New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-11

expectedly wherever Mr.. Rockefeller may
First National held Lightweight director
ships in other corporations. In thirty-se'-
en- corporations members OF j. r. Morgan
& Co. and directors OF the First Nationai
Bank were common directors.
Mr. Baker agreed TO furnish a list OF
the corporations I'm which he himself was
a director. He thought he held about MY
such places.
Mr. IJntermver asked Mr.. Baker IL ne
could supply a statement of the accounts
by which the First National Bank, Jointly
with other institutions. handled throueh
syndicates issues Of securities. Inc VII
ness said his counsel had advised him ina,
to demand this information was pe!ohu
the mowers of the committee. The fac's
were now known in detail by the Con-
troIler of the Currency, and he believed
the committee had no right TO demand
them to be exposed to the public.
A long conference between Mr.. BAKER
Fisher A. Baker and ex-senator John t.
Spooner his counsel, ended with request
that the question he passed TO allow coun-
sci to consider the legal phases.
A statement of the deposits Of the FIRST
National Bank was placed In the record.
Mr.. Baker said he believed the average
deposits were about S10o,Wo,oU. on No
vember 1 the bank had lis accounts win
balances of SIS, 6T6,2N "A.
Mr.. Baker testified that the securities
turned over by the First National Bank
TO the First Securities Company were
largely of companies in which he was a
director or a voting trustee. Mr.. Tn
termyer tried in vain TO have him tes-
tify that the First Securities Company
and the First National Bank were oper-
ated practically as a single concern.
The witness did not want to divulge
the price at which the Securities Com
pany sold a part of its Chase Bank stock
to President Wiggin OF the Chase. and
Mr.. Untermyer did not press the ques-
ton. Mr.. Baker said that despite the
sale practical control OF the company
lay with the Securities Company and Mr.
Wiggin. He remarked that often a small!
percentage OF actual stock holdings in
sured control OF a large corporation.
Knew Little Of Details.
Loan operations OF the Chase Bank and
the First National on the Stock Exchange
were taken up, but Mr.. Baker knew
little Of the details.
Mr.. Untermyer placed in the record
a statement to show that anthracite coal
from the Pennsylvania fields was shipped
tons by the railroads: Reading. p per
cent: Central of New Jersey 10; Lehigh
Valley, II: Delaware, Lackawanna &
Western. IL: Erie. II: Pennsylvania, g.;
Delaware & Hudson. 10; New York, On
tario & Western, 4.
Counsel tried to bring out that Mr.
Baker controlled or was interested in
ali except the last three roads. He asked
about the sale Of the Jersey Central to
the Reading. Mr.. Baker could not re-
member the details. but said that he sold
the Jersey Central TO J. =. Morgan. who
was a voting trustee OF the Reading.
Mr. Untermyer questioned Mr.. Baker
as to whether he was concerned in the
formation of the hard coal trust,
through the organization Of the Temple
Iron Company, recently ordered dissolved
BY the courts. The lawyer produced syn
dictate agreement forming the company,
signed by Mr.. Baker, j. p. Morgan, II.
Mex. Twombly, William Rockefeller.
James Stillman, Drexel e. Co, Of Phila-
deiphia. and the Guaranty Trust Com
pany, Of New York.
you think that everything is pretty
much all right in the world. don't you?"
asked Mr.. Untermyer
Eyes, pretty much" said the witness,
with q smile.
Mr.. Baker said he and L. T. Stotesbury
were voting trustees of the Cramp Ship
building Company. Of Philadelphia. and
had since 1903 named the directors Of that
company. He was asked in detail as TO
his activities In other corporations. and
in several cases was unable to remember
them
Whore Bank Stock Wont.
The stock OF the First National Bank
was increased from 100000 TO 10000
900 in 1901, Mr.. Baker said. and 40 per
cent Of the increased stock went to in
dividuaIs and tho rest to the banks stock
holders
who were those individuals" asked
Mr.. Untermyer.
After an argument with Mr.. Baker and
his counsel, Mr.. Baker answered: Forty
thousand shares OF that stock at $500 a
share were sold to me, and I later dis
posed of il where IL would do the most
good"
What is the present price Of the
stock?'
About 1000 a share"
Mr.. Untermyer asked IL ]. r. Morgan
held t15,o0o,0O0 worth Of stock in the
First National Mr. Baker said he did