Newspaper Page Text
\ou LXXII..N0 2C212.
for |n-da>, rlomlv und colder.
I'nr ln-ninrrn?. un-i-M led ?nil ?Indi
NEW-YORK, SATURDAY. MARCH 1, 1913. -EIGHTEEN PAGES. * ? PRICE OXK i'XST'-^'i?ZJi?iXTZWZ?r?*
Sir Edward Grey's Reply to
Secretary Knox VirtuaHy
Against Free Tolls.
DEFTLY ELUDES ARGUMENT
Insists There Are Grounds for
Arbitration and That It Should
Precede Occurrence of Any
Actual Friction Be?
tween the Countries.
?Frorr. The Tribun? Bureai:
Washington, Feb. 28.-The reply of
the British Foreign Office i?> the last
? ommunication of Secretar] Knox re
aardlng the F'anama Canal tolls "a*
placed tn the hand? <->f th< >? ?? 1er] of
State to-day by th- British Amba
<1o?. It? text will be n,.-(.it ?:., on
Incrntary Knox. although gr*tilled by
he courtesy which prompted the iub
?mssion of Sir Edward Ore; '? reply be?
fog the expiration of this administra
? n b nsrappotnted because the Bru?
sh minister begins hit communication
\\ ith the assertion that there eras in?
sufficient tinu- before llarch 4 to pie
i ere a full reph to all Ihe point? re -? I
by the Amolli en Secretarj of State.
While publication <>i the teal \t de
f-'-rred. The Tribune correspondent le
permitted t.. five en authoritative out
? . of the ? Otttmunl
Emphatic exception it i ik< n to III.
i\M>x'. contention thai there - el thit
n ? no (round foi arbitr?t! in, N -
>au?c in homely phrase Orea Britain
- i r> me before sht li hurt - Ed?
ward Gray submlti thai It li whollj
foreign to th< - ? ? > ? of
iration lo r- ii .1 whi h
It * richte h? ?? ?
v ail th- i ommis?ioi ?
? act in M''
some act invo Ins; ai njui
?? '? appealing to ail
The British To:
i>- states that :? gal i#n
? 11 .>f the Am? . ? rel irj ol
? ? ? tl it 1 ould ? ? ? n< ?
to wail until toil? had been a< 1 -
us Hi levied on 1 British ? ? foi e
1 e held ?? he ? ?
? In ?.11. all o ? ,...,
. some ii 1 Itatioi 1 ia< I
m nd of 1 he 9< ? ?
R?iterate? British Conception
I dismiss? u ' hia ? ontent Ion. Bli
1 ,<r*rerd 1 '.'?-? !>f> ? ? hi to relterati
? though ii- r fen to
? 01 ? ? Ion 0 hii m ? st) - goi
? rnment that the aci ol Congre? ck ?
daring that n'> tolls shall "? imposed
m veseeh engaged In the American
roast wise trn<j?- constitutes a violation
? >f i; ? ? h? ??? it? noi ;ift' 1 ted by
the specific manner in which the Preal
?lent rn.'i; in his discretion and on some
psrtlcvlaf orraslon. exercise the power
(onferrtjd en htm. It is further pointed
tut Us?t although Mr. Knox laid par?
ticular emphaale "ti dl* t*f"n
rented m the President, th< Excantive
in seated with no discretion whatever
te suspend or to modtf) the exemption
af gase?is engaged In the coaetwisc
trade which ih pioocrlbed b Congress
(?reatjy to the surprise el the Be? re?
tary Of Ktat*. his suggestion <>f .1 com?
mission la <l< termine the facts, either
'.nder fhe nt-neral arbitiatinn ??? I
not ] st ratified or independently ap?
pointed kg accordance with ihe pro
Melon* of that conviction, ifi gently r>i,i
firm!> rejected, Mr fMward Grey
pomtlns out that hi? majesty's ?m -
frnmenl regards tue treaty of 1!*is
the arbitration treaty now in forre ns
lulte sufficient to <-0\er any desired
method of arbitration, and that Its pro?
visions may be ?airleij (J,t in whatever
manner might prove of greatest con
>enience to the two goveramentn
Then he somewhat nalvelj adds that,
? nn'lnn-rl on ?erond n?f>. tlilrd rolumn.
