Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-01-11

paris of the country?" he continued.
Yes, MIR. Baker responded.
MIR. untermyer asked Mr. Baker as
to change of policy" on the part of
banks within the last 10 years looking
toward the combination or control of
financial institutions. Mr. Baker said
he had been concerned IN combining
some banks and knew of some other
and knew of some other combinations,
but said he knew of no complete
change of policy in that connection
This is a sort of concentration that
has been going on of late years con-
siderably. has it not in very large
amounts" asked Mr.. Untermyer. Il
doubt it," said the witness.
Mr.. Baker could not say in dollars
how much he had been a party to this
concentration.
Il suppose you would see no harm"
said Mr.. untermyer, lin having the
control of credit as represented by the
control of banks and trust companies
still further concentrated? Do You
think that would be dangerous?n
Br. Baker pondered the question for
time and then answered. L think 1t
has gone about far enough
The Baker lawyers sitting nearby
sat up in their chairs and looked inter-
ested.
You think it would be dangerous to
go farther"
1T might not be dangerous, but still
it has gone about far enough. In good
hands, ! do not say it would do any
harm. If it got into bad hands, ii
would be very bad
Il e I'll i
wreck the country" demanded Mr..
Untermyer.
The situation grew more tense. The
spectators craned eagerly to catch the
reply and Mr.. Baker leaned back in
his chair, his chin resting on his hand.
watching the lawyer closely. Finally
he said:
Yes; but / do not believe 1t could
get into bad hands
You admit" persisted Untermyer,
that if this concentration to the
point to which it has now gone were
by any accident to get into bad hands
it would wreck the country?''
~ cannot imagine such a situation,"
protested the witness.
II thought you said So
Il said 1t would be bad explained
the witness, vigorously. But | do not
think it would wreck the country.
dc not think bad hands could mana ge
it. They could not retain the deposits
nor the securities"
Il am not speaking of incompetent
hands," said Mr.. Untermyer 1--WE are
speaking of this concentration which
has come about and the power that
/. .,1&. L,
of very ambitious men, perhaps not
over scrupulous. You see peril in
that, do you not?"
Yes" answered Mr. Baker.
$50 that the safety, if you thing
there is any safety in the situation
really lies in the personnel of the
| men,
Very much'',
do you think" demanded the law
yer, that is comfortable situation
for great country to be in?''
mot entirely" said Mr.. Baker, very
slowly.
At this point Mr.. Untermyer closed
the examination precipitately.
That will be all, Mr.. Baker" he
said smilingly and the spectators sat
back with sigh
AS the committee adjourned until
next Tuesday, the witness, rising,
thanked the committee and it's coun-
sci for their courtesy and was in re-
turn thanked for 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 millions and the intricacies of high
finance, Mr.. Untermyer endeavored to
connect Mr. Baker, j. p. Morgan and
James Stillman up in a financial tri-
umvirate controlling huge interests.
rs Mr.. Morgan recognized as the
great general of the financial army?"
he asked. THAT is according to whom
you ask" said the witness.
He is generally so recognized, 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 fl
nancial situation?"
| Mr.. Baker would not admit this, but
he said Mr.. Morgan Would be most
dominant figure in the financial world
| II he were younger" and that he knew