The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-11
bad Hands Might
Wreak Great Disaster
to Nation.
SITUATION NOT
COMFORTABLE
George F. Baker. Money Kingr
Admits That Concentration of
Wealth Has Gone Far
Enough"-His Testimony j
Comes as Climax of Two J
Days Examination. z

Washington. January lo.-That tho
present concentration of money and
credit has gone far enough" that in
bad hands it would have bad effect
upon the nation, that the safety IN the
situation lies in the personnel Of the
men in control. and that present con-
ditions are not entirely comfortable
for the country were a few Of the
statements made to-day by George +.
Baker master hnancicr. as the climax
Of two days examination before the
House money trust committee. But Mr..
Baker declared that bad hands" could
not retain control
These statements, coming at the end
of a day Of routine examination, dur
inS which AR Baker reviewed in de-
tail operations of himself his bank.
the First National Of New York. aud j.
l.. Morgan * Co. in the issuance Of
bonds. startled the committee and Mr..
Bakers counsel Foster A. Baker and
John c. Spoonsr Tho committse had
gone beyond its usual hour of adjourn
ment in order to conclude the exsmina-
tion of Mr. Baker to-day. samuel I'M
termyer, counsel for the committee. was
wadns through mass of statistics
relating to bond issues handled by Slr.
Bakers associates suddenly he paus-
cd leaned forward IN his chair and shot
question at the seventy thTec-year-
old financier. who, despite his long ex-
animation. was cheerful and confident.
Thinks There II No Trust.
MIR. Baker. l suppose YOU do not
think there is d money trust?" demands
ed the lawyer.
Committee. spectators and counsel sat
forward In their chairs. and the hear
ing room. but moment since dull and
stolid. grew tense with expectancy. The
witness leaned back in his chair. snil-
ed quietly about him. and replied:
II do not think there is
What do you understand by money
irust?' Mr.. Untermyer continued.
Il give it up. don't know" said Mr..
Baker. with chuckie.
Then you do not know whether thers
is one or not, do your demanded Mr..
Untermyer.
No. do not, I do not take much
interest in that"
DO you think there is any kind OF
trust in anything queried the law
yer.
That is what tha call them-au
these combinations" said the witness
There are some. are there?'
They call them that. yes sly
And whether there IS money
trust or not you would not like to
say
No
suppose" said Mr.. Untermycr. we
define a money trust as an established
identity of community OF interest be-
tween A few leaders OF finance which
has been created and held together
through stockholders. interlocking d.
rectorates and other forms of domina-
ton over banks. trust companies. rail-
corporations. and which has resulted
in vast and growing concentration
and control Of money and credit in the
hands Of d comparatively few men.
Taking that definition. is there any
doubt OF the fact that there has been
of late years a vast and growing con-
centration of credit in the hands OF q
few men,"
Well. there IS a great amount OF
money that has come together. more
or less concentrated" replied Mr.. Bak<
Admits Great Mergers
There have been great mergers oe
financial Institutions. have there notr,
asked Mr.. Untermyer.
Yes. sir
Here Mr.. Cntermyer reviewed SONS
OF the recent combinations OF financial
institutions in New York.
And there have been a great num-
F, Der OF those consultations in differs
ent parts OF the country h continued.
Yes" Mr.. Baker responded
Mr. Jntcrmyer asked Mr.. Baker as -
a change OF policy on the part os
The banks in the last ten years iook-
'rg toward the combination o. con-
troll % financial institutions. Mr.
Baker said ne had been conccrne1
ia combining some banks and kne-
n some other combinations. but saif
b. knew 81 10 complete change q
policy IN that connection
This : sort q concentration that
las been going on o. late years eon<
. siderabiy. has 10 not in very iz-ga
amounts asked Mr.. Untermyer. :
II doubt e. said the witness
Mr. Baker could not SAY IN dollars
how much ne had been . party 20 tai,
concentration
7 suppose YOU would see no harms
said Ar Jntermyer. ia having tn1
control 81 the credit a. represented by
The control % banks aud trust corn<
7auics stan further concentrated ID
vcu think that would re danrer51s7@
Mr. Baker poudered the question fos
a time and then answered.
Il think % has gone sooat fac
enough.
The Rakcr lawyers sitting nearbp
sat I'd IN their chairs and looked IN
tercsted.
..you think IL would 80 dangerous "a
8, rafthers-
va. t.sr~ rsr Essseh
Il. nrixff not Be- dauzrrous BOT st;i1
IL ms zone about ca cuoagh- u soce
hands ] do rof say that y you'd -
.rv harm II u got into BAD hsnd>
q would - vsry bad
IL Il act sato ls4 hzDc>it=H ont4