The Birmingham age-herald., 1911-07-29
HANNA DEFENDS ABSORPTION OF
 T. C. I. COMPANY
CONFINED FROM PAGE D

ttOATIA | ED FROM PAGE D knowledge of raw material in the iron and steel business. He stated he had been connected with the firm of NJ. A. Hanna all his life and identified with ore business in Lake Superior and coal business in ohio and Pennsylvania and later with the Tennessee Coal and Iron company.
 Formed in 1905 =
 The Tennessee Coal and Iron syndi- cate was formed, he thought, abont chase of the stock he had 10000 shares. As to the value of the Ten nessee property. Mir. Hanna said:
 Tt was a well known fact the Ten nessee company owned a large amount of mineral, iron and coal and flax stone and the values of ore having greatly increased in the last 10 days"
 That advance. the witness attributed to the increased consumption of ron and steel together with export trade and the increase of transportation 1a- cilities.
 Tn the organization of that synGi- cate,' MT. Stanley asked, did you em- ploy MT. Morgan or any other financial syndicate to float your bonds?"
 fThe financing of the Tennessee Coal and Iron company did not cost Us the price of a postage stamp" Mir. Hama said There were no bankers em- ployed"
 Did you ever get an order for steel rails from Mr Hartman" asked the chairman.
 Yes. MT. Hanna replied. MT liar riman gave us an order for 157,500 tons of steel rails.' @How long was it after Mf hay1i- man gave you this order asked MT Stanley "tll you learned that Your company was in trouble in Wall street?'
 T don't remember exactly. but thini, fl was several months"
 In the transfer. the witness admit ted, not dollar changed hands. tl.e transaction being executed by the ex- change of stock. The effect of the Transfer. he felt assured, saved the day and was the turning point for the better in the panic. Details of the sales as fully described previously during the Investigation we're reported b,' MT Hanna. A former loan of s2.000.000 b5 the United States Steel corporation tC Grant B. Schley was reviewed.
 MT. Hanna related the story of the con- ference in J. P. Morgans library. where the merger was effected after Judge Gary and Henry c. Prick returned from theiI hurried trip to Washington to get the Approval of President Roosevelt to the rtisnsaction. He said he did not know Air. Gary had gone to Washington, or why and that he asked no questions about that visit. Mir Morgan. MT. Hanna sai1, was pot present when the deal was closed.
 In response to questions by Represen- tative Gardiner. MT. Hanna stated that since the United States Steel corpora tion took over the Tennessee Coal, Iron and Railroad company and it's vast in- eterests, there had been 10 organization Of competing steel companies. in the United States.
 Mr Hanna said he did not expect tc become a competitor of the Steel cor poration north of the Ohio river
 South of the Ohio river we had a good trade and expected to increase it.'
 The witness then described how the sleek of the syndicate had been placed in the hands of the managers with ar agreement that it should not be sold be low par, the agreement which John w Gates explained to the committee.
 Was the purpose of that agreement placing the stock in the hands of your- self and Moore and Srhey to make the 4fl.