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62> Conon "sd Season. HOUSE OF REPRESENTATIVES {ae REPORT COMMITTEE APPOINTED PURSUANT TO HOUSE RESOLUTIONS 429 AND 504 TO INVESTIGATE THE CONCENTRATION OF CONTROL OF MONEY AND CREDIT SUBMITTED BY MR, PUTO ‘Peunvany 28, 1913 —Refored to tho House Calendar and ordered to be printed, with iustrations wasnrworox (OVERNMENT PRINTING OFFICE CONTENTS. PART 1 INTRODUCTORY STATEMENT, Authorization of inquiry... 3 "ful of bask and rst cigs ai eine iain, ig THovieed Stacut, United Staton, S241~ u Employment of counsel. & : Accent boos of bank sea. [ou Dill amend Revised Statutes, United Sistes, 10.0017 nods sed by House bat not by Sanat. anny ‘eaione for temporary adjourattent of hearings, ‘resident's rfugal to dicot comyptroller to obtain reqiized information s0c002 1B Committee voable to complete invetignion owing ta inability to oblala access “o lok of ational lunge but aubmmia intermediate report. y Divisions ofthe subject matter of inquiry. eee TY PART 11.-REVIEW OF THE EVIDENCE, ‘owarren Finer, Seetgenera dvcription ' 3 Numer fy Untied Size 2B ‘Aecltd 7 deprteat of Arca aaa Rosia. 8 Process of clearing decribed. 5 8 ‘Nombercip aud lasos of ee-0020000020021 So B® ‘Their facllties ewential 0-0 yoeverwtntiiit am) ‘Seotion “Bxatinations of member. 1» "Periodical examinations by sesclations.. ae Governmenial examinstoge inadequate. 2 xcheage of nformaton by examioom of ascii Silo Ree Pouible abuse of examination by sasoclalons Et ote nae ment iar ime Gaertn antes ade Gonnghancs of eitktesag clearly evi Goakr cmarsiasrtat ASEhatoen dope nh cn i ee SUS fel uy bern cree. Seca opi sn cara Siete erate ‘eas . Biay exclude of expel member without rea." Seton & ‘Veurpetions of power 4 contents, penis of i Bolrmined by aa ume erous power or some members fo passenger ca... Gao Medhanies & Traders Bask in ante of 90 (Cac af Oriental Beak and others in pa of 1907 ing charges for collecting out-of town checks... ue of ec dos od, ‘Bepuive tankra Ee agency sal suppres Deleon tt ule wae adopted to proven le, Anat ch dofeiote sn. Sectlon 9: " “ Ehrcing wala rate of intra paid on dep and charged on ‘Such, practices admitiediy’ouiside province of amociation. ‘Not alforent in prinelple fom entreing uniform colleetca chaiges ‘Seetlon 10: Balt Lake City and Pitsburgh seociations...... - ysis logical development practice enfoelog union cllestioa 2 egg uBEEEEE SeNesue? (Cnarran St00N0. aporsnt place to Social system Untncorpontes Mbt, is ai. Sovesords kept of tranmactons, party ‘Money fending on leor and extisaid smouat a. ‘Owocebap of bata ar a rrr a conto ik ei Moubenhip in exmpedive changes Section # ‘Stock exchange clearing hous... cece ‘Proce of ch ae Paciitates speculation. Becton 3 ee aadoftsnbasaipensl ei nee posta fai afugaf mesbership of acon meibersgoes ia felow ember Section #: * oe "Procedure for listing . , Conditions, including sacement of fai, appointneai of esata reentrar ia New York, ee . Passed on frat by stock Uist commltioe and dally by Seation 6: “Value of listing... pee ‘Gives wider iat aid geeter aval’ fo oat ‘Banks base lous on quotations ‘ ‘Prctically al nues of grent corporations listed Section ‘Talisiod department, Abotived ng ooo ra s ‘Permitted trading tn seciries of portions giving wo flormation. 284 Sg82 2 8 & Be Bee eReeeeeRReEeREER conTENts, 5 Setion 7: seascempldated exchange and eu. stl eo a ® ve a Pe Br cit cas g ‘Section a ie cs eae ae % prea 8 veda, ee tg eaern commiao. ® is Si wn fom a Be ee ome ll 3 8 ise of eng rt cei of Sour Rvs (Case of od American Tobacco Co. Section 18° “Rebypothecation of customer securtiog a B emitted by exchange reguress of cman owing by eusiomen...-. Consejuences fo eystmers. 