The evening world., 1911-07-29

committee, that the Impending taiiure
Of Moore q echley was the most serious
feature Of the panic situation he Q yet
encountered. Moore q Schley were In
volved In many interests. II they went
down the end al beyond our ken"
Mr.. Ledyard said hat he conferred
With Judge Gary. The head OF the
otss, Trust was reluctant" Ascending
70 che witness. 70 buy T. c. and / At the
price necessary to w Moore . schisy.
He said" Mr.. Ledysrd r~ecounted.
'vhat Il was worth nearer q than 70.
told him that II he could ne
could undoubtedly get u for y. said
eTeEI WoLIp De IN TROUBLE.
TOO, At THAT FIGURE.
sswhen " gets 10 Is. Mr.. Lsdyard.
- Steel Company Will not be In con.
dluiou to buy at n pr1cs' :"
OF the famous trip Of Gary and Friek
b Washington to see MT. hooseve't'
NJ. Lsdyard said:
II did not know they had gone until
~. Morgan told me on the night OF
the aii-night conferences At Mr.. Nor
cams library. NJ 4 o'clock In the MORN
Ing Mr.. Morgan told me TO 60 homo
aad - back at $40 o'clock. He said
he thought we would hear from wash
ineton by that time. -
my understanding VA that they hAd
gone TO Washington 70 tell the Prssi.
dent about the plight Of Moore D
sohiey and what Il meant to the whole
situation. and to . 70 him that thsy
would not undertake the purchase II, IN.
der tho circumstances. the transaction
was to be attacked by the Government
s1 went home 10 ESt ono sleep. There
want much slsep. (tAughter.) I took
q bath, and at $50 % back to the
: library. Mr.. Morgan was there. bright
and hearty-had had . good sleep. .
big breakfast n wa In fine snaps.
He WAS waiting for a telephone mos
sage from Washington which never
aama
Later, after the return OF Judge
Gary ] heard that the President agreed
I the necessity Of the arrangement
Judge Gary and Mr.. Prick never told
me anything about It."
Mr.. Littieton brought out with Q
smash the fact hat the pool members
were forced to sell because Moore q
Schley's private holdings couldn't DO
cold unless the hide went with the tall.
Il vas preposterous to believe. said
NJ. Ledyard. that the Steel Corpora.
tIOu MOutu ~ n "a
r. c. and I. They must have a majority
or none. There was no other customer.
II they were TO buy stock outside the
syndicate they must also have enough
more TO get control OF the majority.
therefore the syndicate. from the Trust
point OF view. HAD TO sell.
DECLINES TO ADMIT GEORGE A.
kEssLER FAILED TO COVER.
Mr., Ldttle,on began going into the re-
sponsibliity Of George A. kessler. the
wine agent IND light OF Broadway, for
the squeeze.
"Wasn't George A. Kesslee Nhort
With the Arm of Moore & Schley' Did
he not fall to cover? Were not there
d.flcuities due to that defauit!' asked
Mr.. Littleton.
Mr.. Ledyard chuckled and hid his
face In his hands. Al isst he said:
Il nnot say ~ to the fact
1--WE all know what that Means
morted Mr.. Iittleton. I'VE cannot
press the question II the witness does
not Wish IT,"
Mr.. Ledyard said hat he suggested "a
NJ. Frick that three gentlemen. Of
whom Col. Payne was one. should do
posit with Mr.. Morgan securities on
which Mr.. Morgan's Arm should lend
them 81, 900, 900 each. Mr.. Morgan per.
sonaliy vas to keep the money and use
II from time to time 10 relieve further
am culties ut Moore a. Schley. The suG'
gestion was accepted. and Mr.. Payne
anh tho others made the arrangement
The committeeman sat up and gaspet
as Mr.. Ledyard tod Of his persona
experience In this transaction.
II told Mr.. Payne of the PLAN" HI
sad, "and ne approved OF It. lie turne'
over to me securities ample to secure
such a cash loan. I t~elephoned to Mr.
Morgan and toid him that 7 had Mr.
Payne's securities n said I would sent
tAsm 70 him right away.
at isn't necessary. Ladyard.' Mr.
Morgan said. You keep 'em. Col. Payn'
has u cash credit with us for n millloi
dollars. That's u Istood.
Morgan Z Co. took no commissions and
tmads no charges for transfers In tn
T. C. and /. matter. The personal loan'
were used as q ma suggestion to per
suade Mr.. Frick to buy r. c. and l. 10
y. s. Steel n to convince him tia
the purchase would really save Moor
4 schiey.
The biggest loan Moore h schie,
had out was with J. r. Morgan q
Co.. Mr.. Ledyard said. bat the Morgan
hrm did not call the loan or ammo,
them In any wa.
MORGAN BANK DID NOT sOTHEF
MR.. schLEY.
Mr.. Baker OF the First National Ban
Nnown as a Morgan bsnk') told MI
Ledyard that he had not bothered MI
Schley. In fact. Mr.. Ledyard did no
him that any bank OF Morgan Afnila
lions pressed Moore & Schicy.
ION the contrary said Mr.. Ledynrt
'Ar. Baker IL Mr.. schley's %brother-ir
law
"That helped some." observed ~
Littleton.
g. and was one Of the gentlemen.
continued Mr.. Ledyard. who put u
t.coO.0Oo each ~ n reserve for NJ
Schlsy."
81 have seen no more cruel insinu'
tion." said Mr., Ledyard, than IN
Mr.. Morgan or the so-called Norge
banks or the Steel Corporation DELHI
rately brought about the sale for Il
purpose OF acquiring the property OF
rival"
In the course OF an argument as
the reasons FOR the Gary visit TO Roos
welt. Mr.. Ledyard said he thought NJ
Oary's action was wise whether or n
II was legally necessary.
"You and l." said Mr.. Ledyard to &
Congressman. are practical men,"
There was 3 saout OF laughter ov