The Washington herald., 1911-11-21
DIGGING INTO THE
MONEY TRUST"
Senate Probers Take Fly at
Panama Canal.
BERNARD N. BAKER A WITNESS
baltimore transportation Promoter
Says Bankers Feared TO Interest
Themselves in Water Line Be-
cause of Railroad Affiliations.
VIII Give No Specific Instances.

Bernard n. Baker. of Baltimore, presi-
dent OF the Atlantic and Pacific Trans
portation Company, an independent
steamship line, organized to engage in
commerce through the Panama Canal,
declared yesterday that neither American
bankers nor the transcontinental rail-
roads had been guilty Of any improper
or illegal act in connection with the for
nation of the concern named. 1t has
been heretofore charged that the trans
continental railroads, acting through the
so-caIled money trust" had placed OBJ
stacIes in the way of the organization of
the Atlantic and Pacific Transportation
Company.
Mr. Baker appeared as a witness yes
terday before the Senate Committee on
Interstate Commerce. which is making an
inquiry to determine what changes II
any. should be made in the laws govern
ing the operations OF interstate corpora
tions. Mr.. Baker stated il to be his Opin-
ion that the transcontinental railroads
were disposed to discourage the building
of steamship lines for operation through
the Panama Canal. but he denied the
existence OF any company or cOmbina-
ton to defeat the aims of the company
with which he is connected.
Gets Cabinet Views.
Mr.. Baker testified that in organizing
the Atlantic and Pacific Transportation
Company he conferred with the Secre-
tary Of War, and later with Attorney
General Wickersham. The former ap-
proved the project. as the. charter Of
the company provided that the ten steam
ships to be erected should be available
in time Of war as naval and army trans
\,
opinion in which he held that Panama
and Colon are foreign ports. This in
sured the payment Of mail subsidies to
the new steamship company.
In approaching bankers, however Mr..
Baker was not given much encourage
ment. He discovered that they feared
to interest themselves in the proposed
water line. because most OF their affilia-
tiOns were with persons interested in
transcontfnental railroads. Bankers also
feared that the Baker company would
he unable to get mail subsidies from the
government
Mr.. Baker told tho committee that he
believed the company would he able to
proceed. despite the financial discourage
ments.
Il cannot find any united, definite ef-
fort to interfere with the financial sue
cess Of this steamship line. but have
who showed a reluctance to make definite
charges against either the banks or the
transCOhtinental railroad companies. ct
have not found an interest in doing any
thing contrary to law" he added. The
gentlemen who have discouraged US seem
to he actuated by policy. Owing to the
enormous amounts invested in the trans
continental roads. it is difficult to find
any banking interest that is disposed to
into an eDfprDTiSp like
No Direct Evidence.
Asked for a specific instance wherein
a railroad company or a railroad man
! ad dissuaded some one from investing
in the stock of his company. Mr.. Baker
said he had no direct evidence to offer
Mr.. Baker made it plain that ii was
his opinion that the transcOntinental
railroads are hostile to the Atlantic and
Pacific company. but he said he pre-
ferred not to enter into details.