2 Practice sought ta be justiiad oa ground thai customers consesi 2 Seeton 14" ‘Uncenme epee o Har ina cian ma ae peo ie. igh ratio of talee to numberof share listed eroparion betwen share sold and su ed. ete eae Consequences of excesive pecan Tejurius, like ull public publi. ‘ila miloo® fom fade aia oF pe peices eae" aiveal appearance Tistatve ease, Gale Hoe iig il gh Eck Te 1 plea of December 7, i set Gaioraa Feieum Go, AOtaHDe esa ‘Like epeculation for ths rie, should be curbed, not abolished. Stock exebunge viewpoint of short sling BESS seats & aganaasass Cuarren Tuna, Section 1: "Two kinds of concentration ‘Concentration of wolume of money ta paricular elias ‘rom concentration of eatral aguiry deals only with latter. ‘ecitgn 3: "Fact of inreared concentration of contol admit, ‘Percentage of banking resources of county held'by New Yor tanks Percentage of tasking i ei only 0 pa Sena ee al eee ad OY 3 tinguiabed gee ass 6 contests, Section me "Frosgees of concentration. ‘ eae EY Sc oldng SOULE Bb ‘Aitiatoe ih inane Spas lls, producing aad fade ‘ng and pubic uility corporations,” ce ey Parthentip arrangements in. purchasiag’ oF underwriting’ weurtiy Taste corres reer el Seation 4: a it ‘Recnures,depoets ant prot. or Seouriy use marketed nnn nvsvescoessoooa as) ‘Afliatons a, with— Bankers Trust Co, iaculing nanan, growth, end voting stn a a a Guaranty int 0, inching row theeot aad’ oikag wt<. ‘Astor Trust Co. 4 a National Ben of Ggisoress 0200001. ee Tiherty Natal Bank BB Cnn @ Qhomieal National Banke @20220200.2 a Py ‘Equitale Lite Amurunce Sect ae SSuruny o ititions with finsnclal carports. °° cc ee ‘Ailton of rt ‘New York (otra ines, ‘Atchison, Topeka & Sania Fe Reliway. Bere laguete Raliay: ae Gineinnats Hamilton 4 Dayioa Raibway {ternational Meresntile Marine Ca. ‘United Siates Steel Corporation. Kean are Other reduc snd idl ceeore Spy Spa alge arta Rion «Tur Seceataiae cise ecient oe iernaneen a RIAs eee sige ed Saal aka Son Yo eres aasee asage eee contents, Section ¢ Continued "Fit Natioal Bank of New York~Continued. “Addlistons of, ith— iit Securlty Oo. (Gage Natioual Ban ‘Netlonal Bank of Commerce {Liberty National Baner==-- ‘sto Frist Cons snses Bankers Trust G3: Gears Tre ‘Other ranaportstion sete Aiations oh with ‘United Slates Steet Corporation William Cramp Ship & Rapin filing G0... LL Cive Threshing Mackie Co. Totermatioal Harvester Co. Pullman Coes American Can Go...) ‘Netonal Bacutt Co Uist Sta add : er producing and wading corpeatioaa. Alaina tee = ‘Arner Feleone & Telegraph Co. Gonwoidated Gas Co . Section 7: ‘atonal city Bani - Jaden Stan Ne lng pe General characte of busine. Reroute, deposits und profi, ‘ifiations of with ‘ational ey Co, a ‘Barmers Lown rat Co. New Yok Trust Cove .coso Basten States Tran 6 Riggs Netonal Bank aid ‘American Security & ‘Frist Go, ot fastagton,D. National Bank of Cornero ‘Summary of afliations with fnsacial corporations... 1... ‘igdoae of, with Chompenks& Oo Tally Chics @ Noh Western Fltway "7 SDeloware, lacknwanna & Westen Raia. Shilton Tatts Gr” ‘het raved sats Adiliations of, with — 0 7 Amotr de Gogo rere Hknanna Silo ASiligtiong of with a Chltgs Eseaad Seacayas 1200022 Fae eG tcc zaaszaz ssseasseaed 8 contents, General cheracizr af busines A Security tnues purchased ur inderwiies. ‘Aibliatons of with Natiopal Shawmut Banke of Boston... Other balks and trast compos. Aattitions of, with— - ‘Greater transportation, producing and trading, and publicvutility tion 9; mPMMDDMssvseererretssecniieee Sesion Kidder, Peabody & Co. AGiistions cb with i ‘Greater transportation, producing and trading, and publi-uiity Corporations sss ” Section n n a i , ct a ‘Adiligtons of with== Fourth Nationa! Baok of New York. 8 ‘gutabte Treat Co of New York Es Nitioual Bank of Commerce of Ne is Ulted State Sorgage & Trust Co of Ne B Other financial corporations . 8 Aatiations of, with ‘altars © Ono Railroad ‘Wan Pate Hatred. ileage'e Mars Wise alia “@ North Wester’ falinay.. Chictge & Alton Radroad hinge & Eastern Ios Rave. Iliole Central failroud sae Other raloud sys. ‘Aalistions of with Nethole Bec & Nanuttaing Co her producing and tunding corportices. Aiton, atte Americus Telephone & Telegraph Co. Weatern Union Pelogapa Ca ‘anme City Railway @ Light see lag meme ° Crate meine ee 3 aM hte Me 2 Hey as a 3 el a cee Stat lan seater uty en 2 contENTs, 9 Section 11— Continued. “nterrlations of member of the group—Continued. “tegen runes rca orvoekboldomin—Oontnued, Pag “Southem Railay (hwo gra es Ray. : a Kew Gok Central Line. at New York, New Haven & Harford i it a Pallnen Co. st alted Satce ae & Willite Crump & Sonn Ship agi Buildin 8 ‘Merger of Heading Co and Central Hairaad of New See 8 ecg of Notham Paci and Great Nutr Hae & ital Tile Tasorance Co. & Antiracte riod 2 ‘Norden Pacibe Rati. a Aine Ea Oo & ‘American elophove @ Feieprapi Co.