New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-31
TOPPING OEF|ES GARY
Says Republic Company Will Do
Business Its Own Way.
GATES STARTS FOR EUROPE
Son Says Cuts in Steel Are Not
Worrying His Father
Shore Betrays Him.

Most Wall Street men whose names are
involved in tho testimony Of John W.
Gatee before the Congressional committee
investigating the United States Steel Cor
poration and In tho statements subsequent
~ Issued by Justice Gerard and Oakleigh
Thorne. enJoyed n recess from tho market
place and it's alarums Yesterday at their
country homes. Few could bc found who
according 10 their own confessions had
even read the morning papers.
John A. Topping. however. was not ono
Of the latter. He had read carefully the
statement made by ex-JUdge Gary regard
ing the Steel Trusts price cuts. When
asked N this would affect the course of the
Republic Iron and Steel Company. OF which
he is president. Mr.. Topping remarked:
The Republic Iron and Steel Company
IL going 10 manage its own business in the
usual way and will pay no attention to
what Mr. Gary or any orc else says or
does Furthermore we don't need TO make
public any statement with regard 10 the
conduct Of our own business"
Mr.. Gary. when asked il Mr.. Toppinss
statement interested him. replied that II
did not. He had nothing 20 add. he said,
10 tho statement made on Monday.
George w. Perkins. formerly Of !. p.
Morgan & Co. who has been blamed by
Justice Gerard for nj least part OF tho
troubles Of the Knickerbocker Trust Com
pany hack in the fall OF 1907. and who.
Oakleigh Thorne says. started the run on
the Trust Company Of America. still re-
fused 10 talk for publication. Another man
equally unconmunlcative was g. Louis
Boissevan, director Of the Knickerbocker
Trust Company who attended the confer
ence AT Sherry's described by Justice
Gerard
Mum on Affairs Of 1907.
= am a sealed book on tho affairs OF
1877" was Mr.. Boissevain's cryptic remark.
But Henry C. Berlin another director OF
the Knickerbockcr at the time considered
that the descriptions Of the pan!c's incep-
ton AS given by Justice Gerard and oak
leigh rhorne wcro correct In saving ibis
he subscribed TO the repor, that George W
Perkins had persuaded the directors II the
knickerbocker Trust Company who gath
cred at Shcrry's to vote To open their com
pany I'm tho morning. though 4 run was In
evitabe and the banks cash would be OK
haustod long before closing time This wa.
Justice Gerard's explanation Of the action
and the Justice also said that as soon as
tho result Of the vote was known some OF
the fnanciers present rushed over to the
Night and Day Bank md through checks
on that institution drew their balances out
OF the Knickerbocker
Mr.. Berlin also believes that Mr.. Perkins
made the statement. printed in The
Times" and attributed 10 Morgan's part
ner. which caused depositors in the Trust
Company Of America TO start the run or
that institution and led 10 tho absorption
by the United States Steel Corporation Of
the Tennessee Coal and Iron Company
g. Lawrence Perkins. another knicker
booker director. on the other hand, doubt
ed that Mr. Perkins made any such state
ment but added that n he did II was with
out tho authorization OF ! Pierpont Nor
gan
The Knickerbocker Trust Company was
thrust into the breach" said he. and 9th
ers gathered there. Maybe THIS Uas through
the had Judgment Of the directors In al
lowing Themselves TO be placed IN such 2
position