The Washington times., 1911-08-11
STANLEY'S QUERIES
CALLED UNFAIR
Anger and Sarcasm Mark Closing Hours of Days Hear
49, ing on Tennessee Coal and Iron Pur-
chase by Trust.
CONTINUED from First Page.)

CONTINUED from First Page.)
he Steel Corporation could be justified
h trading its bonds for stock that was
ess valuable.
THE trade was on the best terms thai
Hould be made TO meet the existing sit.
hation.' said Mr.. Perkins. Twice, ir
lhe two or three years before the panic
ke had refused to discuss the purchase
We didn't want it at 65 or at 95.''
Was that because of the values, oil
pr legal questions?'
"Of neither: it was a matter of pol
fy. The Steel Corporation was rounded
Iut and working well, and We did not
fare for further properties
why did you want to consult the
President about it?"
I'VE deemed it sensible in view of the
possibility Of criticism 20 take that
tep."
Did you consult legal advisers be-
pre- sending to see the Presfdent?"
don't think SO. and don't see that
would have made any difference.
He mad been trying TO learn what the
bw allowed and could not. 1t was 4
question Of using horse sense and in
Flew of the situation"
You expected Messrs. Gary and
Frick to state the whole case to the
President?"
Surely. When they left New York,
Pc knew Moore & Schley, the Lincoln
trust, and the Trust Company of Amer
ca were sOrely pressed. l called Mr..
Loeb early in the morning and learned
That Messrs. Frick and Gary had just
BOT there. Three or four minutes be-
Tore 10 o clock, when these companies
Hust open or not open, ! was told Dy
phone they had seen the President, and
be ha dsaid he did not feel that he
Ihould in the circumstances, interfere.
II was as close as that. l let the word
30 out at once, and the situation was
tt once relieved.
A Quick Judgment.
so the President. and not a lawyer,
Iettled in twenty minutes a problem
bver which your lawyers had long been
hndecided?"
No, l didn't consider that he was de-
tiding a technical legal question at all"
Nor IL don't think he paid any
attention to it."
Judge Bartlett wanted to know next
Ehout whether a third of the Steel
company : employees work twelve hours
b day and seven days week"
Mr.. Perkins couldn't give figures, but
said it was the policy 10 reduce hours
Eible.
We'll, there was considerable Sunday
work incident to getting through that
panic, wasn't there"
Yes, and there is scriptural author
lty for Sunday labor getting an ass out
pf a pit" declared Mr.. Perkins amid
laughter.
AS the law stands" he continued.
'who can tell the Steel Company what
the antitrust law means. The people
want 10 know the rules of the game
and don't want them changed while the
game is on"
Did he refer to Hoyle or to the
laws"
Don't know suspect, perhaps. to |
the executive sessions of this COM !
hittee.''
Whether politics is in business now |
tdays, or business in politics, became |
EubjeCt of disagreement between the !
witness and some of the committee |
hen. Mr.. Perkins thought politics |
was in business, and Mr.. Gardner |
kanted to know If it wasn't likely to |
be in still more
Quotes German System.
Mr.. Perkins pointed out that the !
German system, recognizing the nee !
essity of unified organization and !
klose cooperation, was highly desir- |
khle. |
"The limelight would eradicate
hany of our troubles To require |
companies TO register, to make re- |
PORTS, file statements, etc, would add |
10 public confidence; other companies !
would come in and take advantage of |
his chance to strengthen themselves !
In public confidence and the most eX- i
fellcnt results would follow.
''But," said Mr.. Young. that func- |
lion must be performed actually, in the !
- la,y nd ba 10 tf al
bot in secret or by bureau that is fore !
flosed from general knowledge of its |
bperations?"
tirely right" declared Mr.. Perkins.
Mr. Liltiet"n suggested that before |
kUrpCration he allowed TO enter inter |
state commerce it might ne required 10 |
prove before some tribunal Its right to !
DO SO-its efficiency and effectiveness.
Mr.. Perkins fully agreed, and added |
hat uniform State laws seemed impoS-
Sible within any reasonable time. While |
regarding as beneficial the efforts Of |
the house Of governors, in This direc-
lon, he believed there should he some |
rentral Federal authority over the
whole matter.
Question of Action.
Mr.. Littleton spoke Of the effort to
secure, through a great investigation OF
social problems, an accurate view of
the issues now before the nation-even
the world.
And in that inquiry" he said, we
meet the question of whether we shall
repeal, or how We shall modify, or
whether we shall continue our anti
trust act 1t seems to be the very
opening step in consideration of our
problems"
Mr.. Perkins, recalled to the panic
again related an incident of the gloom
"A bank president" he said. came
10 Mr.. Morgan and said:
Il am greatly worried; l am below
uy legal reserve limit
swell, you ought to be ashamed 10
be anywhere near your limit in a time
ike this " replied Mr.. Morgan. 'What
ire reserves for. except to use IN such
lines as theSe?'
In view of constant occurrences 10
he Tennessee deal Mr.. Perkins said:
AS the examination Tecurs constant
Y TO this matter, as If you gentlemen
hought there must be niger IN tne
voodpile, l want to say that mere Is
zone. l assure you gentlemen, tnat
eal was as clean, fair. and honoraole
$ any transaction among gentlemen
ould be. You, gentlemen, mad You
een there. would have approved all
hat was done, / am sure.
Mr. Littleton said he had developed
heorv that. Col. o. H. Payne was the i
erson who, as hacker of Moore d
chley. had loaned them some STWO.TOJ |
D SS,OOO,0OO of good current securities
nN ftaI