The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1913-01-11
New York Finance Master,
Asked to Name Transac-
tions and Promotions
With List of Joint Ac-
counts of Big Concern,
Puts 1t Up to Directors
WALL STREET CHIEF
SQUIRMS ON GRILL
Hearing Is Halted While
Baker, Whose Institution
Earned $4,000 Per Cent,
Sees Lawyers - Money
Trust Investigators to Get
Information Wednesday
fsp.cis, Dispatch to The cam

Especial Dispatch to The carl
WASHINGTON. Jan. 1o.-There was
one frantic and suggestive incident in
the investigation into the money and
credit trust before the Pujo committee
today.
Chairman Baker OF the First National
bank. New York. was again on the
stand
The significant moment came when
Samuel Untermyer leaned forward and.
looking Mr. Baker in the face. asked
him to produce record of all the pro-
motions and transactions of the First
National bank with list of names of
those with whom the bank acted in
joint account
AS Mr.. Baker yesterday showed that
IN ss years the First National bank had
earned profits amounting to more than
$4,000 per cent of its original capital
stock and that 1t had organized Sc
curity company through which It might
take care OF transactions which the law
forbade the bank itself to undertake,
It will be seen that Untermyer actually
demanded the opening Of the door that
would reveal TO this country Just how
far this bank was engaged directly or
indirectly in d system through which
1t is said that a combination OF bank
powers had organized in Wall street.
BANKER FIDGETS IN CHAIR
Bakers face flushed darkly. He
wrinkled his brow, contracted his eye
lids shifted uneasily in his chair,
twisted his eyeglasses slowly. looked
with rapid side glance at his counsel
and his son, who were watching him
with intense interest, and then an
nounced that he had been advised by
his counsel that the committee had no
power to compel him to give the names
of the persons or corporations who
had such promotions and syndicate
transactions in joint account with his
bank.
Untermyer's small finger became
tense He demanded to know whether
Baker thought that such transactions
by q national bank should be kept
secret, and whether he thought 1t was
not in the power of congress to get at
such facts
He asked whether Baker actually
refused TO give these facts to the COM
naittee. Baker clenched and unclenched
his hands, moved restlessly and pro-
tested that he wanted to help the com
mittee, but felt that it had no right to
ask for such information, and further,
that he had no right as head of the
First National bank to give it.
SUPREME MOMENT ARRIVES
The supreme psychological point had
been reached. Untermyer looked tri-
umphant. He suggested that Baker
might like to consult with his counsel
The banker at once swung around
in his chair and Joined headsI with
Senator Spooner and his son. The con-
versation was in whisper, but there
was much nodding and shaking of
Y heads.
The issue had been Joined on the
very threshold OF the secrets Of the
great national banking system. Baker
had either to answer or be put in the
position of defying congress.
The spectators began to feel that
something important had happened
and leaned forward with new interest.
Presently Spooner left the excitedly
whispering group and entered into a
confidential talk with Untermyer.
while Baker listened to what looked
like an argument pressed on him by
his keen faced son.
QUESTION TO DIRECTORS
In the end it was agreed that Baker
should be allowed to confer with his
lawyers when the recess came and then
let the committee know whether he
would give the information demanded.
After the recess conference Baker
told the committee his counsel thought
the committee had no right to ask such
a question. but If the committee in
sisted absolutely" he would lay it be-
fore the board of directors OF his bank
next Tuesday and turn the result over
10 the committee Wednesday.
1t was finally understood that the
directors. of the First National and the
First Security company would give the
committee an account of promotion
and syndicate" operations for the last
ten years Of both bank and security
company. Operations under $500, ,ooo
were to be excluded. The names OF
those jointly interested are to be given.
Baker admitted that of the 100000,
600 of deposits in the First National
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