This Morning's News.
LOCAL. Page !
V?rslon? 0/ labway "Hold-up". 1
Bulagf Geael Sf Realty Men. ?
P/itSM Nai rewlg l>capea Wrerk. ?
''"??cessions End Harment Ftrike. 3
'"?dminn CUnie Monday. 6
Btovee WouM] Let \utos on Speedway 6
Kirk.? ?nit Burglars Wife Caught.. s
wild chase Aft?- Broax Burglar... 8
Wanting of Carnegie Described. 8
??amblers Gone, Baya Walde.18?
Sauretania Brings in I,t2l. 7
Produce Mes iisrht BtJlwell Bill.is
Mrs Vanuergllt for Women Pelles...Ml
Mae Iriday Indicted.IS !
Blaep ni gcaeol ' is
Mr Tr.ft on the T'hillpplt.??!?.X
P ?? Committee's fteport. 1
England stands i: '?u/ai Pretest.... I
ti'lce-Preeldent-eleei In Washington.. 1
vm:t ix-ud m Omaha Pire. a
Two Battleships Voted bj Beaate 2
llsrh Thaw A^etii. Bays Hoffman .3
Taft \>to-v Uqnor Bill . ej
lahwr Mgas School r-tin. 5
'"nited Btettes Frees Mexican Prlsaasn S
1 ?uz Ceagratnlatea Huerta. 6
Beitrag? "Army" Eaters Washington 1
? >*tro Uninvited to Waahlagtpa... 9
ssal of Turkish War Near. |,
N>w? for \\'omen. 71
Mitorial . g
?"0(icty . a
?blt;iary . 9
r.Hersrv ST?WI and C|itlclem..M atid 11 j
Army and Iffavy.11 j
^port? .?. 12
?'hurrh and RellgleUS New-. 13
Weather . 13
Financial and Market!_14, 13 and IS
Real Kaute .Il and 17 '
I . ~
Appeals to His Successor to Carry on Faith?
fully the Present Policy Toward
the Philippine Islands.
MUST FORGET ALL PARTY BIAS
In Special Article for I he Tribune He Give? Strong
Arguments Against the Plan of "Unwise Advocates"
Who Seek Early Independence of the
"Little Brown Brother."
The Tribune presents this morning a special article by President
; Tait, in which he gives his reasons why the United States should
I retain it?, control over the Philippine Island?, and "voices one more
warning against the unwise and ill-considered policy of those who
?advocate etrly "Philippine independence.' "
president WM.i ; \ ti ii r.\n
Who trii- Thf Trili c w}\ th< Philippin? arc nol read* ?or
BY THE PRESIDENT.
A' a i m< when mj fellow citizens
Baust accept nr artjumei i frei from
pan ?an bias awl d<.i of pol
> onalderat ion but whll I ma ?till ad?
? lipsp them from the powerful van1 ? -<
point of ih? Whit? House, i ;<in alad 'o
make on? mot ? a ppi a] f"> ' Ihe IIttI?
brown brother' In the Philippine?, lo
\oi'r on** more warning again?! 1>i" in?
? ;?. and 111 conaidered policy of thof-p
who mi oca ? Philippine Ind??
Ko one. la more solicltoua for thi ulti?
mat?* attainment of aelf-govemmenl by
1h<? Flllpinoa than l bul no onr> r?n\v/.f*
mor'- 'l^arK ih.in i thai Independence
of thf- Philipptnaa prematurely franted
will mean Inevitably the enalavemenl
of the Filipino The father who ?rant?)
