New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-30
street NOT MUCH EXCITED STEEL TRUST MEETS CU1
Continued from first page.

referred to the TRUST Company Of Amer
lea with the intention Of deliberately oi
malciously causing a run upon that IN
/ stitution.
| Mr.. Thorne. he said, might not nave
accepted his Interpretation Of Mr.. FER
kins's remarks. Mr. Stone said ne hau
not read Mr.. Thorne's statement as 20
Mr.. Perkins's actions He said, now
ever. that he considered Mr.. Perkins
original statement about the Trust Com
pany of America unwise. although ne
did not attribute to SIR. Perkins any ma
licious intentions.
Mr. Thorne was asked IL he had ever
talked with Mr.. Perkins about the state
n emf
"Oh. yes" he said. several times. Mt
Perkins and I ar. on friendly terms hno
II he saws that he cannot recall the exac'
circumstances. why, what is one to do
Thorne Saw MIR. Morgan.
con the DAY the statement appeared
he continued, II came 10 my Office al
ESQ n. m. and the Perkins committee
which was then investigating the condi-
lion If the company. did not arrive uh'l
40 o'clock. Meanwhile. the statement
had appeared In print. ] went 10 see
Mr.. Morgan about II. II course
II had known him long and rather IN
timatelv. and he said 20 me:
81 knew your father and your grand
father. am, YOU know that ! am telling
YOU the truth when say that khe"
nothing whatever about that statement
"Ia am Confident that this was true aho
that he knew. nothing e IT, lf ne had' II
would never have been Issued. no" inc
per,,ins committee never finished its in
vestigatlon Of our condition; that WorN
was done later ~ a committee appointe
by various trust companies which came
/ 10 our aid. Henry NJ. Francis, secretary
OF the Morton Trust Company; ueors'
r. Church. ard Benjamin Strong. OF the
BANKERS trust Nj. Morgan came u
my Aid With 10000 200, and he indirectly
| induced certain trust companies 10 heii
with s15OOo.G50 more. When they dio
so. I was asked if could pay back the
loan in eighteen months answered
| that I could in ten. And though "dS
warned not 10 make any rash promises
10 pay It back. paid in nine months.
one " the men at the steel confer
ence Yesterday gave some figures snow
ing the value of the Tennessee Coal ano
Iron COMPANY tC the Steel Corporation
The Tennessee Coal and Iron Com
pany has contributed very little toward
| the earnings Of the Steel Corporation,
he said. Its ret profits for the ten
months ended October 81, last, were
little more than 100000, equal to
about S per cent on its common stock
for which the Steel Corporation paid
about slo0 share These earnings are
in face If the fac. that there has been
spent for new construction for the Ten
nessee Coal and Iron Company since
1907 close to s15.0O0.000.'
Judge Gary is to 90 TO Washington on
Wednesday to testify before the Stanley
committee He said yesterday that the
finance committee of the Steel Corpora
ton would meet this week on Wednes-
day instead of Thursday. and that he
would leave here for Washington on
Wednesday night. ....---t
Il am prepared TO give the facts and
all the truth" was all that he would
saw about what he would tell the COM
mittee.
The meeting Of the manufacturers was
held at the Metropolitan Club and was
preceded by a luncheon given by Judge
Gary. The discussion began immedi-
ately after the luncheon and lasted until
late in the afternoon. Judge Gary gave
out the statement of the prices decided
on al the Waldorf last night The state
ment follows:
Representatives OF the leading manu-
facturers Of finished steel mot including
Metropolitan Club to-day and existing
conditions were fully discussed 1t was
the unanimous opinion that cooperation.
continued Opinions were expressed that
recent developments seemed TO require
some changes in prices.
Cuts In Many Products.
Subsidiary companies of the United
states Steel Company have decided to
make adjustments 10 become effective,
June l. 1911 and II Is believed these will
be generally followed. The commodities
affected with new prices are as follows:
steel bars Q5 cents per 100 pounds Off
81 q base.
Plates and structurals Is cents per 100
pounds off 81 IS base.
Black sheets 20 cents per lo) pounds Off
cents per pound for No. % gauge.
Galvanized sheets three cents a pound.
No IS gauge.
Blue annealed sheets 30 cents per 100
pounds on 81 80 pound for No. 10
Steel bllets. four inches square and
larger. 81 per gross ton:
All prices. T. o. b. cars, Pittsburg. eff
fective June I. 1911, for shipment prior TO
October l. loll.
There was no cut in either wire or wire
PRODUCTS or steel rails. The bulk Of the
output Of the wire mills has been con-
tracted for for some time ahead, while
the manufacturers have contended right
along that as a result Of greater exac-
tons as to quality the cost of producing
rails has advanced from 81 to So a ton.
which. they say. is equivalent h a re-
ductior IN the price Rails have re-
NAMED stationary at the present price
Of S2S a ton since 1901 Structural steel
and shapes in large sizes are not made by
he Republic company and the cut does
not affect them.
When John A. Topping, chairman OF
the board Of directors Of the Republic
company, was told last night OF the de-
c.sion OF the conference to make a gen
oral Gu. m the prices OF all the products