Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-08-11
DECLARES
PANIC NOT STARTED
TO RUIN THE BANKS
Steel Corporation Director
Stirs Spectators When Ask
ed If 1907 Panic Had Been
Started to Ruin Banks
rpr Associated Press,


WASHINGTON. Aug. 1o.-George w.
Perkins, director of the United States
Steel corporation. testifyng before the
house STEEL tru' investigating commit
tee today. stirred spectators when he
jumped to HIS feet and branded as false
charge that the panic of 1907 had been
started to ruin certain banks. ~
Representative Bartlett, Of Georgia,
had asked Mr.. Perkins whether such was
not the case.
Before Mr.. Perkins took the witness
stand, conference was held between R.
v. Lindabury, counsel for the steel cor
portion, and Representative Stanley, of
Kentucky, chairman of the committee, re-
lating to the production of the books and
records of the subsidiary companies of
the steel corporation, demanded yesterday
by resolution Of the committee. No an
nopncement of steel corporations inten-
tons were made.
U. c. Temple. former secretary of the
United States Steel Plate association, also
was subpenaed today. Chairman Stanley
stated that Richard Trimble, secretary OF
the steel corporation, probably would not
appear before tomorrow.
The governments separation of the
Standard Oil capital into SO parts. Mr..
Perkins declared, was certainly a warm
ing 10 corporations. He suggested that
something should be done to relieve the
present conditions, under which, he con-
tended. corporations could not continue
to exist.
Representative Bartlett asked Mr. Per-
kins If he knew that Moore and SchIey
had a majority of the Tennessee Coal
and Iron stock before Judge Gary and
H. c. Prick went to Washington.
II do not remember. did not care a
rap about that. was engaged In a
great mass of detail. If Judge Gary and
Mr.. Prick knew it at that time, knew
1t. I was not concerned about that"
Representative Bartlett then referred
to the conspiracy charge that a group Of
bankers started the panic of 1907 to drive
certain bankers out of business Mr.. Per-
kins became excited. He jumped to his
feet. Pounding the table vigorously with
his fist he said:
MY dear Judge (referring to Mr.. Bart
letD, there never was a more infamous
lie started than that. There is not a
scintiha Of truth in It, You might just as
well say that a certain group of gentle
men made contract with Mrs. O'Leary's
cow to kick over the lamp that set Chi
cago on fire."
NO INTEREST IN STANDARD OIL.
IT hold no brief for the Standard Oil
company" said Mr.. Perkins, land have
no affiliation with 1t whatever. But
that action ought TO. be a red flag, a
danger flag to every other corporation
in this country. The Standard OIL COM
pany is a huge organization, the result
of years of growth and the United
States government has spent thousands
Of dollars Of the peoples money to in
vestigate that corporation. Instead of
trying to find out what good 1t has
done. what it has done for labor in low
ering prices. etc, the government is
now engaged in breaking II up into 80
different parts If that is not a no.
tice to other corporations to look out,
don't know what is. This is why I
am opposed to any effort to break up
the steel corporation"
CORPORATION ROPE OF SAND?
Chairman Stanley then answered Mr..
Perkins
Isn't it true that the steel corporation
is a rope of sand, that 1t does not own
a mill. an acre OF ground, or one ma
terial thing: and that the subsidiary
companies have their own corporate en-
tty? Even the counsel of the steel cor
poration has refused to give us the
minutes Of those subsidiary companies
for that very reason"
Here Mr.. Lindabury, counsel for the
corporation, made vigorous denial that
he had refused to produce books and
minutes.
Mr.. Perkins denied that ]. p Morgan
& Co., and associate bankers OF New
York absolutely dominated the financial
affairs of the United States.
THAT is not So" he declared when
the question was put to him.