Independence of r,a">^,fil control to hi?
adolescent ?on and permits htm '<>
?grander bla heritage before he baa|
reached mai * guilty of no
greater f?.'i and . usl k e to hla off?
api ng pie of ili^
i nit? d Bta ? ? ? ? ? ? to yield to I ?
? la mor of tl ;?? ?>:?'?? ,?n'i to
Kran i i" th? m ai d? 11 nOV i ? ? ihey
know not H"r\ to.excr? ?? not lo
guard, and oi a hlH. on be
robbed as anrel ai would th<.ith to
- | om truste? I nd< .r ndent
administr?t Ion of hi? own fortune,
m la no mor? po? nil le l.ntemi ? ??
the proposition in grant Independence
tr ihc Philippine! no* 01 at an; ?pectfl?
fui m e dat? wit bout ? m pi loi that ???
r? to eaca ? ? ponslbillU
constitute! a large i^rt <>f th?- im
pelling motive than It la to contemplate
the conduct r<r ? father v.bn Imposes
like r< iponslbillt on an Immature ??>n
w Ithout equal distrust
??'rom ;? er? fi i ?tudv of and i lose In?
< nntiiiu??! un ?fill pup*. Ifinnil loliimn
JAMES M'CREA VERY ILL
Worry Over Retirement Aggrs
vates Kidney Trouble.
? By Telegraph te T'-,? Tribuna
Philsdstphla, Ftb. 28 -Jamas M<
ere?. sx?prisldsnl of the Peimsylvanl
'Railroad Company? in grossly 111 at hi
borne m Ardmoro. Mr. McCreg Is i A
fering fr .n kidney trouble, nmi hi
condition la such Hint the ep? .?li^t
who h;i\p examin"d him have 1??
forced to a<imit thai hi? condition :
Frifii'is of Hi" former Pennsylvanli
official say here thai Inn retirement ai
the ii"!i,i oi the companj Is the thin;
thai i* practical.!? hilling him. Tin:
(Set la ao well known among h la Intt
mates, It is aaM, that they ??r< trying t<
.in everything in their power t<> ch?eei
him up and hav< hirn f"ifj?t hla WOT?
COLLEGE MAN A SUICIDE
M. Vilas, of New York, Feared
He Would Become an Idiot.
Lebanon, N. h . Pah 28, Despondeni
because of poor health, Maynard Vilas,
twenty?elgbt years old, mhi ?>f ?hit!!'??
x. vilas, a Now y?ti< hot? i owner, com?
mittt.l kuI? Kie to <l;iN" bj Jumping into
ilio Mascotas Rivsr in slKht of hun
dredS of mill operative? His body WSS
vilas came hers i??-da\ from Newton,
Mass., wher^ he had r>**?n Undergoing
treatment at <? sanatorium i?'- h ft ,i
**Dsar father: This is the and. Doc?
i??r says no hops. Will i>?- total idiot"
vilas formerly wai a sto?den< .it
Dai .mouth ( 'oiieqc.
MAY CLOSE MACKAY ESTATE
Large Force of Employes at
Harbor Hills Dismissed.
More than two hundrsd and *1fi> em?
ployes hsve beer dlsmla <??<] from Mar?
hor Hills, Ihe estste of Claren H. I
Mackay, near Roslyn, Iamir Islsnd. a?>
cording 'o people In Roslyn whs are In l
;, position to know. Inquir? ;?? thai
estate however, brought forth neither!
irerMcation nor denial of the report.)
Man* of the men dlschsrged have told j
the story ,,f their dismissal In the ell? '
it is reportad In (tos?; n that ine demi
?u trust In which Mrs. Katherine Mac?
kay relinquished ,irr dower righi i<
Harbor Hills end the dismissal >>' sol
large s fon e of wo? (men. i"'-t ?i the
season when H n ? ml ressonahl? bel
expected addltiona1 men would ??? n ?
gaged to pi? pars the show piar for the
?-1.i? i11k and summer, Indk atas the astute
i- to be closed.
