The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-13
OWEN BILL AMAZES
OLD TIME DEMOCRAT
John q. Milburn Tells Senate
Committee His View OF
Exchange Plan.
HEARINGS COME TO CLOSE
Measure Has Few Friends. and
Favorable Report Is
Much in Doubt.
HEARINGS COME TO CLOSE

WAsHiSGroN, Feb. ie-The senate
Committee on Banking and Currency con-
cluded its hearings to-day on the owen
bill providing Tor the regulation OF stock
exchanges through the medium OF the
Postmaster-General's supervision OF the
mails. John G. Mi.burn, counsel for the
New York Stock Exchange, completed his
summing mp OF the objections TO the bill
and Samuel Untermyer. who assisted in
framing the measure, followed in support
Of H.
The Owen bills chances OF receiving a
favorable report from the committee are
not very good. From the questions ad
dressed 20 the witnesses befor. the COM
mittee II Is evident that Senators Hitch
cock OF Nebraska and Hollis OF New
Hampshire doubt both the constitutional
lily and the efficiency of the owen bill.
These TWO Democrats voting with thu
Republican minority could prevent Il faV-
orabe report
OF the Republicans Senators Brstow
and Nelson seem favorab Bile toward some
form of Federal regulation OF stock eX-
change transactions. Neither is satisfied
that the method OF regulation through the
Post Once Department is desirable. The
only members OF the committee known TO
favor the bill In its present form or with
notifications only shading the meaning of
certain sections are Chairman owen ana
Senators Fomcrenc OF ohio and Sha'Ioth
of Colorado
Senator Reed of Missouri. n Democrat.
has not attended any meeting OF the
committee while the owen bill has been
under consideration. He has been in
Washington all the time and his absence
has been remarked and in some quarters
believed to indicate opposition. Senator
4 -. II.
has been absent from Washington since
before the hearings began. He will not
return before the committee decides one
way or the other on its report Senator
Weeks Of Massachusetts and Senator Nc
Lean OF Connecticut. both Republicans
are opposed 10 the bill,
The principal objection raised to-day by
Mr.. Milburn was aimed AT the provision
OF the hill which gives to the Postmaster
General permission to make thorough eN-
animation of the books OF members Of the
exchanges
According to my old IL shioned demo
cracy," said Mr., Milburn. ''it seems to me
that the Congress is wandering into dan
gerous realms when II seeks TO substitute
for the right of the individual to
defend himself through the courts laws
piled on laws and statutes without end
which seem to place the Government in
the paternalstic attitude toward every
powers of personal initiative on the part
Of a citizen to seek redress
1T is somewhat astonishing tn INC,
who have been Democrat all my life
to tind this tendency toward adding 10
the powers Of centralized government de.
veloping right in the midst OF what |
have been pleased always to cons, der my
own party"
ct almost makes one feel that there never
Was such person Oh, Thomas jet
fcrsou does II not Mr.. Milburno' asked
senator Hitchcock
THAT Is indeed true" replied MIR Nh
burn And senator Nelson INTERRUPTED
1T IL very gratifying indeed. Mr. Mil
burn, to get AN acknoW iedg,nent from AN
old fashioned Democrat like yourself that
YOUR party also has "a lot OF Bull Moosers
IN ITS ranks"
Mr., Milburr laughed heartily, and said
that he would have to acknowledge that
indictment. but that he was glad Senator
Nelson had relieved him OF putting II in
words.
Mr.. Mlburn's position with regard to
projected legislation tending to regulate
stock exchanges Ia that an inhibition upou
the circulation OF quotations OF the stock
exchanges through the mails with post
master as the sole Judge of what shall
or shall not 80 pass was attacking alleged
evils IN the wrong way. lie said the
stock Exchange would feel that none OF
Us constitutional rights were invaded II
the transmission through the mails of
fraudulent quotations were made "A mis-
dcmeanor or felony and the individual