The evening world., 1911-05-29

ger. or squeeze" as related to his
bank. IL amply shown In this further
By Mr.. Thornc, who fought TO
hold his bank In its place.
Il testified before the Culberson
Committee In 1909 that the Trust
Company had no interest In the stock
or the Tennessee Coal and Iron Com
pany as owner. but that on Nov. !.
1901. II had loaned siSe, 100 to six in
dividuals holding the stock at $50 q
share as collateral.
All OF these loans were paid OF in
November. with the exception of two
of $1,000 each.
Il really did not know that the
Steel Trust vas after the Tennessee
Coal and Iron Company until after
the deal had been concluded, al
though was a member Of the orig
inal syndicate that held . majority
Of the stock.
The sale OF Tennessee Coal and
r stock was certainly a forced
sale n brought about h whose who
wanted to acquire the stock"
Taken as a whole. the Thorne testi.
mony. which has not been brought tc
the surface In any previous investiga.
ton. will. 1t Is generally conceded. de.
velop "A financial scandal OF large pro.
portions.
The markets OF London and New
York to-day did not snow any effect Oh
the exposure made by Mr.. Gates-tha'
is to say. In prices. But there was a
curtailment OF voiumne that indicated
a desire on the part of spectators ant
t,,.A.... a.. a. tI.Yt- .-.t -
came along the line concerning tn,
future.
steel opened In London and in New
York within a fraction of the Saturday
closing, which was the closing OF a weel
that showed a net decline Of . points In
Steel common, and in which Cj5, lVC
shares OF the stock were turned loose.
Judge T.. H.. Gary. head OF the Stee
Trust, came back from Chicago to-day
and the only statement he made aftel
his arrival went as far afeld from tn,
topic of chief interest as a Statement
could Well 20. 1t dealt with The meet
ing OF directors Of the trust at the Rail.
road club to-day, at which the attitud,
OF the Republic Iron and Steel Com
pany, which has recently cut prices
was discussed,
Outlook In the West.
"It Is hard to tell what the genera
outcome OF the Republic Iron and Stee
Company's action will be- said Judg
Gary. ~ am hoping for the best, an,
trust that there will be no reductlol
In prices. As TO conditions in tn
West. everything is all right. rosy an,
generally prosperous, The steel plant
at Gary ave doing nicely and the gen
eral outlook ls for the best. and II W,
have normal crops this year the busi
ness should continue In a prosperou
condition"
But In spite of the statement hat IN,
business OF the day before the director!
dealt only with the Republic Iron ant
steel Company's instruction. the hnan
cial leaders assumed that the directors
would take some note OF the Stanle,
Investigation committee work and .
the contribution to current Literature
from John W, Gates.
II Is also supposed that the fnanc
committee OF the steel Trust, while
meets Wednesday. a day ahead Of tn
usual time, will go over the probab!
line OF examination through while
Judge Gary Will he put IN Washingto
on Thursday when he Is scheduled /
be a witness before the House Commit
tee and 10 tell about the merger OF tn
Tennessee Goa and Iron Company. a
well as other steel facts which ar
wanted by the committee,