The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-08-10


poratons. We have nothing to do with
the personal activities Of the officers OF
such corporations. That is the position
take and I want it known to everybody
Interested or concerned"
York Life. MIR. Littleton said he would
make known his decision in this instance
when the issue was joined.
Chairman Stanley replied that II was
his purpose to stand pat on questions in
regard TO the New York Life and that he
would not yield a jot on II. He said
Representative Beall would repeat the
"Mr, Beall will and may exercise n
wise discretion In the matter" added Mr..
Stanley. but there Ia no doubt in my mind
as to the relevancy and competency OF
this question in relation to this inquiry.
chair will hold TO his previous ruling and
will not change his position under any
circumstances.
Mr.. Beall then put the question again
Before the witness could answer Mr..
contribution made by the Steel Corpora
tion in 1904 and Of the willingness Of the
corporation to submit the record showing
the expenditure. He said he objected
to the affairs Of the Steel Corporation being
tied UP in any way with those OF the New
not want the corporation q case prejudiced
in this way. He expressed the opinion
that Steel Corporation officials had not
made contributions for which they had
been reimbursed with corporation funds.
This ie what was done in the case OF the
New York Life.
II was then that Mr.. Beall announced
that he would not press the issue further.
being content with the assurance made
by Mr.. Lindabury. The contempt pro-
ceedinGs thus blew up with loud report
much TO the astonishment Of the crowd
that thronged the hearing room. II was
generally suspected that the scene just
enacted came about as result of an agree
ment between counsel and the committee
This was denied by members OF the COM
mittee.
Representative Beall resumed his exam
ination Of Mr.. Perkins. He asked three
questions, as follows:
Did you make contributions with the
understanding that you would be re-
imhursed by the corporation? Did you
make contributions with the expectation
that you would he reimbursed? Did you
make contributions in the belief that you
would I've reimbursed in whole or in part'"
roall Of which Mr. Perkins answered in
the negative.
Have you any knowle edge Of the $40 900
contribution referred to by MIR. Linda
bury" asked Mr.. Beall.
Il never heard Of il until he mentioned
it," replied the witness.
Representative Beall then branched on
to the panic Of 1907. He read statement
alleged to have been given out by MIR.
sentence appeared: THE chief sore spot
was the Trust Company Of America"
From this Mr. Beall drew the inference
| that certain New York financiers had
been bent on discrcditing the trust COM
pany in the eyes OF the public. He asked
Mr.. Perkins il the head Of a press associa-
ton and certain newspapers had not re-
fused to publish the statement.
/ Not to my knowledge" replied Mr.
; Perkins
Reference was again made to the plan
advocated by Mr.. Perkins and put through
by the Steel Corporation whereby $780,
OOo.OO0 preferred stock paying per
cent. cumulative dividend was converted
into $3.50, o,ooO,0U worth OF per cent.
| bonds
In an address before the steel executive
| committee, read from the committee =
minutes yesterday by Mr.. Stanley. Mr..
Perkins urged the conversion plan on
the ground that it would bring in $50. .Ooo.-
ON cash for practically nothing and re-
duced the fixed charges by 81 .5Oo. 900 a
year.
M, Perkins insisted thai the transac-
ton was perfectly legal and mora, and
. tha, its legality had been tested in the
courts and the companys position sus-
taned He denied emphatically that in
order to induce the holders to exchange
! ! per cent. stocks for 5 per cent. bonds
the company had deliberately depressed
| the price of steel preferred. He testified
that the stockholders consented 10 tho
/ exchange and that IL was not in the power
Of the corporation to force them TO do so.
Rafore he concluded his testimony to-
dav Mr. Perkins read long statement
explaining he purpose OF the conversion