SQUIRRELS FIRE A CHURCH
Chew Electric Wire Insulation
and Loss Is $30.000.
B] Tel? grapl "? I h? Tut. ii ?
Boston, Peb. t?. Fin destroyed 8t
Joseph's Catholic Church, at the <?<>r,i?*r
?if Highland avenue ,urd .May street.
Saedbsm, early lo??daj*, oauelng a loas
,i v.o.ooo. Nothing hut tottsrmg walls
The flrs ?* ssld t" hive bssn ?lue
to s,iiiirr?-iu and electric ?Airep. Ac?
cording to i *;ith' r Donshj. squirrels fra?
quent th" basement ol the church. He I
thinks, ;?' i the fire department share.
m his belief, thai th? squlrrsta ehswsd]
on the insul.ition until the wtrei were
nare, causing a short rirrtilt. '
Maintains Shonts Asked Price
on Manhattan Stock?"Sug?
gested Trade" Filled Him
STARTS ON PLEASURE TRIPi
P. S. C. Advertises Hearing on
: Certificate Transferred to In
Contracts Set Down
??'ut?' .1 Gould president of
the Manhattan Railway Company, and'
I i odore P Bbonta, pn ildenl ol the j
! Interborougfa Rapid Transit Company.
I made public yesterdaj theli versions of j
. ? ? ? up to the auggeailoi thai i
Gould holdings ol Manhattan ito? ?% be
'purchased for III order that t
onset ? the i imp tnj might in- oh- ,
' ?' ". i< ih i If] ate for third tra? h- ,
| Ing the elevi i .: liner,
Th? ? ci oui ti do not reihet
1 ' - Tha of Prt aid) Shoni
lined In a lettet : i him >????> ;
''??:?? 11 to .!? hn D. Rock? fell r..
represet ting ,???- lolding ol tm
Istocl ?? timaU i st 11,004 lian
explinat! in ol Mr. i lould s git
a etiei em bj him t" the Publi? -
i . : ? 'i ilssion yesterd
li ? oi 'i sp . ..i from tin I
i Mr Kl- k< f. II. thai ? ht u '! i. ?
p sonal ... ? for Mi
. ?? Itt '? tbi . ? si s ? .. Il of
? bu the Gou .tit.
-??. ;.. .1 ?? [o ? ,v Co
? t ? ' '.-?? they would 04 ? llllngj to '?
??? ?> the ' ?o ild ???? w h<
! i i ? <l Mi
si.t? ' ent to Mi '.:
Goijid on Pleasure Trip,
no indtcstioi ; ni ?.
rt of Mr. Gould thai
lllil ??:???? ?
? Ition to tl ?? \
ter of feet ? ..? ? ingle
? ' | ???-!? 1 ID
ih sctlo ' Interi ?
Isome i igo i?. ? 1th a
:. ? West las
:. . I
I ? ? ? trip to
f'ansl Hi I r< in
', . i?
I].I ..? .. t full au
? ? ? with tl.' ?? i-. ? ?<vjth
' for . let I 'in . ? dtff*r< : '
!i.-><! I i""i "iv?i> lo Mil d Skin
. . '. .1 leffrey, th? ?
? .Ml | in ol
mitin thor ? 'ii- |
i tb< mean time th? ? ? iffi? ? ?
sre - '? | all id with thi rogi imma
I laid dornt The Publli Bervk* Com
? ? ?... ret ' ? i the cert ill?
? at- foi third trm king, ^ hang? I
b] counsel n> i m t<> ?Ik- Interborough
? ? to th? Msnh ittan. The id i
? -. in. . ? ..f ? hear ng on th? ? ? tifl? te
for th legal p* ? ? - >? i ol two w?s? ka ?
