New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-30
with Its Allies Will Slash Prices
of All Competitive Products
on June |.
1uoRNE BACKS UP CHARGES
a.serts That George W. Perkins
Statement in 1907 Caused
Run Upon His Trust
Company.

,ne Republic lron ana steer COMPANY.
abe, il cut the price Of bar steel last
r..t i, announced last night, in con-
u,ction with its allies among the indie
.rssn,s general cut in the steel prod
..s IN which the Republic is a com
,..,,or The price Of - 25 for leo
..r,5~ which the Republic made on
,,.s, bars vas met, and cuts We're then
-.sA IN the other produces OF the Re
public COMPANY
TIE meeting 81 which the decision 20
-,re the cut was reached was called By
.y.1udce I y Gary. chairman Of the
,,,rd Of directors of the United states
s..Al Corporat ton. immediately after he
,..ched his Office YESTERDAY morning on
,,s return from his inspection trip Of the
-,.-ts of the steel Corporation IN the
west Judee Cary started o. his in
spsc,ior Of the steel Corporations plants
last Wednesday within few hours after
John \. Topping chairman Of the hoard
9. directors of the Republic company.
rad announced the cut by the Steel Cor
pora,ions greatest rival
T, 1-ss known when he went ar-av that
.ss meeting of Yesterday would be called
or his return and IN the interval the
steel market has been in 4 nervous AMI
uncertain condition. with 4 general
though NOT openly announced. cut in
,eel bars 70 meet the action Of the Re
public L vas generally understood that
steel bars would ne cut. but there was
great uncertainty as 10 what would he
done On other steel products. and this
has resulted in sporadic cutting and IN
rsuled conditions throughout the trade
When Judge Gary got back 10 Wall
Street yesterday he was plainly ready
:o- the fray and vell satisfied with the
o.nd!uon a the steel Corporations
Rants 10 20 into the battle.
Everything is rosy in the West and
generally prosperous" he said The
resl plants AT Gary are doing nicely and
the whole general outlook is for the
best"
Reterrinc 70 general business condi
,ons he said with any normal crop
g. sn this year the country should again
hein a prosperous condition
Atte- the question ~ steel prices one Of
IRE principal subjects of discussion et
the meeting wss the testimony Of John
2. Gates Before the Stanley committee
Of the House and the statement of oak
leigh Thorne. president Of the Trust
conpsry Of America. in regard to the
!uns on the Knickerbocker Trust Com
rany ard the Trust Company o. America
,n the panic Of 1907 and the sale Of the
Tennessee Coal &, Iron Company TO the
Flee Corporation.
7horne Makes One Man Laugh.
The testimony Of some persons really
makes me laugh" said one man who oc-
oppies high position in steel affairs
sf,er the meeting. while Of Oakleigh
Thorne he remarked: IF ever there was
man who got down on his knees tcg-
eing for money in 1907 that man was
Oaklegh Thorne"
Oaklegh Thorne was asked yesterday
soout John " Gates's testimony before
Gs Stanley committee on Saturday in
which Nr. Gates said II regarded the
sale Of the Tennessee Coal & Iron Com
iany as a forced sale Ny surmise is
mat the deal was forced by the finding
q large amount Of the stock as col
ateral in the Trust Country of Amer
ia In the exchange Of the securities.
however not dollar changed hands"
did not know Of the attempt on the
laft Of the United States Steel Corpora
uon 70 absorb the Tennessee Coal and
HOh Company until after the deal had
Hen put through, said Mr. Thorne.
Inc Trust Company Of America had no
interest In the Tennessee Coal and Iron
'onpany whatever except that it held
soolt $4,000 OF its stock as collateral
'W leans ] believed the stock was
tooo-rnost people did-and my only
aho"ledge Of the syndicate in it was
aa' ] agreed not to sell my personal
'o'olngs at q less price than was agreed
upon. 10 call the sale squeeze is per
asps bad English, but It was clearly
'crced
AS 10 the run on this company. that
urlainy was forced by the statement
wal was issued by Mr. Perkins. 1t was
1Fsrly an invitation to the depositors 10
NMe and get their money. AS a matter
iact / have evidence that Mr.. Per
ans did issue the statement and cause
u's run. evidence which / collected 10
80 m case the company was forced
Under
Brings IN Melville &. Stone.
Melville r Stone told me that George
PERKINS told him that IL was neces-
'N 70 rivet attention on the Trust
0mpsny Of America and the Knicker-
'ocKar Trust Company in order 10 avoid
run on the banks. Mr. Stone repeated
~ Petkinss words 10 me in January
i9pS As he expressed IT, Mr.. Perkins's
ee vas that il would be much better
~ me banks Of the city. if attention
"e concentrated on one institution
",'aoly trust company"
@' Stone said last night that he
Ousht II was not quite fair for Mr.
'"9fne to bring him into the contro-
''sy as he had merely told Mr.. Thorne
confidential way his impression Of
Nat Mr.. Perkins had meant when he
'1e certain references 10 the Trust
F'hpany Of America in 1907. while they
re having friendly discussion in Chi
ego Mr.. Stone would not say what 1t