Evening star., 1911-08-12
Cast Lacked a Hamlet.

plan had been prepared to bake a great
plum pudding. but Carnegie had all the
plums
Did Carnegie interfere in the baking?
the chairman asked.
"Oh. no: he merely held on to the
plums.
This caused a laugh. all members of
the committe participating.
In the place of the crazy Dane" said
Representative Littleton. they had to deal
in the play with a very sane Scotchman." :"
Mr.. Temple declared that half the
pror1ts of the steel corporation We're pro-
duced by the Carnegie steel plant, and
that If this property had not been Sc
cured by the steel corporation Andrew
Carnegie would today dominate the steel
business Of the country.
Stone Asks a Hearing.
At the outset of ;oday's session Chair
man Stanley of the committee read tel
egram from Melville t. Stone. general
manager of the Associated Press. re-
questing a hearing. He will be heard
when the committee resumes after the
recess. Mr.. Stones telegram to Mr.
Stanley. reads:
Albany. \. Y. August IL.
Hon. A. O. Stanley. Washington, D c.:
Have just learned that a personal let
ter of mine to Oakleigh Thorne was in
tTOOuCeQ IN eV1QeECS 1T is Only
fair to say that this letter was written
under what now proves to have been
msappre hension of the facts and its use
before your committee without explana-
tion is unjust. |. therefore, request a
hearing dt :. our hands.
MELVILLE E. STONE"
The chairman" announced Mr.. Stan
ley, will be very glad to hear from Mr..
Stone
Il received telegram from Mr. Stone
this morning" said Representative Lit
tleton of New York II do not happen to
have 1t with me, but in it he requested
that his telegram to Mr.. Stanley be in
;roduced in the record of the proceed
ing
All the members Of the committee ex-
pressed the opinion that Mr.. Stone should
be given an opportunity to appear f. {.
Boiling, one of the counsel for the United
States Steel Corporation. declared that
''on behalf of Mr.. Perkins l would sug-
gest to the committee that Mr.. Stone be
SubpOenaed.'
Mr.. Littleton moved that when the COM
mittee resumed after a recess Mr.. Stone
be heard and II was agreed to.
Tells of Steel Pools.
W. c. Temple of Pittsburgh. who was
commissioner Of the Steel Plate Associa-
ton formed in 100. was called as the
first witness. and told Of the existence Of
the Structural Steel Association in the
JnitGd States. formed in 1897, and the
steel shafting pool. He was confronted
with copy of the structural steel agree
ment entered into in 1897.
Mr.. Temple declared that all these pools
ceased TO exist in 1904. and he startled
the committee-the chairman particu-
larly-when he declared that they were
broken up by T. II. Gary.
What. Chairman Stanley exclaimed
do V,,le ,I,ai
Of the steel corporation board of di
rectors?"
Yes. Judge Gary declared that he did
not believe in these associations. He said
they were no longer necessary or de-
sirable. and he demanded the abrogation
of all such agreements and the discon-
tinuance of business under them
Mr.. Temple produced in connection with
the structural steel agreement a price
list. in which the country was appor-
toned. and different prices fixed for va
riouS sections
Under that agreement re-the men,
bers of the association able to adhere
to the price list
The Leopard's Spots.
Mr.. Chairman, II is said that the leop-
ard cannot change it's spots. but the leop-
ard could move from place to place and
in that sense change its spot After the
to 1897 it was difficult to hold anybody,
but after 1904 | may say there was no
destructive competition
Mr.. Temple further said there were
many violations of the pool agreements
The Carnegie company. he said, never
was caught violating pool agreement
In those days. he said. every man in the
steel business carried a tomahawk"
The greatest harmonizer in the steel
business
Started Run on Bank.
Oakleigh Thorre. president of the New
York Trust Company of America which
became involved in the financial panic
of 1907, the affairs of which have been
linked with the taking over of the Ten
| nessee Coal and Iron Company by the
United States Steel Corporation in that
crisis. followed George w Perkins yes
| terday as witness before the House
committee of inquiry into the affairs of
the steel corporation.
Mr., Thorne forcibly declared, contrary
10 the testimony given by Mr.. Perkins
| and many other witnesses, that the
1 Trust Company of America was not the
chief sore point" Of trouble at the time
i II was necessary to save the brokerage
| firm of Moore x Schley.
/ He surprised the committee with
/ declarations that he was certain undue
attention had been directed toward his
company in that crisis, and he denied
| any knowledge of the agreement testi-
| fled to by George w. Perkins that the
| taking over of the Tennessee Coal and
Iron Company by the steel corporal tion
! to save Moore & Schley from ruin, was
| dependent upon the bankers of New
York raising money 10 save the other
horn of the dilemma the Trust Compa n,
of America and the Lincoln Trust Com
pany.
| Mr.. Thorne was examined in detail re-
lating to a public statement given TO the
press October o3. 1907. and attributed 20
MIR. Perkins, in which Ii was declared
that the chief sore point of the panic
was the Trust Company of America "
fIe declared that Immediately following
this run on lis bank occurred. and
that the run in one day took out Sl3.-
JOND, For this. he admitted. he had
consulted counsel - the advisabfsity y
of suing for damages persons he felt re-
sponsible. but that he was deferred by
the nece ssity TO seek more money from
the bankers of New Yerk In order tc
prevent collapse of his institution.
Stone Blamed Perkins.
That his financial troubles were in any
tsa- involved In ths difficulties of Moore