Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1913-01-10
UNTERMYER TRIES TO GET IT
BUT THE BANKER, ON ADVICE
OF COUNSEL, ASKS PERMls-
SION TO DEFER A REPLY.
TELLS OF BANKS ASSETS
THE FIRST NATIONAL OF NEW
YORK HAS $74,ooo,ooo AVAIL
ABLE FOR INVESTMENT.

Washington, jan 1O.-The millions
which the First National bank of
New York has available for invest
ment were disclosed at today's hear
ings of George F. Baker, chairman of
the banks board, before the house
money trust investigating committee
Mr.. Baker, popularly referred to as
"the biggest man in the street." testi-
fled that the bank had S74,000,000
available for investment, Of which
100000 was out in demand loans
and $25 100000 in time loans, and dis
counts. The bank holus $4S,966,OOO in
securities and has gross deposits of
$11O,0OO0OO.
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, us
ually 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.
George F. Baker resumed his testi
mony before the house money trus,
committee today. When Mr.. Baker
took the stand he asked permission
to make a statement
'You made me out such great
holder Of directorships yesterday" he
said to Mr.. Untermeyer that I wish
to say that never became director
or voting trustee of any company at
my own solicitation"
"We have just begun to ask vol
about your directorships," said Mr.
Untermeyer.
He added that list furnished by
Mr.. Bakers bank showed that direc-
tors in the First National held
directorships in other corporations.
In 81 corporations members Of j. P.
Morgan and Company, and directors
OF the First National bank we're com
mon directors.
Mr.. Baker agreed to furnish a list
Of the corporations in which he him
self was director. He thought he
had about SO such positions.
Mr.. Untermyer asked Mr.. Baker if
he could supply statement of the
accounts by which the First alton
al bank, jointly with other institu-
tions, handled through syndicate is
sues Of securities.
The witness said his counsel had
advised him that to demand this in
formation was beyond the powers OF
the committee The facts were now
known in detail by the comptroller
Of the currency and he believed the
committee had no right to demand
them to be exposed to the public
A long conference between Fisher,
Baker, and former Senator John c.
Spooner, his counsel, ended with a
request that the question be passed
to allow counsel to consider the legal
phases.
A statement of the deposits of the
First National bank was placed in
the record. Mr.. Baker said he be-
lieved the average deposits were
about s100,0O0O0O. On November l
the bank had 149 accounts with bal
ances Of s29 1867, ,227.t4.
Mr.. Untermyer went back to Mr.
Bakers opposition to the publicity
Of bank asses. but he was unable tc
shake the flnancier's attitude.
Mr., Baker testified that the securi
ties turned over BY The First Nation
al bank 10 the First Securities com
pany were largely Of companies "a
which he was Il dlreei0f or g0lina
trustee MF. uptermyeF tried n vain
10 have him testify thaf the flfel