Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1911-08-08
STEEL COMMITTEE
IS DEAOLOCKED
George w. Perkins Refuses
to Answer Questions of
Chairman
70 CAMPAIGN CONTRIBUTIONS
Counsel Cor International Har-
vester Company Was Pres.
ent at Hearing.

(By Special Leased Wire to new Mexican)
Washington, D. c., Aug. S.-George
w. Perkins, a director of the U. S.
steel corporation, former chairman of
it's finance committee, and former
partner in J.. Pierpont Morgan & Co.,
appeared today before the committee
of inquiry into the U. s. steel corpora.
ton. Richard v. Lindabury, counsel
for the steel corporation, accompanied
him.
Edgar A. Bancroft of Chicago, coun-
sci for the International Harvester
Company of which Mr.. Perkins is a
director and chairman of the finance
committee, also was present.
Perkins Refuses to Answer.
Washington, D. c., Aug. S.-George
w. Perkins and the House committee
on investigation of the U. S. steel cor
poration, were deadlocked today over
the persistence of Chairman Stanley
of the committee that the witness
should answer questions relating to
his participation in campaign contrt
Buttons.
Chairman is Angered.
Washington, D. c.. Aug. Staggered
by the continued refusal of George w.
Perkins to testify regarding cam
paign contributions, either personally.
or through his affiliation with the New
York Life Insurance Company, chair
man Stanley of the House Steel Trust
investigating committee today in
! timated to Mr. Perkins that he had
better appear before the bar of the
House at it's next session if he would
"avoid the necessity of the chairman
resorting to radical authority"
| Mr.. Stanley said it would then be up
to the House to determine whether
the committee had exceeded it's pow
ers in going into campaign contribu-
tions or whether the witness was in
absolute contempt of congress. Up
to this time no formal summons had
been served on Mr.. Perkins, however.
High Finance.
Washington, D. c., Aug. 8.-With
George W. Perkins, former chairman
of the finance committee of the Unit
ed States Steel Corporation on the
stand, Chairman Stanley of the House
Steel Trust investigating committee
today produced copy of the minutes
of the steel corporations executive
committee showing that in March,
| 1902, Mr.. Perkins proposed a plan to
raise $5O,OOO,O0O without costing the
corporation a cent.
This financial achievement was to
have been attained by taking up about
forty per cent of the preferred stock
or about $2O0,000,0O0 costing $14,'
| 100000, year in dividends at seven
per cent, and to issue instead $780,
100000, of second mortgage five per
cent bonds. This would have added
i $5O,OOO,O00 in new money and would
have resulted in saving to the corpO-
ration $1,5OO,0O0 a Year.
There was nothing in the minutes
to indicate that the plan had been car.
ried through although it apparently
met with the approval of those pres
ent at the meeting.
Campaign Contributions.
Washington, D. c., Aug. S..Mr
Perkins denied that any part of his
salary had by agreement been turned
into fund for campaign contribu'
tions. He declared he knew nothing
of any fund to affect either state or
national legislation.
Representative Beall announced that
it the committee had the power to dc
so, he would inquire into the cam
paign contribution of every director o1
| the steel cornoratiOIl