Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-01-10
JERSEY CENTRAL
SALE IN PROBE
Baker Disposed Of Road to j.
Pierpont Morgan, Reading
Trustee.

WASHINGTON, Jan. 10. = The
amount of money which the First
National Bank of New York mas
available for investment was made
'public today by George f. Baker
chairman of the board. before the
House money trust investigating
committee.
Mr. Baker. popularity referred to as
'Ihe biggest man in the Street, tes-
4ified that the bank has S74,OOo,Ooo
AVAILABLE for investment, of winch
Ss1 o0D 600 was out on demand loans
Id sa5. .0O0. 900 in time loans and dis
saunts. The bank holds $43, ,466,000 in
4ecurities and has gross deposits OF
bout $110,00O,00o
counsel Untermyer for the commit
Lee led Mr.. Baker through a line q
Questioning which was intended TO
.b,iner ont his close relations with the
q ilroads in the anthracite fields,
usually referred to as the hard coal
<r,1st. without developing more tnan
Ks generally known. Twice. when Mr.
ntermver wanted information of
ne banks connection with the FIRST
Securities Company the question was
fAld in abeysnce until Mr.. Baker
cbuld confer with his counsel
when MIR. Baker resumed the stand
<eday he asked permission to make a
xtatement.
"You made me out such a great
holaer of directorships yesterday, he
aid to Mr.. Untermyer, that wish
Is say that l never became director
of voting trustee of any company
|nk my own solicitation
MIR. Baker agreed to furnish a list
.6f the corporations in which he him
eelf was a director. He thought he
'held about fifty such places.
81 A statement of the deposits of the
sFirst' National Bank was placed in
lie record. Mr. Baker said he be-
|]Eeved the average deposits were about
Loo, 900, 600 On November the bank
had 149 accounts. with balances OF
<2s. SIG, 297.44.
a Mr.. Untermyer went back to Mr..
Bakers opposition to the publicity of
.bank assets, but he was unable to
<hake the flnancier's attitude.
Mr.. Baker testified that the securi-
fies turned over by the First National
Bank to the First Securities Com
many were largely of companies in
which he was director or voting
trustee. The witness did not want to
|dlvulge the price at which the Securi-
|ties Company sold part of it's Chase
bank stock to President Virgins, or
the Chase.
interests Of Mr. Baker, the First
Securities Company and allied con-
Rerns in the hard coal roads was dis
eussed. A request for list of all
|stocks held by the Securities Conn
pany met with a tentative refusal,
81 nd againsthe question was passed to
allow conference with counsel
q Mr. Untermyer placed in the record
statement to show that anthracite
rom the Pennsylvania fields was
<hipped to the seaboard in the fol-
Owing proportion by the railroads:
Reading. 81 per cents Central Of
New Jersey, 13; Lehigh Valley. II;
Delaware, Lackawanna and Western,
ID; Erie, IL: Pennsylvania, 8; Della
|Nare and Hudson, 10; New York, On
#ario and Western, 4.
MIR. Untermyer tried to bring out
hat Mr.. Baker controlled or was in
rested in all but the last three
Dads. He asked about the sale of the
Jersey Central to the Reading. Mr..
Baker could not remember the de-
|ails. but said that he sold the Jersey
central to J. p. Morgan. who was
&eting trustee OK the Reading.