The Sentinel=record., 1911-08-11

quiesence of J. F.. Morgan and H. C. Prick, had refused to cut wages when William E. Corey, then. president and other directors urged cut because competitors had slasned prices ana reduced wages.
 Representative Beall of Texas, oi- rected a question to Mr. Perkins late in the day relating to his personal dealings in the United States Steel stocks. which counsel for the steei corporation, Mir. Lindabury, mildly protested against, but did not press his protest.
 MT. Beall and other members or the committee had been engaging the witness in long review of tEe bond conversion plan of the steel corpor- atlon, whereby seven per cent prefer. red stock was converted into five per cent second mortgage bonds, ESQ., 100000 of which stock Was turned m by a syndicate of stockholders.
 50 far as you know" Br. Beall asked, did any member of that syn dicate make any profit out of that bond conversion except the per cent stipulated in the contract?"
 They did not" said Perkins.
 Did you, or anyone else, you know of buy or sell or trade in United States Steel preferred Or common stock while this transaction was being planned?"
 No sir.'
 Did the United States Steel Cor poration ever trade in its stock?"
 Not in the sense of speclation, said Mir. Perkins. Tt has purchased stock for the purpose of it's profit sharing plan and it has purcnased bonds for sinking fund purposes. Ine |corporation has scrupulously avoided |anything resembling speculation in It's securities
 Do you know whether any officer or directors of the corporation nave purchased common or preferred stocs when it was extremely low in the market?' MT .Beall continued. No, l don't"
 Did you, yourself. purchase the stock. and to what extent, regardless of whether 1t was high or low?"
 T never purchased any stock ex cept as an investment.
 Did you ever sell any"
 Yes, but have never been con- nected with any pool or syndicate or associaQon of individuals or firms to operate in that stock" MT. Perk- ings declared.
 Didn't you buy when low and sell when high?"
 Not necessarily. I never sold one share of that stock short in my life"
 Did you buy and sell through the brokers, and if so can you give us the names of some of tnem?"
 Mir. Perkins hesitated some time be fore answering.
 While l was member of the firm lof J. P. Morgan and Company" he finally said, q dealt with them. Since then I have been readjusting my in lvestments and I am in that process now 9
 Here MT. Lindabury suggested that the inquiry was getting personal and MT. Beall observed that the lnforma ltion was interesting. The inquiry was ended here, as time for adjournment mad passed.
 In discussing the organization of the steel corporation, Mir Perkins said | 1t had more than two hundred thou sand stockholders and that more thar tnirty-five thousand employees were in terested as stockholders under the company's profit-sharing plan.
 How much stock has the King of England in the steel corporation Chairman Stanley asked. T don't know" said MT. Perkins he never told me-"
 The bond conversion plan was dts. cussed at length and Chairman Stan ley read letter written by Judg; Gary to J. P. Morgan and Company in 1903, the Morgan firm having fin anced the syndicate deal in which he said the continuance of the conversion plan to the full limit contemplated could not be carried out. The value or the bonds also had become tos great and the disparity between them and the preferred stock had growr too wide as a result of the prevail ing conditions.
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