The Pensacola journal., 1913-01-11
RY Assoc1ATEp PREss.

washington, Jan. 10.-That the pres
ent concentration of money and credit
has gone far enough and that IL '1n
bad hands" 1t would have a bad effect
on the nation. and that the present
situation is mot entirely comfortable
for the country" were a few of the
statements made by George r. Baker,
master f1nancier, as climax to today's
examination before the house money
trust committee.
In answer to questions by Samuel
Untermeyer, the committees counsel.
Baker admitted a recent tendency to.
wards the concentration and combina-
tion of control in financial institutions.
Il suppose you see no harm In such
concentration asked Untermeyer.
81 think it has gone far enough re-
piled the witness after a pause. 'Tf
it got into bad hands. it would be very
bad"
'It would wreck the country,
wouldn't it?"
Baker paused. then declared: II do
not believe il could get into bad hands.
Bad hands could not hold it,
do you think the situation comfort
able?"
Not entirely
The dramatic series Of questions and
answers came at the end of a day OF
routine recital of Bakers connection
with the New York financial interests.
The committee adjourned until Tues
MILLIONS AVAILABLE.
The millions which the First Nation
al Bank Of New York has available for
investment were disclosed at today's
hearing by Baker, who is chairman of
the banks board.
Mr.. Baker, popularity referred TO as
.'the biggest man in the street." tes-
titled that the bank had $4,000, 900
available for investment, OF which SAL
100000 was out in demand loans and
S25. 600, GOO in time loans and discounts.
The bank holds s43, 1885, 900 In securities
and has gross deposits Of about $110,-
100000.
Counsel Untermyer for the commit
tee, led Mr.. Baker through a line OF
questioning which was intended to
bring out his close relations with the
railroads in the anthracite fields,
usually referred to as the hard coal
trust, without developing more than
is generally known. Twice when Mr..
Untermyer wanted information Of the
banks connection with the First Sc
curities Company, the question was
held in allegiance until Mr.. Baker could
confer with his counsel.
MAKES A STATEMENT.
When Mr.. Baker resumed the stand
today he asked permission to make "a
statement.
You made me out such great hold
er Of directorships yesterday" he said
to Mr.. Untermeyer, 'sthat wish to say
that I never became a director or a
voting trustee of any company at my
own solicitation"
I'VE have just begun to ask you
about your directorships," said Mr..
Untermeyer. He added that a list fur
nished by Mr.. Bakers bank showed
that directors in the First National
held SS directorships in other corpora
tions. In 81 corporations, members of
j. p. Morgan & Co., and directors OF
the First National bank were common
directors.
Mr.. Baker agreed to furnish a list or
the corporations in which he himself
was a director. He thought he held
about fifty such places.
Mr.. Untermeyer tried to bring out
that Mr.. Baker controlled or was in
terested in all but the last three roads.
He asked about the sale of the Jersey
Central to the Reading. Mr.. Baker
could not rAmember the details. but
said that heAsold the Jersey Central
to ]. P. Morgan. who was a voting
trustee of the Reading.
Mr.. Untermeyer questioned Mr.. Bak-
\