-” 8 Buliwin Locomotive Words eressss- & ‘Association in Joint Secarty 3 Morgas& Co. Firat National sad Netional Git Bank, & “Aeguisiion by Morgan & Co, of block of elock and rapreseatatin 1 Nationa City Bank, 8 Acqua ment ico Sai ie Kaiacg Hciiy iy sir, Moran tn conjuneton wilh Me. Baker and fr Selman’ 83 -Aegjuiston of sree #2,00 chareeln National Bank of Commerceby ‘Me Bake’ aa Sil puma fo undestandiog betwee fem abd Mr, Morgan and tue equal representation of interests septsntdty thts nthe deat sh nancecomulice arteyhip aruigonients between’ Morgan & Go, Bie Natinal ‘and Nedra iy Basa "Banks in the purcasing or underwsting of Comoined powerot ope ‘i ia Nina adil ly ie epat bacing fsa SS Seed rat the restr tno pis 5 ‘aSteparda the heater profufing and utding comporaians. 88 Fourth sa feeds the Beer public wits corporis) SD Sumpary of deturehips Bed y members We yop ‘and trust companies. ihe oy Trauases oupacied tc Ba Breding nd tocng paris 0002727 s dicing end trading Crparailons. vole uy pean o ems bees Maen Co. Fi Wud Ba Nia Chip Bank, Lee Higginoor & Cos Kidder, Peabody & Coy and Kah Lneb'& Go 0 ‘Ack in un Sera’ i pach tering (outee of busines i ul ensea: 2272277 ” ‘Table of thet join. transactions a a ‘Volume since 1003, : it Suc eit transucdlons of rece gow iL 2 Davy explanation and wars ti °2 IL cst is uppreaton of competfuon in the euppiving of cial Stppresid ouch compecton ribet secu a ute ot unk ethic 108 Concentmatan ef contol af maney aid ced 195 fe Reynolds's tesunony. 105 Me. Sch wectimony 105 Mr: Balers testimony. 108 10 contess. PART UII—OONCLUSIONS AND RECOMMENDATIONS, Cuaeren Fins, ‘ection 1: Incorporation and regulation oo. . it ‘Scclon 3: Admipion ofthe smaller banks to tasberbip, io Section 3: Examination of members ents 109 Brcon Enon of era hur ili i Section 9: Regulation oft jetng oatediown chek... a ‘teuen 6: Regulation of rates of dimount sad of interee on dep. Me Cuapren Stcox, Section 1: Need of governmental ropulation.. Mm Secon @: Proviso Federal Gavermn Beotion 8: Conditions precedant to trameminin of auction i, a alk fouttangeyy talbott laportopodooe:- 1g i} As toincarpertign cones : : it ) Ast publicity of air of corpocioas whos secs ed °°.) 1) Ase mae Ht oe mena : e {2 Rito rehyymthecation of secu Fit 9 kee cites i i tees ete ca oe aan a 9) besitos emt pent : ™ scan ft Reta Soa Sipe resid ik fs onthe a etic ey ae pe ner Se — “wh, Beier, en © aa Ge a ‘of Commerce, Chase National Bank, Guaranty ‘Trust Co., and Bankers = seco, kay ied i i ‘eas iia 6" Sad eco, ii iar‘ e's igs "Kidder, Peabody € Qovcc snes ener ‘hr lc lly aed i iio ols Lob Go.” i Fourth, eociatet of inner soup in Chicago, Pit National Banca i ban tn vig a ‘ Section #7 Conta of markt for sisi a 5 138 Section 8: Concentration of contol af money and ered adwited. 18 Dergan’s coauary ttimony analyeede sn 138 A Bales ton Ps oe in ff. Bohl’ testimony... ae rc Berkina's tian ore eee as ‘Section 4 Tnvoriocking directorial eonsoidaticas. CONINEED ‘Section 8: Voting trusts im financial isteutione.~ 2 Section 6: Minority representation Mhrough cumnilative voting. ict Section #: Focal agenty agreeuerts. a Section 8: Private bankers an deposit. oe 1 Section Tpitience of stores anal Seta, Ts Section 30: Domination of alroad system by fomer groupe. 