The Washington times., 1911-08-10
SAYS FEAR CAUSES
BUSINESS TO HALT
Mr.. Perkins Declares Industry Will Not Proceed AS
Long As There Is Uncertainty About

E3EL~
I 'l-tT
Continued from First Page.)

dkc-J
tee, and Judge Bartlett asked why. Mr.
| Perkins did not go into those details In
testifying before the Senate Judiciary
Committee three years ago.
Mr.. Perkins said that inquiry was so
brief. and confined sc closely to the Ten
nesSee affair, that these other matters
were not developed.
My question is" said Judge Bartlett
whether YOU did not contlne your tes-
timony to the statement that an asso-
citation of individuals was involved?"
Here the Judge read from the record OF
the old Senate hearing TO bear out his
view. This brought in a statement from
former President Roosevelt that he had
been told that one firm held a major
itY Of the Tennessee stock. Mr.. Perkins
told the Judiciary Committee that a
partnership held these stocks.
And everybody knows that meant
Moore \ Sc,n,ley:, asked Judge Bartlett.
Now, | want 10 know If at that time
YOU did not confine the crisis to a single
FIRM"
L did not wish to name Moore &
Schley," said Mr.. Perkins. I'VE were
just cleaning up the ends of the panic
and conditions were still delicate"
''Oh, l thought the panic was endeo
when the Tennessee stock was taken
up and the steel bonds substituted"
Yes. but when one has had pneu-
monia he doesn't expose himself to
Perkins. with smile. He added that
taking over the Tennessee stock had no
relation. directly, to the Trust Company
Of America.
''On the Saturday when the Moore &
Schley matter was under discussion, the
Trust Company of America, out OF
funds, had decided not to open again.
These failures together would have pre-
cipitated a grave condition.
The arrangement was that II the
see stock the banks would relieve the
Lincoln Trust Company and the Trust
Company of America. So there were
really two trades in one"
Was there any statement or infor-
nation conveyed to Gary and Frick,
Roosevelt, that Moore & Schley had
a majority of the Tennessee stock?'
Il don't know, and at the time l
didn't care whether they had a major
lty. | knew there was a condition to
be corrected. l don't know whether at
that time l knew they held a majority.
l was head over heels in that panic
and 1t took all we could do to control
it,
Denies Charge
What do you say to the statement
that the panic was started to get rid
of certain undesirable bankers, and
that you gentlemen later were unable
to manage it,
Il say, replied Mr.. Perkins indig-
nantly. rising and hammering the table,
that there is not sCntilla Of truth
in it. You might s well charge that
a syndicate arranged to have Mrs.
O'Leary's COW kick over the lantern
that burned Chicago. There had been
an unhealthy business condition grow
ing up for some time. Practices and
methods, 1isapproved by the invest
ing public, had been responsible for
this
Isn't 1t true that these trust COM
panies charged with going beyond the
legitimate confines Of good business,
were the first that failed?"
so that their failures helped precipi-
tate the panlc?'
Yes"
Now, l see you have brought your
self to agree with Judge Gary about
methods of dealing with great corpora
tions," suggested Judge Bartlett, taking
up Mr.. Perkins Houghton, Mich, ad-
dress.
Il agree that something needs to be
done in the matter of our relations to
and harmony with Germany and with
the best thoughts of the times. l do
not agree to the extent of Government
price fixing, but would go so far rather
than go on as we are going.
I'VE have reached a point where the
Executive Of our Government is pro-
ceeding to dissolve the Standard Oil
Company. That should be a danger
signal.
THE Government has spent years
learning all about that company. But,
instead of learning whether II has been
of use and value as a producer, as a
good employer, as servant of public
interest-the Government is proceeding
to break It into thirty-three parts /
say that is a menace to all business.
/ would not have the Standard Oil Com
panN broken up until we knew whether
1t was a good and useful concern
Campaign Contributions.
Mr. Perkins personal contributions to
political campaign funds were held ty
the committee to be outside its concern.
He was asked if he had made any per-
sonal contributions in expectation Of
being reimbursed, and replied that he
had not.
AS to the Steel Corporations contri-
buttons, Mr.. Lindabury said he knew
of one contribution OF sl0O0G made in
1904 but he could not tell whether It
was to national or a State fund. He
would. however. get all the papers in
the matter for the committee.
Chairman Stanley, referring to, the
relations between the International
Harvester Company and the Steel Cor
poration, dropped the broad intimation
that he had reason to believe these re-
lations would shortly be taken up and
considered by the Department Of JUS
tice. In view of that fact, he did not
deem 1t necessary for the committee
to devote itself to extensive inquiry in
that direction.
This statement by the chairman led
TO vigorous protests by both Mr.. Lin
dabury, attorney representing the Steel
Corporation, and Mr.. Perkins.
There was some inquiry into the at