The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-08-11
BY Associated Press.

Washington, Aug. 1o.-Geo. Perkins
told the house steel committee today
that existing laws were seriously
threatening big business interests and
their rights and their enforcement was
rendering 1t impossible for corporations
to continue in operation in conformity
with the law.
"The Standard OIL dissolution is a
warning and red flag to every corpora
tion," said Perkins, "and rather than
the present conditions 1t would be bet
ter to go the limit of having the gov
ernment regulate prices" He called
the statement that certain bankers
precipitated the 1907 panic an "in-
famous falsehood."
SPECTATORS STIRRED.
Perkins, director of the United States
Steel Corporation, stirred spectators
when he Jumped to his feet and
panic Of 1907 had been started to ruin
certain banks.
Representative Bartlett Of Georgia,
had asked Mr.. Perkins whether such
was the case.
The governments separation of the
Standard OIL Company into thirty
three parts. Mr.. Perkins declared, was
certainly a warning to corporations.
He suggested that something be done
which, he contended. corporations
could not exist.
Representative Bartlett asked Mr..
Perkins II he knew that Moore and
Schley had a majority of the Tennes-
see Coal and Iron Company stock be-
fore Judge Gary and II. c. Frtck went
to Washington.
II don't remember. I didn't care a
ran about that. was engaged in
great mass Of detail. If Judge Gary
and Mr. Frick knew 1t at that time, i
knew It. I was not concerned about
that"
Representative Bartlett then referred
to the conspiracy charge that a group
OF bankers started the panic of 1907 to
drive certain banks out of business.
Mr.. Perkins became excited. He
Jumped to his feet. Pounding the table
vigorously with his fist, he said:
my dear judge" (referring to Mr..
Bartlett) there never was a more IN
famous lie started than that. There Is
not a scin1illa of truth In IT. You
might just as well say that a certain
group of gentlemen made contract
with Mrs. O'Leary's COW to kick over
the lamp that set Chicago on fire."
'T hold no brief for the Standard Oil
Company" said Mr.. Perkins, "and have
no affiliation with it whatever. But
that action ought to be a red flag, a
danger flag to every other corporation
IN this country. The Standard OIL
Company is a huge organization, the
result of years of growth and the
United States government has spent
thousands OF dollars of the peoples
money to investigate that corporation
Instead of trying to find out what good
II has done, what 1t has done for the
laborer in lowering price, ETC., the gov
ernment is now engaged in breaking II
up into thirty-three different parts.
m that isn't a notice to other corpora
atoms to look out, don't know what is
This Is why am opposed to any EFFORT
TO break up the steel corporation"
Chairman Stanley then answered
Perkins.
isn't II true that the steel corpora
ton IS a rope OF sand, that 1t does not
own a mill. an acre OF ground, or one
material thing; and that the subsid-
larry companies have their own corpo-
rate entity7 Even the counsel for the
steel corporation has refused to give
us the minutes of those subsidiary
companies for that very reason"
Here Mr.. Lindabury, counsel for the
corporation, made vigorous denial that
he had refused to produce books and
papers. Mr.. Perkins denied that j. p
Morgan & Co. and associated bankers
Of New York absolutely dominated the
financial affairs OF the United States
"That Is not So" he answered when
The question was put to him.