The Sentinel=record., 1913-01-11
GEORGE F. BAKER ADMITS CON. TRoL IS NOW REACHING THE
 DANGER POINT.
TESTIMONY IS A SURPRISE
Declares the Safety of the Situation : Lies in the Personnel of the Men in Control of This Cencentrat-
 ed Wealth.

PicSSHt SolNSntldOlon Ol HlCMey anu credit has gone far enough" that fin bad hands" it would have a bad effect upon the nation; that the safety in the situation lies in the per sonnel of the men in eontrol;" an that present conditions are not en- tirely comfortable for the country were few of the statements made today by George F. Baker, master fl ns,lcier, as the climax of two days examination before the house money trust committee. But Mir. Baker clared that bad has, could not retain control
 These statements. coming at the end of a day of routine examination during which Mr Baker reviewed T detail the operations of himself. his bank, the First National Of New York and J. P Morgan and company in the issuance of bonds, startled the committee and Mir Bakers counsel, Fisher A. Baker and John C. Spooner. The committee had gone beyond it's usual hour of adournment in order to conclude the examination of Mir Baker today. Samuel Untermyer. counsel for the committee, was wad- ing through a mass of statistics relat. ing to bond issues handled by Mir Bakers assistant. Suddenly he paus- ed, leaned forward in his characteris tic way, and shot question at 73 year-old flnaneier.A.-Mho. ...-despite. his long examination was cheerful and confident
 MT Baker. l suppose you do not think there is money trust?" de nanded the lawyer.
 Committee spectators and counsel sat forward in their chairs as the hearing room, but a moment since dull and stolid, grew tense with ex. pectation The witness leaned back in his chair, smiled quietly about him and replied:
 T do not think there fs."
 What do you understand by a money trust?"' MT. Untermyer contin- ued.
 'I give it up, don't know" said MT. Baker with a chuckle.
 Then you do not know whether there is one or not, do you?" de- manded Mir. Untermyer.
 'No, l do not. don't take much. interest in that"
 {, Do you think there is any kind of trust in anything?" queried the lawyer
 That is what they call them-all these combinations, said the witness.
 There are some, aren't there?"
 They call them that yes sir"
 And whether or not there is a money trust you would not like to say?n
 No"
 Suppose" said Mir UnNermyer, we define a money trust as an es- abolished identity and community of interest between a few leaders of fi- nance which has been created and is held together through stockholdings, intrlocking directorates and other forms of domination over banks, trust companies, railroads, public service and industrial corporations and which has resulted in vast and growing con- centTaticn and control of money and credit in the hands of comparatively few men. Taking that definition. there any doubt of the fact that there nas been of late years a vast and growing concentration of credits ia the hands of a few men,"
 Well, there is great amount of money that has come together more , or less concentrated, replied MT. Baker, after a pause.
 There have been great mergers of financial institutions have there not" asked MT. Untermyer.
 Yes. sir"
 Here MT, Untermyer reviewed some of the recent combinations of finan. cial institutions in New York
 And there have been a great mum Der of those consultations in differ ent parts of tne country?" he con tinued.
 Yes MT. Baker replied.
 Mir Untermyer asked Mir. Baker as to a change of policy on the part oi the banks in the last ten years. look ing toward the combination or con trol of financial institutions. Mir Baker said he had been concerned ill combining some banks and knew oi some other combinations, but said he knew of no complete change of policy in that connection.
 This is sort of concentration that has been going on of late years con siderably, nas it not, in very large amounts. asked MT. Untermyer.
 s'I doubt it" said the witness.
 Mr Baker could not say in dol lars how much he had been a party tC