Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-01-30
SENATE INQUIRY
INTO STEEL
MERGER
CulberSon Committee EHdeay-
oring 10 Find Reasons for
Purchase Of Tennessee Com
pany by Trust.


10y Morning Journal special leased Wire
Washington. Jan - ~GeorRe w
Perkins. OF the firni of ;. T. Morgan
a Co. and Oakieigh 1horne. presi.
dent Of the Trust Company Of Amer.
lea. appeared before the special com.
mlttee OF the senate committee on ju'
dietary when " convened to day q
take testimony IN the Investigation ~
The presidents authority ~ law,
for permitting the nbrofbtion Of the
Tennessee Coal a. iron company by
the United States steel corporation.
No effort has been made By the
committee to subpoena Judge Cary
and IL. G. Frlck.
The examination Of both witnesses
today VISA conducted by Senator cul-
berson
Mr. Thorne testified that the Trust
Company Of America has no interest
IN the stock " the Tennessee Coal
aud Iron company az owner. but on
November l. 1907. II had loaned
xts2,s00 to six individuals holding
the stock at 60 as collateral
All OF these loans, said Mi Thorne.
were paid Off In November, with the
exception OF two Of Sb2. 600 each.
Mr Thorne said that h considered
tho security for the loans 20 be good
and that his company had no interest
~ the ABSORPTION of the Tennessee
company by tho steel corporation. ana
did not know Of the negotiations UNI
III after they were begun.
Senator culberson Inquired of Mr..
Thorne whether ho had knowledge at
a syndicate which owned and con-
tfolied "a majority Interest in the
Tennessee Coal ana Iron company IN
the fall Of 1907 he replied that he
had, and mat no WAS "A member OF
that syndicate. but ho had Withdrawn
from the syndicate and was not fami-
liar with the ~syndioaie's operations.
The original syndicate membprs were
given as Grant 49, Schley and charles
Guthrie. Leonard Hanna Of Cievo.
land took the place of Mr Guthrie
after the latter's death This syndi-
cate. declared Mr. 1horne. owned a.
majority Of the stock Of the Tenne-
see company
When asked II he had ans personal
knowledge " The actnai saie 81 Tho
majority stock of tho Tennessee com
many, Ii November ia4f. MI Thnrne
replied
An know ~ that I delivered The
stock 10 J = Morgan 4 Co ana got
- receipt Tor H.
At the time the syndicate To control
the Tennessee Coal nnd Iron company
was formed, said Mr. Therne. the syn
dictate price was Xlio "a share but its
market price maN V3i ana il went nr
to 12K.
When MT Perkins took the stand
he said
THE acquisition OF the Tennessee
Coal aud Iron company by the United
states steel corporation WaA ntNrr.
brought ~ on broached la any way n.
Tar az my knowledge geps. until per
hnps the second or third 8rtite stage
Of the panic developed in New york.
and then ~ Uam, az very suddenly.
because Of the rcrics Of disturbances
that existed in New York na 4 result
% the great depreciation I'M market
ana the unmarkctahiiitl OF q
great nan securities.
Mr. Perkins said hat there was "a
general feeling that " the Tennessee
and Iron stocks were taken out
various lunns in some way. il Would
prevent q great many failures and
avert q spread Of the pAnic
AIR Perkins tnld OF tho visit tn
Washington hs Judge E a. cary
ind HENRY 9 Ftiek Tor the purpose ~
the president
Practically everything WAS at 10
'tandstili until We get word trom
Washington as to what seemed 90 hp
he feeling there" continued Nj Per-
tins THAT WAS tglophoued to mo hA
Judge GnrA on Monday about the
ms the market opened and the news
hat this Transaction probably would
made was given out and had an rf.
Get fof the better "a the market. and
have always believed stopped the
Calling attention to President
ioustN4lta statement la his letter To