New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-12
Saturday,
Aug. IL.

When Mr.. Perkins returned to the stand
to-day Representative Bartlett asked him
about the intrinsic and market values Of
the Tennessee Coal and Iron stock at the
| time Of the panic. which Mr.. Perkins said
he thought was less than the value OF the
United States Steel second mortgage per
cent bonds.
Mr. Bartlett asked why during the panic
the Steel Corporation officials deemed II
necessary to submit the question of Ten
nessee absorption to the President Of the
United States.
at was simply matter OF ordinary
good sense" said Mr.. Perkins Just at
that time there was much criticism OF
corporations and agitation. and we thought
1t necessary TO get the Presidents view as
TO what we planned to do
Had the Steel Corporation consulted
eminent counsel about the legality of this
Transaction" Judge Bartlett continued.
II do not know about that" said Mr.
Perkins, but one OF our great troubles
then-as IT is now-was that We couldn't
find any lawyers who could tell us just
what we could do under the law
And in that emergency" Judge Bartlett
suggested, you sent to the President
who was not a lawyer
THAT was not IT," Mr.. Perkins replied
we sent TO him to find out whether II we
| used our best Judgment, there would be
danger of restraining order. We were
using ordinary horse sense to do the thing
we contemplated as near right as we
could"
Regardless Of the law
"Oh, no."
Mr.. Perkins said that when Judge Gary
| and Mr.. Prick went TO see President
Roosevelt they were urged 10 send infor-
nation as TO what could he done before
10 o'clock the next morning in order to
save the situation before the Stock Ex-
change opened.
81 got the White House on the long dis
lance telephone at . o'clock in the morn
ing" said Mr.. Perkins, Ito find out the
Presidents view OF this matter. Just then
Judge Gary and Mr. Frick arrived at the
White House. / had the wire at $40
o'clock when Mr.. Gary came TO The phone
and said he would let me know In few
minutes At 9:55 o'clock he told me that
the President said he had no right 10 in
terfere and that he and Mr.. Prick were
willing to vote to put the deal through.
, At 9:57 o'clock | was able to give this in
formation that saved the day. II was
that close To the crash. I never felt that
the President was asked to pass on any
technical legal question
Il don't think 90. either said Judge
Bartlett. u don't think he paid any at
! tention 10 it.
Perkins Testimony Reviewed,
Representative Bartlett reviewed what Mr.
Perkins had said Yesterday about the In
adequacy Of the trust laws
I'm what way" be asked, rs the de
cision Of the court in the standard OIL
and the Tobacco cases a menace to the
steel Corporation or other corporations
who have not violated the law
Wa business men believe MIR. Perkins
answered that the Supreme Court mas
found that business must be carried out in
the light Of reason that II must be 1ust
and fair
That Is not 70 roncpolze - suggested
Judge Bartlett
oh broader than that; but with that
decision the executives ~ the government
had nothing left n do bur 10 dissolve the
Standard oil COMPANY. Who can tell the
Steel Corporation or any other corporation
what Is reasonable for II 70 do
Asked what could he done Mr. Perkins
said that everybody was IN maze on the
subject
I'VE think that business should he taken
out Of politics and that there should he
law on the statute books that lawyers
could point TO and say, That rs what you
can do and that is what YOU cannot do
Even " we had uniform Incorporation
laws" Mr. Perkins continued. II believe II
would be necessary 10 have at washington
a Mace TO report the business OF concerns
doing an interstate business. and that pub
I,cation Of their business should he made
here This is a great question. and We are
r,aat,ng with new conditions every day"
Mr. Iittleton declared one Of the most
important matters before the steel COM
mittee was what remedial legislation "
sbou,d recommend to Congress. Continu
ing, he said.
"sball the Sherman antitrust law be re-
r.aIedq That won't do. II would he re-
trrn n the period of barbaric competition
in business. Shall that law not be enforced?
THAT would be prostituting the dignity and
honor Of the government. shall II he amend
cd and elaborated. and IL so how shall It
no amended and elaborated? That is the
most troublesome problem confronting us.
Here the economic discussion ended and
Representative Bartlett took the witness
ha ck 10 the Tennessee Coat and iron trans
action. Many questions covering old ground
were fred at Mr.. Perkins. evidently taxing
his patience
The charges contained in the Townsend
report to the Attorney General about an
alliance between the Steel Corporation and
the international Harvester Company We're
denounced as false 10y Mr. Perkins. who
had permission to file an answer prepared
by Edgar \. Bancroft. counsel for the Har-
yester company.
The committee expects to take recess
until fan after to-morrow's session.
rANDC Am pNITNn SHARK