000M Seeton 11; Railay reorganizations as an instrutmend of concentration... Section 3: Sapersinion secur mate cfatoratecorportounan carelng ‘Competitive bidding thereon ‘ 10 sey: Yavin of mal iii indi ipa 1 section 447 Publiciy of ass aud of names of stockhlder ofatinnalbania” 154 sion 18: Securcy-holding comipanie av adjuncts 0 tational Manes ns. 138 contents. ‘Section 16: Relations of oicem and citectwe to national banks (e) In boring fom the bank (3) mexchangtg noe bron i ii e) In receiving componaainn fr loam... (a) tn peeing fa apotiate andor fa whch lr Waa ae Caren retorm and conto of conto woaay ad cl a8 weed nares Fownta, ‘Section 1: As regards ‘A. Encorportion and re 1B, Esautination of membom, C esuance af clearing hous series... 1D, Regulation of rates for collecting cut-sctown cci, : Regulation of rates of discount aad of interest on deja, ee. ‘Seotion 2 -Asrogrde tho New York Stock Exchange ‘Accepting aud offering ewan for Dank loa. 18 “insfation of number of director of bank. Sn Publicity of amete and bockader of bask. Sic Gesamte alumi I “oe Bt Tie Ricacpasarvcmuiiwisd i i Rey sid Sa co 8 USS Ss ia aa uae : ce ee = 8 Poe eet 8 iste Rise eee e wap Menninaiecaeltayiaiai = B we dee en co Peas coos 2s oa i i: Reegaee'a wae : 2 Ree a Fee Gas pcivtiaas itis 2 festa ean i SS i ra a a ag | Beeman unee ae i Reese eee z ee ee x, a iy in ii ia x. capa i s 0; Borrowings by efices fram ther own banker" 218 eee i j Rete sweigaiia ieee nckihicais 8 : : ‘Cuarren Fort. ‘Prat, Bill to amend the national banking la Sex 1, Stig condone on which natlonal beaks may become member, section Bre ng atonal tank om beng pate o any undoing “Seveation or ott agency having view aca forbidden By section Section 3: Forbiddine tational banks tocar for er through other baa and “rust coropanes of sane loa 12 conreNTs. Section 4: Forbidding nation banks to mate. agreements with any other ‘ranks repulatng lection charges, rice ot dino otexchangs Ge mts Section #; Forttdding national banka to lend money ot credit in sid of any ‘umbination or ageeaten to control price, ee, Section 6: Amending Revie Satutey ection 6144, © a8 to enforce cumu- Sesion 7: dling to the Rovieod States, secon 6144-4, providing cath for ‘hive Yung a lcs fr recto of tational baka Seton 8% Amending Hevlod Statutes, oection 8148, 0 a8 to Ax maximum ‘snd taiji auusber of diectors of bational banks ‘seaign 9: Amending Revised Staats, ection 30 reltng to qualiatona Seotian 10; Prohibiting national bank officers or directors receiving rewards Tor maltog oun ‘Setion 1 ‘ualideaton we : sati'E"PIRLES Tieton om ks ye re eens SSR Set Ta ie Scene aa seer ERS GAGA te om tet by dct at eign rene Tat Set, SOREN Sas Scala AT te, sat great ks ta wet Bank trace Sava Section 18: rotubiting national banks from engaging in any promotion, under- Tai ofgeees etl sept aT an a om bee hy cya ie sei FATE wing oma ak ih othr alo EE RES RE woe SE AN Gana Second il present tut of th mails and ofthe telegraph nd tdephona in sheaf rnt ct arn Penactons nec oben ‘Section 1: Prohibiting tranamjision by the mails or by telegraph or talophons ‘fom ope Sate ts aaother af ede, quutios tes conceektg anmetons tn exchanges not complying with cain condtins sec a Ducting Hamster Gwe, Bing any dak exchange nt ‘complying math conditods tated in rection 1, 0 dose mals to quotations Seo ge ean, ad a ot aoa! bas and rapa ohcso {elegrph and telephone companica of tis nding, seeuon Making it an oleae Knowingly to deposit in mails o delivery for ‘Tagnisin y telegraph question t,o exchange nt copying its ‘section 4: Making ivan offense for any telegraph or telephone company to rans ‘at gato ay of exchange ht cmping wit condos ated a Section §; Defining ‘sock exchange,” ‘security, " “manipalition of socui- en timated orden eek ma * Sectiin¢: Frovicing when act hal ake effect, devvens A: HB. ‘Arran 4 $9) aut nguey. ‘Apeewotx C: List of questions addremed to banks. ‘Abvexnre D: Chaves dod diagrams of stock exchange transactions, ‘Avpesbi, &: Chart of interlocking directomtes of Menesn & Cos iret National ‘Bank, National City Dank, Bankers Prust Co, and Guarenty ‘Trust Ce Arrespix Fi Diagram of ifitions of Morsan'& Go, aad cern Now York ankine ition, ‘Avppvnrs Gr Diagram of aflitions of Morgan & Co.,and certain Boston and Chicago banking henses, CONCEN RATION OF CONTROL OF MONEY AND CREDIT. Fennvany 28, 1918.