? . , ordVrcd and w don n I i 10
a m "'i si ?!. ? Man I IJi The plan
- t.. i poro i ic- contract! foi opera
Hot and se ilpmenl ind tl.ill sts
f..: cgtei i to th? ' " ? ?I'd
'I ? da; Tl.II ': n !??
th< Board el i ! tlmat a
. opt? : ..? the srloua opinions eni :..
bin by Mr, ( hadboun Including m
gestions for a modifl ation of tne i ? r
Itfl? ate 'lid i ? opi of Ihe mlnutea of
the Manhattan board foi r bruni 13,
the da-- the ? ertlfhal ? ? rejected
.( n? t.,
Rockefeller Letter Reca'led.
Attei Mr fthonti h id wen th?
nunt of M . Gould's case as contained
mi his letter t" th? Public ser- 11 < !om
mission he said
"In repl] i will make public h l?ett<t*?
i s-nt m John D Rockefeller, tr. >ne |
of the large owners of Manhattan, who!
familiar vitn the negotiations to
the same extent as Mr. Gould mid who
in ? onn? i tlon s Itb Mr. ? lould liad
shaped the p"''<: which we carried "it
?1 Mt Bkitt'a request
Thi<? letter gnawers all the essential j
features of Mr. Gould's statement, as
I cepi thai si no time bas any suggea*
tion sver been made ;" me i.-. .vr.
1 Gould thai the Manhal n tvo ild re
| quire increased rental or anything
!. i-. .?;, ,i . oni iu'i.iti"n for appro* ?ng
the ? ontraets."
in hi? opening paragraph Mr. Bhontej
declares Mr. Rockefellet had told blm i
that nut only did the negotiations for
the third tracking certificate meel wltb
his approval, bul also with thai of Mr,
Gould He said:
? in , i, \ of the statements made by
nv t., yourself thai the circumstances
<pf t'n.' negotiations between tit*- later?
borough ccenpan) and the cltj authori?
ties re.spei ting llie completion of the
third Inch apon '"r Maushattnn sie.
rated system had from time t>. tlm?
been fullj dlaeloeed i" you by Mr.
sititt. the \ i' e-presldenl of your ? ?-?tu?
pan', ??mi likewise by Mr. Gould, the
preeasenl <>f thai ccenpan: . that these
negotiations had met with yOUT and
ins approyal, and thai as representing
I large atare?is In the Manhattan prop*
,.rty yon felt that in gfOtO? tien of that
property as well tf hi feed faith von
\Mi, (omgetttad toward inking want*
ever steps were proper to r.nder tho
imigUged plan fog rapid transit im
prov?Bn?ent effective, i Bed it due to you
that I Should ?"tato the exact facts in
conn? t'on With the refusal Of the Man?
hattan hoard to accept the third Hark?
ing ?ettifUat? or to consent to other
Mentioned on third pa*e, f?mrlh ?olumn.
VICE-PRESIDENT-ELECT AND MRS. MARSHALL.
Photographed on their arrival in Washington.
MARSHALL AT CAPITAL
Silent as to Cabinet?"Bets Women Will Get
.Suffrage if Thev Want It?Declares
Himself a "Fan. '
v\ ,i. hing o? Fe *> The Vic
Pr< i id? R M irsl ?
ot Indiana, arrl cd In Washtogtou '''
Man <t>'i t(M
; ? ? no as partment at tl
Bhoreham sphere he r\-in probably liv
during i t four i eat i tie wi
? .11ml smoking ? gai and readin
nrhi n rhe Tribun? r^rr?
? . ailed o i hu?"1 i his e^ ? ning.
Altho *t) silenl on th<
? s bine ppsalblllti? . proi osed |
lion for ihs ? : i clal *< sslon a tid oth?
subjects whl h he thought ahould h
l< ft im r lucldutlon - Pr? aident -elec
IVII ??' Mr 'lai? ha i talk? ?i abou
? omai rfrag? tl g ilf, th
F'rcaid? i g t ? go to the < ?
he wishes, t ? gati? el nite<
. . . . . .
