The Mobridge news. [volume] (Mobridge, Walworth Co., S.D.) 190?-1917, 1913-01-17
.|TS CONCENTRATION
A FAMOUS FINANclER ADMITS
GREAT MERGERS OF FiNAN
CIAL ORGANIZATIONS.
HAS GONE FAR ENOUGH"
Says Conditions Are Not Entirety
"Comfortabie for Country
No Present
Harm.

Washington, Jan. 1.-THE present
concentration of money and credit
has gone far enough" 'in bad hanAs'"
it would have bad effect upon Ehes
nation; the safety of the stuatisn
lies in the personnel of the men i'll
control and present conditions are.
not entirely comfortable for the coura-
try"
These were few of the statements
made by George f. Baker, master
financier as the climax of two days
examination before the house moMey
trust committee But Mr.. Baker de-
clared that bad hands" could not re-
tain the control.
Beyond Usual Hour.
The statements, coming at the end
of day of routine examination, DUR
ing which Mr.. Baker reviewed in de-
tail the operations Of himself, his
bank, the First National bank of New
York, and j. P. Morgan Il Co., in the
issuance OF bonds, startled the casn-
mittee and Mr.. Bakers counsel, Fishet
A. Baker and John c. Spooner Me
committee went beyond its usual hour
OF adjournment in order to conclude
the examination of Mr. Baker
Samuel Untermyer, counsel for the
committee, was wading through a
mass of heavy statistics relating to
bond issues. handled by Mr.. Bakers
associates. Suddenly he paused, and
shot a question at the 73year-old fl
nancier, who. despite his long exami-
nation, was cheerful and confident.
Mr.. Baker, | suppose you do not
think there is a money trust?" the
lawyer demanded
All Sit Forward
Committee, spectators and counsel
sat forward in their chairs as the
hearing room, but moment since dull
and stolld, grew tense with expecta-
ton. The witness leaned back i'm his
chair, smiled quietly about him. and
replied:
i do not think there is
What do you understand by a
money trust?" Mr.. Untermyer continu-
ed
I give it up; | don't know" Mr..
Baker said, with a chuckle
Suppose Mr.. Untermyer said. we
define money trust as an established
identity and community of interest
between a few leaders of finance
which has been created and is held
together through stockholdings, inter
locking drectOrates and other forms
OF domination over banks, trust com
panles, railroads, public service and
industrial corporations and which has
resulted in vast and growing concen.
tration and control OF money and cred
it in the hands Of a comparatiyelv
few men. Taking that definition. is
there any doubt Of the fact that there
has been OF late years a vast and
growing concentration of credit in the
hands of few men,
Money Concentrated.
well, there is great amount oi
money that has come together here.
more or less concentrated" Mr.. Baker
replied, after a pause
There have been great mergers or
financial institutions, have there not?"
Mr.. Untermyer asked.
Yes, sir"
Here MT untermyer reviewed some
of the recent combinations of financial
institutions in New York.
And there have been great mum.
Der OF these consultations in various
parts of the country the LAWYER con.
tinued
Yes" Mr.. Baker responded.
Il suppose you would see no harm
Mr.. untermyer said, "in having the
control of credit as represented by the
control of banks and trust companies
still further concentrated. DO Won
think that would be dangerous
Mr.. Baker pondered the question for
time and then answered.
Il think it has gone about far
enough"
do you think it would be danger.
GUS to go farther?"
1T might not be daneerous bpt
still it has gone about far enougb
In good hands, | don't say that If
would do any harm. If it got into had
hands, it would be very bad"