The Birmingham age-herald., 1911-08-09
PERKINS DEFIES AUTHORITY OF THE
 STEEL COMMITTEE
(coNTINUED FROM PACT D


 ness into a description of the panic of 1907 and the events which led up 10 the absorption of the Tennessee Coal and Iron company by the Steel corpor- alton.
 Mr. Perkins particularly explained the threatening condition of the Lin 'coln Trust company and the Trust Com- lpany of America.
 These trust companies and the firm of Moore & Schley were trembling in the balance" Mir. Perkins said. ] Concerning the Tennessee transaction, to save Moore & Sch1ey, MT. Perkins made the following statement:
 Result of Deal
 ''The net result of that deal was 10 save Moore & Schley. but as a part Of the condition of that transaction it was provided that if the Steel corpor- alton took over Tennessee to save Moore and Schley the bankers of New York were bound to raise money to prevent the Trust company of America and the Lincoln Trust company from Failure. This they did and announce ment was made November 6, two days after the deal,s that all three firms had been .sayed.'
 Mir. Perkins insisted that the Steel corpora tion did not want the Tennes- see corporation He said he know all about the visit of Judge Gary and MT. Prick to Washington and what they went for.
 In reply to suggestions of conspir- acy and driving Tennessee stock in the market, Mir. Perkins said. g
 Never was anything more false with all due respect to you, Judge Bartlett"
 At times MT. Perkins grew excited and stood up, pounding the table with his clenched hands.
 When asked if MT. Morgan was not the financial dictator, he said:
 MT Morganswas certainly the savior of that panic. If there ever was a general in charge of any fight fo- any people who accomplished more than Morgan did in that crisis nothing is recorded about 1t In history"
 Representative Beall of Texas ask ed the witness if, after he became identi- fled with the Steel corporation, he didnt t participate in campaign contributions in his capacity of vice president of the New York Insurance company, and if he had not made personal campaign contributions since he became a di- rector of the Steel corporation.
 On the first question Counsel LindaDury for the Steel corporation advised the wit- ness not to answer. protesting that 1t was not a matter within the scope of the Inquiry.
 The chairman decided the matter was germain.
 "Oh. MT. Chairman" said Representa- tive Young of Michigan, 'f submit that is too much. That is far outside this in quiry. It seems to me we have been all around the world and it is time we were getting back into the inquiry of the af- fairs of the Steel corporation
 The chairman ruled the question per- tnent.
 Then l appeal from the decision of the chair" MT. Young declared. s'The chair holds the same decision' .. said MT. Stanley.
 Then appeal to the committee from the decision. MT. Young said.
 On the vote of appeal Young. Sterling and Danforth republicans. voted against the chairman, and Beall, Bartlett and Me- 'Gilllcrdy, democrats. voted to sustain him. Chair Sustained Then the chair is sustained, the chair man declared. casting the deciding vote. Mr. Beal again asked his question of per- ssonal campaign contributions.
 My connection with the Steel corpor- ntion," said MT. Perkins, had not the slightest bearing on my campaign con- tributions"
 Leading up to this dispute, the minutes of the Steel corporation were read. show HE thdt tuc coiHpduy pTlOT tO JtHS Lituc 1t secured legal opinion against making campaign contributions had contributed to the American Protective league and had made other contributions for crcuat- ing information on tariff matters. Mr. Perkins frankly admitted that the rain utes produced must be correct, but he said he had no personal recollection con corning them. Chairman Stanley had referred to rec @f ir,rr nf fho nj al steel finance committee on April 10. 1908, when MT. Perkins presided and read that a request had been received for q con