,, |: ? alth ? oni
? The ' blnct " th? i s adm nistrs
t i ? -ri ? mnething ! ?.???.'?i no? preaumi
;?? ? ' h i ?? ?? reel. thai
thai li ao elj Mr. ^\ llson'i bui In?
Mr Ai,- hall aaio that ahile h?' wu
:?v ;>i of tl ? ? ?'??!* I't, --id, ni -
>?!,?< ? \\ iison'g i 'abln? I he pn fcrr? d nol
to -i c .'?! Intimation regarding Mr,
v. Haon' i sel? et Ions He added that h,
that thi Prwideni? ??i*^?
? ontemplat? d I ? ? . him m?*el with his
? abii t, but that It Mr Wilson d.;
!???. if < oum . . Id do ? o
i hall do ?? hate*er Mr A lb an
> ,, i. t, mi.! lor ' >'. in d
Mr. Marshall We are In perfeM ac?
cord snd have reached i thorough un?
i ? i ig on lubjeei political."
Mi Wilson, of course, has h|i pul?
? ? mapped <>,:' >?n<i has :i" Un ?? r?
standtns >.* ? 11? the leaders, bul II i no!
for tin to die? m ? the subjei t." he said.
NXtliei would Mr. Marshall ssprers
ans opli.i of thi controveraj beta ?'U
th? i iiiied states and Great Britain >n
I reggrd to fr.lia for coastwise c
; -? la of the United Statt - 11 ispt to *??
! that be belli red tl at tn aties sho i
: ba obasrvcd to the letter,
Th<- Vlee-Pre?Went?elecl i? very c'
? laut ot ?> lating oh the nonif
suffrage quest on, because be aaj i
I th? worn h w.u.* ?i, s u pi\ <? it
them." But his opinion Is thai ;? in.
lorlu of th? women are against 'I
it< :?? ? i g .? them ?? chance i
"You an bet that If the a omen t
this ?? "ant suffrai
1 8<d it." be aaid "If 1 had the prol
Inn to aolve I v? "tdd put it ui? to th
v otn, i themselvi ? ? I let t . d? Id?
..?? tiny would settle it anyway II
n ijorlty of them are in avorol votlni
i have seen estimates however, shoa
Ing i hat '"' i er i ent ? men ar
??' iu(Trage, and ! have been t?*)i
bj ,i ::? ? >t many ?> omi i thai '
t would mean that tin- Mould hav?
Id? i , to 1st I an
aubje? ; and the men ke< p out of It.'
Mr. Mar hail give promise ?t beim
'h north} s?ccssfoi of the late Vice
president Sherman >? ? * ?-.'i ? i ?. ? ? i ? Tan,'
mi hr saya the national game Is tha
onl) aport he really likes. He said h?
would be a ilthful n oter if ? lark
Griffith ' Interesting esttl ?
bitlon and ,!" n? ' ">v""i ' '!'" ball. In?
cidentallj "i oo ? Mr. Marshall tot ?
for what Bi odgrass did la>t ? ictobsr.
i im not one "! those wild, fanatic
fai ?? i,,, thron their hat In the sir
I and yell themselves hoarse, inn t pan
?it still and thoroughly enjoy a good?
! good, mind you- ball game." he ex?
plained. Whe three playera go after
,4 ball and .I' M I general!! lease
Coming directly from Trenton and
conferencfi with Pre?ldent?slsct Wit?
on the vice? President to?be found ?
welcome here to his liking, there heincj
no ostentation to Jar his oft expre ? I
Idsas of Jeffersonlsn simplicity.
