| Show FIVE MEN IN CONTROL Of OF Money Tl Trust st Committee Hears Heals Testimony Con Concerning Conc Concentration of Money and Credit in Two Companies Con WASHINGTON Dee 10 The Tue The vy first h t testimony ny as us to fl concentration concentration concen concen- of or mono and credit was heard today tOllay by the House hankin banking and an currency committee in its investigation tion of the so- so called so-called mone money trust W v. v B. B Frew Frow president ent of thee the Corn Exchange bank of New York and mid chairman of tho the New York clearinghouse clearinghouse clearing dealing house committee occupied the stand throughout th the lay day and was put through thi-ough a grilling examination h by Samuel el counsel for the comm committee it I cc Tb Through rough Mr ill Frew Mr meyer ct-meyer put into the record evidence of trust agreements by which j five jc c men control con con- trot two of or New Y l' Yorks York's S 'S greatest financial institutions the Bankers Trust company and aud the Guaranty I Trust company with n aggregate d de deposit le- le posits posit of nearly The Tue Bankers Trust Mr Il Frew said was controlled by II I. I P. P Davison George B. B Case and alid Daniel G. G Reid and the Guaranty company by H. H P. P Davison George F. F Baker and William P. P Porter These men hol hold and nd vote otc the thc stock of the companies except enough to al allow allow al- al low a a. board of directors to luaU qualify and under the trust h have authority over o the affairs of of the tho companies com corn com panics even to the acquisition of t other otherl l institutions nn n no r rr O. I-O. Mr ir Mr r. r er secured roni 1 Frew a description dc of the d by whIch money was waa attracted to Now ow Y York rk When small c merchants s sand and farmers armors demand funds for the movement movement- C of of JS or or lr af affair lr Fiew Ml said that tho thom money n was as nc d d on on th the New ew York Yot stock exchange ex-chans-a for or s' s speculative specula I ecula-I tive We purposes s that coun country tr banks kept largo large sums Burns on deposits In New ew York that thus the homo home d demand maUll for money became strong tron the Now V York j for money rose and the New NewYork ew York banks In order to gain the big big- Interest charges l put ut their mone money out outon outon outon on call loans Jonns on the Now York sto stock k exchange All An these lo loans ns arc aro based on stock o exchange chanSo collateral rul Mr Ir Un Unter Unter- ter- ter meyer elicited Mr Mi h and anti tho the witness did not get nl along ng- ng well together tog today andaU andall and andall all aU day ar tho the colloquy between the two repeatedly heated Mr Frew IrewIn In insisted l upon making long explanations explanations which led lell the tho discussion from the tho line hue of questioning Mr Ill was wan purl pursuing When hen Mr endeavored ored to attribute the enormous I growth lowth of oC the Bankers Bankers' Trust Trus t company compan to the Influence of J. J P. P Morgan Iorg Co Coo Mr lr Frew objected and the law lawyer er grew bitter He Ho finally pinned the witness down tl ti to tho the admission that tho the Morgan dorgan Influence might ha havo o aided the company compan Mr connected essl Dai Davison Ison Case end and Porter with the tho Morgan company compan Co ml nuns i Lake Mr Jre Frew demanded tho the opportunity to make certain explanations as to his position in regard to the clearing house New York banks pro provision Islon ew must charS charge n a uniform rate ratO for tho tIm collection collection col coT lection of town out checks diecks Mr Un- Un said the clearing house might I just as well prescribe a uniform rato rate of interest in deposits as is done under the rules o of tho Salt SnIt Lake Lako clearing h house ou Mr Ir 1 Frew rew said fald this should bo be stopped but defended th tim J out out-of- town collection rate rato rule Tho committee ordered Mr FIo Prow to submit his Imis request In writing and probably probably n ably y he will bo lo allowed allow ll to resume the stand tomorrow to make a further statement i Tomorrow the committee will take talo up UI till HIM Now York stock c exchange and of or that organization I b J be asked to testify |
