Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-01-09

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non5 ma ,, lam, .an,t,. s,s' fa is nom
north Georgia
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Na' is correct
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,E.,. ..,.'... ..,.,.,... -,r.ti,,,, fo tBs
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/ p.t... .,,.....f that n, rba orgauf-
z,ti,.r .s ,n. i,f.-f s.,urit, COMPANY
,r., the ..ry.st -tnrtbollcrg Of the
/ Isfrsr Naffuusf bank were called I'm 10
/ maintain contra. PRIOR to this orgau!-
4 cation ha BEGAN purchasing stock in
[ the Chase National bank. Baker said
/ ac began nu,iug about ten years ago
and obtained control about I'VE year.
ago. He did not remember how me had
purchased the stock. save that It was
iu large blocks
Does the First National bank di-
reety OIL Indirectly hold the stock Of
amy other bank
Yes. ! bought the Chase bank stock
myself II was for the benefit Of the
Stockholders of our company
utermeycr then demanded that Ba-
ker produce list showing the banks
holdings OF the First Security COMPANY.
Protested Publicity.
Chat ie our personal business. pro-
tested Baker And we would prefer
not to have the list made public. The
only stock that can interest this COM
mittce IN IT'S inquiry is that Of the
Chase National bank, and while | do not
object to showing you this list per
sunally / must protest against making
public our private affairs
Tntermeyer examined the list and
then stated THAI there were a number
of bank holdings which he desired to
make public Baker offered no further
objection and the list was read in part.
It showed the First Security Company
to hold 500 shares Of stock Of the Min
neapolis First National bank; 200
shares OF the Aston Trust Company; D.
500 shares of the Bankers Trust Com
pany, $50 shares of the Brooklyn Trust
Company, 2S,62S shares representing
control of the Chase National BANK,
',a0O shares Of the National Bank or
Commerce, S28 shares Of the Liberty
National oank ana -oO OF the ne"
York Trust Company. The stock OF the
Chase National bank, Baker SAID, was
purchased at less than one-half of Its
present quotation.
During the time the stock was being
acquired the capital of the bank was
increased five times to a total Of So
100000.
"rbe First Security Companv was
,,...,,i.,,.,I,, .,,+ir,,..1 pol,a, .q,eca,,s..
OF the complaint oil the treasury ue-
partment against banks carrying rail-
road stock We felt that the security
,r.r,,a,,,, y.o,ld moot this obiaetion Wa
,a,.a ,-o., T., n,si,as. Gov "a ,ears and
nave peeH III business lo' '0 Se"i ''''''
we have never yet received complaint
from the department which has not
hoa,, co,rr,iod with ="
..r, 10Y, ~. ,,,,a,,. osL,ed trpte,-
10 you "''
meyer 'that the attorney Sehelal HAS
protested against the organization of
The lrirsf Security Company?"
or IL. ,.,,,a +ho+ IN tho narars"
''i'' '''0 ~ -, -
nave you ho' eI''ploS (" N""'i'0i ~
take up this natter
Baker replied that he was not able
e. a,
~ soy =. ,,,.,t,,,, +,,o u,;,.o.
your purpose III VI e"'n"'" Wv
Security Company was TO 90 thihsS
which the bank could not lawfully do?''
81 would say rather that il was what
"ou'u soy ', a,t,or,1od 20 5o Tho
lue N"llN 40 'o' -,
flrst Nauonal pahh was ols""lAeu I"
deal in bonds which it has done since
the Civil war
when did YOU receive the complaint
against stock buying
About ten years ago.
How long afterWard uld YOU con-
tinue to buy stock
For several years. We We're finally
told that we must not do it. ana then
the First Security Company was OF
Raniaed'
rs not The First Security Company
a mere evasion of the banking actE