Accompanied bj Mrs, Marshall, the
Vloa-Presldent?eleci waa mal at the
railroad station by ? committee of Sen?
ators, Rspreaentatlvei and cltisens
WILSON WILL NEED FURS
Uncir- Horace Predicts Jcy In
By 1 to The rrlbanc
Midill? town, ? !onn., Peb. !S. - I'm :
Flora? ? .lobnion. tl e sged \neathe
iroph t. who pr< dieted t he torm .-.
President Taft's Inauguration fou
? ai ago! i hen Chief Willis Moor
mi the other government weathe
sharps promised a fslr dsy, has sen
word to Woodros Wilson advising bin
tu taUe his mi <".it nith him t?> Wash?
iust"i . as In 'i! prob iblllty h i a ill
h;?\ e to s ear it Tu ? daj.
Uncle Horace, who i ?u hi? eighty?
ninth en i. hns foe? :i fore? usting
wiaather i mdltlons for seventy-live
years, and ever since his prediction of
the fa nous Mtasard Of llll fanner?
throughoul ths ?t?te have placad sreat
faith mi hi.-; predictions, il?^ has made
his horn? ;'t Mi'i'ii ? Haddaro, four miles
bsloa here, u ward of half a century,
living In ? b?ngalos on the batiks of
thS ? 'i' < ? I nut t'.iv er.
? ? ?.
A t" SI g gas ?( ANGOSTURA BITTERS
before msalS a splen?il?t twmc?Advt.
'WOMEN SCARE AMUNDSEN
! Fleos to Hotel Roof When Told
Suffragists Awaited Him.
?'.. Telegraph to Th? Trtbana
Detroit, i''h. 31 I'd rnthor spend
ten ??seles ;;t the South Pole than face
ten suffragettes, said Captain Roald
Amundsen to-daj Then in< made) s
d h for the ro if of bis hotel to sat ?i a
?tour ' i them. T?tere i>' tramped sboul
i m the slush "i melting ?now, aiahlng
jih' women, win, bad com? t.. Interview
. blm, would :,.> i\- sy.
j II. UOS talking with I reception FOftt?
Imtttee and a group "i newsg?aper men
i\ hen the women arrived They were
I in one of the boh I perfora
what.'" he exclaimed, with .< ;???>iv of
.alarm, when informed of their presence.
"Come on, |et'? gat out of here."
No on?- mad'' a move, and he looked
Wildly at tin- little group of women in
another corner "COttM on; let's go on
the roof before they gel to me," he re?
peated ami broke awn) hhnaali
The delegation waited two hours to
| see him. but retirad disappointed.
Later they *rnt an smkneuty, who
finally perauaded Captain Amundsen
to receive the suffragist*. I
IS AT MORGAN
AS CHIEF FIGURE
OF MONEY TRUST
Pujo Committee Finds "Inner
Group" Controlling Finances
by Methods That Should
OFFERS DRASTIC REMEDIES
Majority Report, Prepared by
Samuel Untermyer, Proposes
Federal Supervision of Stock
Exchanges and Clearing
Houses and Condemns
TWO DISSENTING REPORTS
TfcfM Republicans Declare Investiga?
tion Failed to Reveal Any Money
Trust, and One Member In
sists Ne-v York Financier?
Are All Fight.
Washington ? a CotsfsssasssJ
th? \. m v..rk Stock Earheags ai a
rambling Inatituttos ?seers!? ? nti
- i I J. I'i. rponl MorgM for th' meth
ods employed la aeintng M,nttni sf
he Equitable Life asaros*? i loclatjf
BUM k. rinding; Ins - ni^r- m . <-r a "monev
trust," ?nd rsnwnmsndlng rnaad?dt*V
eral 'ontroi of stork axchaagsi .?nd
? tearing houses, ths majority m^mbet*
Of ths Pujo money tiM-t iinrsft
Satin;: committee submitted th*i Inter
mysr report to ths ROUSS t"-u;i--.
a minorttv report dsnylng ths exist?
en? e of a -money trust'' was fil???! by
Rsprcssntattvcs Hayes. Heuid and
fjuemsey, Republicans. K'presenta
ti%e IfcMorrai another Republican,
fllsd separat? dissenting riews, whuh
means that three rsports have eons
from tbs siaesa nifmb'-i? of the com?
