The Birmingham age-herald., 1913-01-11

Tuesday the witness, rising in his place.
thanked the committee and its counsel
for their courtesy and was in return
thanked for the testifying. He and his
party left Immediately for the train that
was to take them to New York.
Early in the day, in the midst of the
wordy discussion of bond issues of mil
lions and the intricaeies of high finance,
Mr.. Untermyer endeavored to connect
Mr.. Baker. J. p. Morgan and James
Stillman up in financial triumvirate,
controlling huge interests.
rs Mr.. Morgan recognized as the gem
eral of the financial army he asked
THAT is according to whom you ask
said the witness. I'VE, his friends think
he is.'
He is generally recognized SO, is he
not?'
We'll. yes" said Mr.. Baker.
And you and Mr.. James Stillman are
his chief lieutenants%'
I'VE were during the panic"
And you three dominate the financial
situation?"
Mr. Baker would not admit this but
he said that Mr. Morgan would be the
most dominant figure in the financial
world If he were younger" and that he
knew of mo one more dominant than
Mr.. Morgan"
went over with the witness the fiotation
of securities by his bank, and after con-
siderable argument with counsel for the
witness secured an agreement that if
the directors of the First National bank
are willing. Mr.. Baker will submit to
the committee by next Tuesday list of
the big transactions in which that bank,
j. P. Morgan & Co. and other large
institutions have acted jointly.
Transactions of Bank
The millions of dollars which the
First National bank of New York has
available for investments today were
discussed by Mr.. Baker earlier in the
day. He told how much was in sur
plus, how much out on loans and how
much in discounts. The bank holds
$43, 10000 in securities and has gross
deposits of about 100000.
Mr.. Untermyer counsel for the COM
mittee, led Mr.. Baker through a line
of questioning which was intended to
bring out his close relations with the
railroads in the anthracite fields usual
ly referred to as the hard coal trust
without developing more than is gen.
orally known.
Mr.. Untermyer tried in vain to have
Mr.. Baker testify that the First Sc
curities company and the First Ma
erned as one concern.
Interest of Mr. Baker in The First
Securities company and allied com
panies in the hard coal roads was then
debated. Requests for list of all stocks
held by the securities company met
with a tentativa refusal and the ques-
tion was passed to allow conference
with counsel. Mr.. Untermyer had
placed in the record a statement to
show that anthracite from the Pennsyl-
vania fields was shipped to the sea-
board in the following proportion by
the railroads: Reading, 81 per cent
Central of New Jersey. 13; Lehigh VAL
ley, 8 Delaware. Lackawanna and
Western, 49, Erie, Il; Pennsylvania,
8; Delaware and HUDSON 10; New York.
Ontaria and Western 4 per cent. Mr..
Untermyer tried to produce the evidence
that Mr.. Baker was interested in all
roads but three cited. He asked about
the Jersey Central first. Mr.. Baker
could not remember the details. but
said that he sold the Jersey Central
to j. p. Morgan. who was voting
trustee of the Reading.
Mr.. Untermyer questioned Mr.. Baker
as to whether he was concerned in the
forma ton of the alleged hard coal trust
through the organization of the Temple
Iron company, recently ordered dis
solved by the courts. Mr.. Untermyer
produced a syndicate agreement signed
by Baker, Morgan, II. McTwombly,
William Rockefeller. James Stillman,
Drexel & Co., of Philadelphia and the
Guaranty Trust company of New York.
Mr.. Baker could not remember clearly
in just what lines he held director
ships.
The stock of the First National bank
was increased from $500 900 to $40, ,O0O,-
600 in 1911, Mr. Baker said, and 40
per cent of the increased stock went
to individuals, and the remainder to