—Reforred to the House Calendar and ondered to be printed Mr. Poso, from the Committee on Banking and Curreney, submitted the following ‘REPORT 10 THE HOUSE OF REPRESENTATIVES, TOGETHER WITH THE VIsWS OF THE MINORITY, OF THE COMMITTEE APPOINTED PURSUANT 10 HOUSE RESOLUTIONS 420 AND 504,70 INVESTI- GATE THE CONCENTRATION OF MONEY AND OREDIT. PART 1—INTRODUCTORY STATEMENT. ‘House resolution 429 authorized and directed the Committee on Banking and Curreney, as a whole or by a subcommitteo, to investi- guts banking and euréncy conditions in the United State asa basis for remedial legislation, A subcommittee of 11 members was accord ingly eppointe. jesiting to enlarge the scope of the investigation, the House there after passed resolution 504, which, after reciting that Congress bad under consideration bills in ‘relation to the currency, monetary, and national banking systems, and trade combinations, and after setting forth at length certain alleged conditions in those fields, particularly as regards concentration of control of money and oredit, author ized and directed that, for the information of Congress in the consid- gration of the pending bills or in the formulation of others, fall inquiry be made into the subjects referred to in all their bearings, to-wit: “Resolved, That the members now or hereafter constituting the Committee on Banking and Currency, by a subcommittee con fisting of the 11 membars thereof already appointed under House Resolution 420 and by such substituted members as may be from time to time selected from the members of said committee to fll ‘vacancies in the subcommittee, is authorized and directed, ete, eto.” Copies of resolutions 429 and 504 are annexed hereto as Appendices Aand B, respectively. ‘Your committee was authorized to sit during the sessions of the House and during the recess of Congress, to summon and compel the attendance of and administer oaths to witnesses, and to send for petsons and papers A list, of questions, of which the sccompanying form marked “Appendix 0" is a copy, was forwarded to each of the national banks 5 well as to the State banks and trust companies, numbering in all approximately 30,000, with the request that they return written replies, Many of the smaller national banks throughout the country and a few of the larger ones in New York and Chieago (in all about 12,000) complied with these requests except as to certain ques- tions, to which they declined to furnish answers on the ground that the information sought was confidential as between the banks and their customers. a uu INTRODUCTORY STATEMENT, ‘Most of the State institutions and of the principal national banks in the reserve cities of New York, Philadelphia, Boston, and St. Lous refused or omitted to make any return whatever and denied the powor or jurisdiction of the committee to inquire into thei affairs national banks based their refusal on section 6241 of the United States Revised Statutes, being part of the national banking set: ‘$0 241 (Lit of vsttoril power). Noamociation shall be subject toany vista. spite other han uc an ceased by Gre we ya, i At this point, under authority expressly granted by the resolu: tion, Samtel Uatermyer, of New Tork, and Hagar Hi. Parra of ew Orleans, were engaged as suum fie Mater G Carel Todd, of ‘ork, a8 junior counsel. Finding it impossible to scoo ie is affairs to continued absence from home. Mr. Farrar resigned on ovember 18, 1812, greatly to\the regret of the commmities and of ‘Your committee was advised by Messrs. Untermyer and Farrar at the time they accepted their retainers that there could be no exhause five inquiry such as was contemplated by the resolutions without eovess to the books and documents of the national banks, nor_unless the official examiners appointed by: the Comptroller of the Curreney oF ‘accountants to be employed by your committee were per, mitted to examine into certain of the transactions of the national banks and to extract from their books and otherwise such informs- tion as might be deemed necessary. Your committee was especially desirous of ascertaining, with