Ths most ? tustic portion? ot the
Dsnooratl? report, wh'i? h was prepared
by Samuel L'ntsrmysr, the commit tee??
counsel, rslatS to th?? New York Stock
Exchange and to Mr. Morgan.
Rsfcrring to Mr. Morgan > testimony
regarding hi? acquisition of the j:-jui
tabli Life Assurance Bockst"/ .?lock
from Thomas F. Ryan, the report ?a>>
"It Sill he BOtSd th ' the only lea.vn
tha' Mr Morgan gave for Mi I.van s
ai rrsi dsr of the stork aras that be told
.\it. i:.,.m that he thought was k
K?1"?) thing* for him ?Morgan? to haven.
? H may bs that behind t'.ie rslttCtanOS
ot Mi. Iforgan to furnish ? business <>r
Other reason for this transaction lies a
hidden mottvs Its sod on ? high, disin?
;, T. ??. d asnas of puMk duty. ,if &o, we
have been unable to discover it."
The minority mambsra find that the
tSStbnony ha? not shown the existence
"! :i 'money trust." bin has dis- loj,ed a
dangerous concentration of credit m
New York City an?) to BOUM SStSttt :n
Boston ar;ii Chicago, if la I eld, Bow?
ever, that the ?t.it,m should r?gulais
stock exchanges and clearing houses
mid that COSSJTSSS should not nitcrfrr''
until the states hpve fallad 'o set.
Mr. Me Morra n criticises 'he general
conduct of the investi?.'tioTi. epptcfsJI)
ths agrssmsnl thai Samuel Unterm:.1"?
.don" should condu? I th? examina?ion
Accompanied by Two Bills.
The report, eigned by Chairman Puje
and the six other Democratic members
of the sub-committee which conducted
the "money trust" inquiry, is accom?
panied by two' long bills, one to regu?
late stock exchanges throuqh forbid?
ding the mails to exchanges which do
not comply with federal regulations,
and the other to requlate clearing
house associations throuqh forbiddmq
national banks to join such associa?
tions unless federel regulations are ob?
served. In the latter bill, proposed as
an amendment to the national hanking
act. the conduct of national bank offi?
cers and directors is closely restricted.
The rsport is largely ths srerh of
Samusl Untermyer counssl for ths
??ommittee, irtao dren Ihs billa pre?
sented. On ih<* Question of ths exist
tnce of a 'money trust" the report is
specific an?i detailed
"It would, of course, bS absurd,'' *a> ?
the report, "to suggest that ?control of
the hulk of 'he widely distributed
wealth of ? ?reat nation ?an bs COT?.
rallo?! by ??ny ist ff uien. If that ia
what If nieatif b] SjSSttltWSti SrhO deny
the existen?? of ? 'money trust' your
csnsialttei sgress with thsaa, Such ?.
thing, of 'fins., would i>e iniposUhfj
?n?l i's si ?gestion is riduulou?.
"It is not. however, neceeesry thst s
group of men shall directly control ths
small savings m the banks nor the
scattered resources of the eountry in
order to monopolize the great financial
transaction? or to be able to dictate
the credits that ?hall be extended er
withhe'H 'rom the more important snd
conspicuous enterprises- This is sub?
stantially what has been accomplished
and fairly represents the existing con?
Using Others' Money.
rh, great hank or hanker, "with se
,?sas 1.1 the mainsprings of the concen?
trated resources of other people's
money.'' the report de? laref. can handle
lh< \ast issues of secU'ltifs now d?S
manded by th.- commercial und indua
niiil development of the country. Hut
the hank -?serve system, it i- cuu
Cootiuufil vu fourth page. aeceaU colima.