward the proposed measure.
The pre- S." asserted the witness. rs
/ Jealous Of the extension Of postoffice priv
ilegcs. fearing that a point may be
reached wlere libellous matter will not
! be allowed to come into the mails. Since
the decision of the Supreme Court in the
Lewis case the newspapers fear OF legis-
laton regulating the use Of the mails has
become very intense
stop right there" said Senator Hitch
cock, who is a newspaper publisher and
owner There is strong prejudice
against placing i'm the hands of the
Postmaster Genera. or any one else
the power of censorship over news.
No one wants to establish in the
! United States a censorship of the
press such as they have in Russia.
This bill, which attempts TO Russianze
America. strikes at the freedom of the
the press. II means that IL ] ask a re-
porter i'm New York TO send me the quo
tations OF fifty selected stocks at any
time they cannot be sent unless the Post
master General is convinced that the
stocks are in the Sunday school class
Despite the opposition 10 the Owen bill
il is probable that some kind Of measure
Of this type designed to regulate business
on the stock exchange will be reported by
the committee.
Senator Nelson attacked the bill as not
sufficiently drastic. You do not set at
the root OF the evil" he said 81 think it
is in the listing OF stocks. That is what
YOU should seek to control. That Is the
great power of these cXchanges-the
power 10 place wildcat stocks on their
lists"