New-York tribune., 1902-08-24
STEEL PLAN EXPLAINED.
Continued frLm first page.

cate only be received by it, provided the
entire transaction of purchasing S200.000,000 Of
preferred stock and retiring 1t, and then issuing
and placing on the market S2oO0oO,OOO OF sec
ond mortgage bonds at par, is completed and
consunanated.
The money needed could have been raised. MI
Perkins says. by stopping dividends on the pre-
ferred and common stock for one year, or on the
common stock alone for two years and half,
but this course was deemed unfair to the stock
holders and particularly to the holders OF com
mon stock which was in the hands of thousands
Of small holders, and in many cases had peeh
taken IN exchange for stock Of other companies
which were paying dividends. Continuing, MI
Perkins says:
largest II t 7ypbS'4as bH e aad
taken r only g2esTg aftdr fge gSa1 @ f would take
edual amount The participation taken by Mr.:
soe o the sr sot directors @ sc was upon under
standing that II we found other parties d 70 do so
9nS fhns relieve them Ny firm sf;sS fensdeTi tba 4Re a
syndicate contract not particularly Pront-
able for the syndicate, bat was mos ue-
ton, and that only those largely interested in
that corporation could be induced TO "a oahe d;o as Wy
find any stockhoder willing to subscribe .,, for the
NOT SYNDICATE MEMBERS.
Mr.. Perkins declares that a statement made
by Bernard Smith in affidavit that Wll4lam
H. Moore. Norman B. Ream. Peter A. B Widen
er and John D. Rockefeller, jr, were members
Of the syndicate, was untrue and ii is set forth
in an affidavit by the keeper of the syndicate
books that sixty-one oth1rs named by Smith are
not members of the syndicate. Mr.. Perkins says
there was announcement that some of the dlrec-
tors Of the Steel Corporation were members OF
the syndicate and any stockhoder could have
ascertained their names without trouble.
An afidavt by George A pay: an attorney
and one Of the Supreme Court Commissioners OF
Nebraska. says his law firm had been ehaployeQ
in March, 1890 by a man representing hlnse1I
TO be David H Lewis and that on August 10,
this year. he saw Lewis in New-York. and that
ne told that Lewis was known IN w-forh
David Lsmar.
An AFFIDAVIT by Joseph E. Corrigan, of the law
firm of Guthrie CraVath and Henderson tells
of g confession made to Mr.. Guthrie IN ms
presence by James H. Lancaster, who gave tss-
plan of the United States Steel Corporation was
not worth more than S5UUOOOOUo Mr- CorrlgSh
says Lancaster admitted that when ne mace IHe
affidavit he did not know II was 10 De usSu IN
any suit and that ne had been governed only oy
his impressions. as he had understood tnat the
a+7davit was TO be used only in an advisory
way in the matter OF stock investment. Corrl-
gan goes on to swear that Lancaster stare 70
himself and Mr. Guthrie that he had round out
few days after Tasng me 9on suit and
that he had protested TO DaVld Lamar, Mnu -.
induced him to make the affidavit Lamar lneli;
according TO Lancasters stattneit me- i 5Ten
the suit was settled. Lancaster had then mace
a second afidavit and received S3uo Snose.
nuen+Iv he had had dispute with Lamar anout
&c coror eneat on ar finally received 3Uo max
ing total Of $1,000 he having hau 91oo ~ '
first affidavit. .,,o- =.
-t,e Steel Corporation. and James J. CamppeIi;
auditor Of the Carnegie company, are pFesetioeu
to refute Lancaster's estlTna1e mra nroner
+tas recently given in sfidevfts by Charles NJ
schwab, president of the corporation