The Birmingham age-herald., 1913-01-11
Knows of No Money Trust

Committee, spectators and counsel sat
forward in their chairs as the hearing
room. but a moment since dull and stolid,
grew tense with expectancy. The witness
leaned back in his chair. smiled quietly
about him and replied:
Il do not think there is.
what do you understand by money
trust" Mr.. Untermeyer continued.
II give it up, | don't know" said Mi.
Baker with chuclle.
e1hen YOU do not know whether there
is one or not?p demanded Mr.. inter-
meyer
mo, | do not. l do not take much
interest in that
"Do YOU think there is any kind of
a trust in anything?' queried the law
yer.
'erhat is what they call them-all these
combinations" said the witness.
There are some, are there?"
"They call them that, yes, sir"
.And whether or not there is money
trust you would not like to say?"
mo-
Suppose" said Nj. Untermeyer 1--WE
define a money trust as an established
identity and community of interest be-
tween few leaders of finance which has
been created and is held together through
stockholdings, interlocking directorates
and other forms of domination over banks,
and industrial corporations, and which
has resulted in vast and growing con-
centration and control of money and
credit in the hands of 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 few
menf''
well, there is a great amount of money
that has come together more or less
concentrated replied MIR. Baker after
q pause.
There have been great mergers of fl
nancial institutions. have there not?
asked Mr.. Untermeyer.
Yes, SIR
Here. Mr.. Untermeyer reviewed some OF
the recent combinations of financial in
stitutions in New York.
Many Consultations
"And there have been a great numper
OF those consultations in different parts
OF the country?'' he continued.
Yes" Mr.. Baker responded.
Mr.. Untermeyer asked Mr.. Baker as to
change of policy on the part of the
banks in the last ten years looking to-
ward the combination or control of finan-
cial institutions. MFR. Baker said he had
been concerned in combining some banks
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 consid-
erably, has it not. in very large
amounts?" asked Mr.. Untermeyer.
Il doubt it, says the witness.
Mr.. Baker could not say in dollars how
much he had been a party to this conceal
tration.
II suppose you would see nc harm"
said Mr.. Untermeyer in having the con-
troll of bsnks and trust companies still
further concentrated? Do you think that
would be dangerous?"
Mr.. Baker pondered the question for a
time, and then answered:
II think 1t has gone about far enough -
The Baker lawyers sitting nearby, sat
ND in their chairs and looked interested.
"You think it would be dangerous to
70 farther"
Has Gone Far Enough
..It might not be dangerous. but still
It has gone about far enough. In good
hands, / do not say that it would do any
harm. If it got into bad hands, 1t would
be very bad"
eff it got into bad hands ii would wreck
the country" demanded Mr. Untermeyer.
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 mis- hand,
watching the lawyer closely. Finally he
said:
Yes: but | do not believe it could get
into bad hands.
you admit?" persisted Untermeyer.
s.that IL 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?"
II cannot imigine such situation
protested the witness.
II thought you said So
II said it would be had. explained the
witness vigorously. "But ! do not think
II would wreck tho country. do not
think bad hands could manage IL. They
could not retain the deposits nor the
securities"
II am not speaking OF Incompetent
tCsntinued - Page Nlne.l