the view of recommending remedial legislation, whether, and, if so in what instances and to what extent, {the resources of thé national banks are or were controlled or being wel tg fares the pracs or io promote the Snancal operations zeforred to in the resolutions. » Without such access and information it was manifestly impossible to secure a complete exposure of the existing relations of such banks to the ‘alleged concentration of ‘money and credit, as required by the resolutions. ‘Your committee was advised by counsel that the attitude assumed by the national banks ond their construction of section 5241 of the fevised Statutes was untenable; that under the construction con ‘tended for the banks that were the creatures of Congress: would ‘be beyond the control of their ereator, and thet id not intend to deprive itself or either of ite branches of utuority. to contrl, supervise, or investigate the national banks or the Comptroller of the Curreney in the performance of the duty delegated to him or to place the latter in the position of being the only official of the Gow ‘emment whose acts or omissions were beyond its scrutiny, which ‘would be the logical effect of the elaim that the enactment of sectinn 5241 vested sole, exclusive visitatorial power over national banks in the comptroller. ‘Your committee, however, concluded that inasmuch as, test, of this question in the courts, as was threatened on behalf of the banks, would involve, delays and obstructions in the work that world bs estrous pie of the ets expiration of the tm ofthe present gress, the wiser course would be to place the power of yeur erm tmittee beyond question by further legislation, INTRODUCTORY STATEMENT. 15 Accordingly, on May 4, 1912, at the request of your committas the chairman introduced inthe House a bil emondlng sooton A241 to'as to roa as folowe: such tre loan by tle resid fa te seal tale nek ca a South etn tind odie tye Gg er Ree he ‘hin bil waa promptly pased by the Housoon May 18, 1012, Montime on'Mlay 10.1813; the let sewson forthe eawttaaon of witnesves was held. . Tea became sparen by this time that to avoid ereting inthe pubic epee the pts ener wa ean partisan od¥entngo im the pprotcing presenta fn impression that would have been fatal (tie usefulness of the inyestigation—the taking of testimony on the main points should te postponed, "For that reason, and also to afford time for the passage by the Senne ofthe bl menting ection S24, on June 1, 02y aftr the examination of witnesses fo relation 10 elearing-holse adsocietions and the New York Stock Exchange, the hearings were discontinued ‘inl aftr the election, "The Senate delayed action on tho bill until July 31, 1912, when it yas adver from the inane Comes, by a vote of to 6." No final action had been talken when Congrés’ adjourned, and the bills still on the calendar of the Senate. i ‘A considerable part of the data needed eould have been supplied by the Comptroller of the Currency; some, but not e,grat deal, from reporta on file in his office; and much more rough furthee Teports oF cetinios which he has power fo Toque under tho Rational ‘The Felations authorizing tho inquiry provided that— eg rps unit Sat pede fond She oaaliaes ty aoe ay ae eine uae ‘Accordingly, easly in September, 1012, your committee asked the Pete ke toh one eae bee ree tices of the larger nitional banks. He refered, tho Toquast to the President for ietructions, in obedience, as he claimed, tthe general Execulive order, issued by President Roosevelt and selscued by Prev. ae raceme cpeevan oe areas re fheteot from furnishing ‘ofrmation without the persion ofthe ident. ‘On September 28 the President granted a hearing onthe request. "It was not_ until December 17, however, tat the Prest dient rendered hie decision. On that dats he wrots that the Attor- hoy General having advised him that it was within his discretion to” direct the comptroller to. obtain for tho’ eubeommittes, the data sought, he had'no objection to dinecting that offal to supply

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