Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-10
7eposits about 100000, 900.


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 S1o00OO,O00.
Mr. Untermyer went back to Mr.. Bak-
er's opposition to the publicity of bank
assets but he was unable to shake the
financier's attitude.
Mr.. Baker testified that the securities
turned over by the First National Bank
to the First Securities Company We're
largely of companies in which he was a
director or a voting trustee
Mr.. Untermyer tried in vain to have
him testify that the First Securities Com
pany and the First National Bank We're
operated practically as a single concern
Loath to Tell Price.
The witness did not want to divulge the
price at which the securities company
sold a 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, a
practical control of the company lay with
the securities company and Mr.. Virgins.
He remarked that often Il small per-
centage of actual stock holdings insured
control of d large corporation.
Loan operations of the Chase Bank and
the First National on the stock exchange
were taken up. but Mr.. Baker knew lit
tie of the details.
interests of Mr. Baker, the First Secur-
tiles Company and allied concerns in the
hard coal roads were discussed. A request
for list of all stocks held by the Sc
curity company met with tentative re-
fusai. and again the question was passed
to allow conference with counsel.
Loan Operations.
The loan operations of the Chase Bank
and the First National on the stock ex-
change were taken UP, but Mr.. Baker
knew little of the details Of the loanins
of money.
Loans on stock exchange security are
made on the collateral and not on the
borrower Isn't that So?" asked Mr.
Untermyer
Yes, said Mr.. Baker. The banks look
to the collateral rather than the bor-
rover
Mr.. Untermyer placed i'm the record a
statement showing that anthracite coal
from the Pennsylvania field was shipped
to the seaRoard in the following proper
tions by ra a.lroad: Reading. u per cent
Central of New Jersey, IL; Lehigh. Il
Delaware, Lackawanna and Western, ID
Erie, IL; Pennsylvania, 3: Delaware and
Hudson, 10, New York, Ontario and
Western, 4.
Mr. Untermyer endeavored to show that
MIR. Baker controlled or was interested
in all but the last three of the roads. He
asked about the sale of the Jersey Cen
trail to the Reading. Mr.. Baker could not
remember the details of the transaction
but said that he sold the Jersey Central
to J. p. Morgan, who was a voting trus-
tee of the Reading.
Questioned as to Trust.
Mr.. Untermyer questioned Mr. Baker
as to whether he was concerned in the
formation of the alleged anthracite Goa
trust through the organization of the
Temple Iron Company, recently ordered
dissolved by the courts. Mr.. Bakers
memory was faulty on this subject until
Mr. Untermyer produced the syndicate
agreement forming the company signed
by Mr. Baker, J. p. Morgan, II. Nick
Twombley, William Rockefeller. James
Stillman, Drexel & Co. of Philadelphia
and the Guaranty Trust Company OF
New York.
Mr.. Baker could not recall very clearly
inst what roads he held directorships in.
He and Mr.. Untermyer discussed his
connection with the anthracite roads. The
discussion became a general one.
World Is All Right.
"You think that everything is pretty
much all right in the world, don't you?'
asked Mr.. Untermyer.
.yes pretty much,'' said the witness
with smile.