Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1913-01-10

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National bank were operated prac-
tically as a single concern, The wit
ness did not want to divulge the
price at which the securities com
pany sold part of its Chase bank
stock to President Virgins of the
Chase Mr. Untermyer did not press
the question.
Mr.. Baker said that despite the
sale practical control of the company
lay with the Securities company and
Mr. Virgins. He remarked that Of
ten small percentage Of actual
stock holdings insured control of
large corporation.
Loan operations of the Chase bank
and the First National on the stock
exchange we're taken up, but Mr.. Bak-
er knew little of the details. Inter
est Of Mr.. Baker in the First Securi-
| ties company and allied concerns in
the hard coal roads was discussed. A
request tof ist Of all stock held by
the Securities company met with
tentative refusal and again the ques-
tion was passed to allow conference
with counsel.
During the luncheon recess Mr.. Ba-
ker consulted with his counsel about
furnishing a list o. the transactions
on floating securities in which his
company had acted jointly with J. F.
Morgan and other concerns When
the hearing was resumed Mr.. Baker
announced he had determined to fur
nish that and other data the commit
tee desired if the board or directors
of the First National bank decided
that it might be made public
The committee gave him until We'd
nesday to submit the information.
Then it became apparent that Mr.. Ba-
kers' examination, which had become
detailed and involved, might not be
finished today The committee plan
ned to adjourn until next Tuesday and
it was said Mr.. Baker might be asked
to return for further examination
Mr.. Baker said he and E. t. Stotes-
bury were voting trustees of the
Cramp Shipbuilding company OF Phila-
delphia and had since 1903 named the
directors of that company. He was
asked in detail as to his activities
in a number Of corporations and in
several cases was unable to ramem,
Der them.
The stock of the First National
bank was increased from $5.OO0,OOO to
$1O,OOO,OOO in 1901 Mr. Baker said,
and 40 per cent of the increase stock
went to individuals and the remain
der to the bank stockholders.
"Who were the Individuals asked
Mr.. Untermyer
After an argument between Mr. Ba-
ker and his counsel, Mr.. Baker an
swered.
Forty thousand shares of that
stock at $500 share we're sold to me-
said, and | later disposed of 1t where
it would do the most good"
What is the present price of the
stock?"
About $1,000 a share
Mr. Untermyer asked if J. P. Nor
gan held $15,OO9,OOO worth Of stock in
the First National bank. Mr.. Baker
said he did not want to discuss the
personal affairs of his friends or
himself"
"Is Mr.. Morgan recognized as the
great general in this gnancial army?"
asked Mr.. Untermyer
That's according to who you ask"
answered the witness I'VE, his
friends think he is"
"He is so generally recognized
Well, yes"
"And you and Mr. James stillman
are his chief lieutenants?"
''We were during the panic replied
Mr. Baker.
"And you there dominated the inan-
cial situation?"
"I wont confess to that said Mr.
Baker. Here John G. spooner, counsel
for Mr.. Baker interrupted with laugh.
He is not required to incriminate
himself is he?" he asked.
rs Mr. Morgan the most dominant
figure in the financial world?H persist
ed Mr. Untermyer.
"He would be If he were younger
I know of no one who is more domin-
ant" replied Mr.. Baker
"There is no dominant figure in fin.
ance now" exclaimed Mr Baker
there was during the panic but not