WASHINGTON, Feb. 4, 1914 (UP) - Onslaught on the New York stock exchange was made by Samuel Untermyer, the New York attorney, before the senate banking committee today. He pleaded for a law requiring incorporation and strict government supervision of such exchanges.
"Unless I wholly misapprehend the operations of our financial system," he said, "the regulation by law of the stock exchange is an indispensable condition precedent to the destruction of the control of great financial credits by a few men or to any effective corporate reform in this country."
The former attorney for the house "money trust" discussed what he said was a new industry-press agents for the great financial interests, whose duties included "coloring" of news by preparing attractive but misleading information.
"The public is just now witnessing with amazement," he added, "the spectacle of the silence of our metropolitan press with a few honorable exceptions, over the exposures of mismanagement and ruin of a great railroad system that is one of the financial scandals of the age."