Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-07-29
NO HIDDEN MOTIVE
BEHIND STEEL
MERGER
BROTHER Or MARK HANNA
TESTlFlES AT INQUIRY
Confident Acquisition of Ten
neSSee Company Was Con-
Summated for Benefit of Bus
mess and 10 Avert Panic.


nv Morning Journal Special LEASED w,r..l
New York. JulN .Na-NO Interior mo-
tNcs lurked behind the taking over of
the Tennessee Coal and Iron company
by the United states stool corporation
during the financial panic ot 1897 in
the opinion of D.. g. Hanna of Glove
land, one ot the syndicate owners of
the Tennessee conrcru before the ner-
ger, who spent the da, ON the wit
ness stand before the steel trust in
vestieating committee of the house OF
representative.
The surrepttious motives had been
suggested, Mr. Hanna. vino Is broth
er of the late United states senator
Hanna. admitted but ht never had
credited the reports he believed the
transaction VAS necessary to avert
the failure OF the New York banking
and brokerage firm OF Moore and
SChleN. who held too much Tennessee
Coal and Iron stock az collateral for
loans and to- avert widespread business
disaster
In answer to questions by Repre-
sentative Beall of Texas, Mr. Hanna
said he thought the congressman he-
lieNed a plot had been framed where
10y the Tennessee Coal and Iron COM
pany would be gohbled up BY the steel
interests, hut he had ne knowledge
of such a plot and did not credit such
an idea
Before the threatened failure Of
Moore and Schley" asked Representa-.
tive Reull. had not the United states
treasury poured $40 600 into New
York to stop the panlc2"
u think so" MIR Hanna replied.
Also before that time MIR. Beall
continued, had not j, pierpont Mor-
gan and his associates advanced sG0,.
000.0 to relieve the financial situa-
tion7"
Il heard II so stated" said Mr..
Hanna. After all that the panic was
not ayerted." Mr. Reall resumed. And
can you toll me why the taking up
of only $600o,n in loans on the Ten
nessee Coal and Iron collateral OF
Moore and Schley affected that restor-
alton OF confidence In the business
world which the United States treas
ury ana the Morgan millions had been
Hnable TO do?'
THE only explanation Mr. Hanna
replied, after some hesitation. 'ls that
the panic up To that time had not
reached that character of business
househ which were involved IN this
transaction think from the line of
questions that YOU believe the sale OF
the Tennessee Conl ana Iron company
was a plot. | never thought so.
still wish | could have held on TO my
stock. but II seemed absolutely neces-
aary TO sell II to avert serious trou-
bic"
Representative Gardner OF Massa-
chusetts also questioned the witness
"rhe report has been current" said
MIR. Gardner, chat an attempt was
made by persons desirous of acquiring
the Tennessee company TO discredit
that concerns stock I'm the banking
world, and to induce banks to make
Imperative calls on loans secured by
that stock for the purpose Of hammer
ing down the Tennessee price so 1t
might he acquired hv the United states
steel corporation. Did YOU ever hear
that the deal was q deliberate driver"
"I'ye heard gossip about It," Mr.
Hanna said "l think ! heard Mr..
Gates discuss q and probably others
talked about the rnmors afterward. |
never felt that way myself and did
nor believe amy one would have been
SO foolish or SO dishonorabe as to at
tempt such a thing