Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-01-10

Washinston, ID. c., Jan, 10.-The
millions which the First National
Bank of New York has available for
investment were disclosed at today
hearings by George F. Baker. chair
man of the banks board before the
house money trust investigating com
mittee.
Mr.. Baker popularity referred to as
the biggest man in the street" testl
fed that the bank had $74,oO0,OO.
available for investment, OF when
s31 900, 900 was out in demand loans
and $4,000 900 in time loans and dis
counts The bank holds $4o,466,U0l
in securities and has gross deposits
of about $110,000,000. Counsel un
termyer for the committee led Mr.
Baker through" line of questioning
which was intended to bring out ms
closer relations with the railroads In
the anthracite fields usually referred
to as the hard coal trust, without de
veloping more than is generally
known Twice when Mr.. untermyel
wanted information of the banks con
necton with the First Securities com
pany, the question was held in abey
ance until Mr. Baker could confer with
his counsel.
Washington, d. C., Jan. 1O-Geo
F. Baker resumed his testimony be
fore the house money trust commit
tee today.
When Mr.. Baker took. the stand
he asked permission to make a
statement. you made me out such
great holder of directorships yes
terday," he said to Mr.. Untermyer
that | wish to say that | never be
came director or a voting trustee
of any company at my own soHcila
ton"
I'VE have Just begun to ask you
about your directorships," said Mr.
Untermyer He added that a list fur
nshed by Mr.. Bakers bank showed
that directors in the First National
held 8S directorships in other corpo'
rations In 81 corporations members
Of j. p Morgan & Co., and directors
OF the first National bank. We're com
mon directors.
Mr. Baker agreed to furnish list
of the corporations in which he him
self was director. He thought ne
held about fifty such places.
SILENT ABOUT THE "PRICE."
MIR. Baker testified that the securi
ties turned over by the First National
Bank to the First Securities com
pany, We're largely of companies in
which he was a director or voting
trustee. Mr.. unternyer tried in vain
tc have him testify that the First
Securities company and the First Ma
tional Bank were operated practical
ly as a single concern. The witness
did not want 10 divulgs the price at
which the Securities company sold
part Of its Chase Bank stock to
President Wiggin 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
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 were taken up, but Mr.. Bak-
er knew little of the details. The in
terest of Mr.. Baker, of the First Sc
curities company, and allied concerns,
in the hard coal roads, was discussed.
A request for list of all stock held
by the securities company met with a
tentative refusal and again the ques-
ton was passed to allow conference
with counsel.
Washington, d. c., Jan. 10.-Mr
Untermyer asked Mr.. Baker if he
could supply statement of the ac-
counts by which the First National
bank jointly with other institutions
handled through syndicate issues of
securities.
The witness said his counseI mad
advised him that 10 demand this in
formation was beyond the powers OF
the committee. The facts were now
OF the currency and he believed the
committee had no right to demand
them to be exposed to the public.
A long conference between Mr..
Baker, Fisher A. Baker, and former
Senator John c. Spooner, his counsel,
ended with reuuest that the ques-
tion be passed to allow counsel to
consider the legal phases.
- DEPOSITS OF 1oe,o00ooo
A statement of the deposits of the
First National bank was placed in
the record. Mr.. Baker said he be-
1ieved the average deposits were
about $1O0,000.o0 On November /,
the bank had 149 accounts with bal
ances of $29,67s.22744.
Mr. Untermyer went back to Mr..
Bakers opposition to the publicity of
bank assets but he was unable to
shake the financier's attitude