New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-09
He. Refuses to Tell Of Campaign
Contributions by Cor
DOratIOnS.
STEEL COMMITTEE ANGERGO
Graphic Description Of 1907
Panic and Details of Financing
OF Big Company Given in
Congress Inquiry.

hanging over his head threat that DE
viii be brought before the bar Of ths
House for failure TO answer questions
| propounded by Democrats members Of
the committee, relative 10 the campaign
contributions Of corporations in which
Mr. Perkins is interested.
The examination Of Mr Perkins ~a3
marked throughout by clashes between
/ counsel and A. .. Stanley, the commit
/ tees chairman, and sometimes between
| the Republican and Democratic members
of the committee At one time Mr.. stan
/ ley threa tened summariy 20 bring NJ.
/ Perkins before the bar Of the House for
conduct contumacious and conduct ao-
! soiuteIy and utterly in contempt Of the
committee and its authority
Later the committee decided. after a
spirited conference. that II did not ~
itself have authority 10 summon Mr..
! Perkins before the bar Of the House.
but Mr. Stanley threatened 10 refer the
controversy 10 the House tomorrow un-
less Mr.. Perkins shall decide overnight
70 testify regarding the campaign con-
1 tributions Of the New York Lie lnsur-
ance Company and the United states
Steel Corporation. Realizing the appar-
ent gravity of the situation, Mr.. PERKINS
and his counsel. Richard v LiDdabury'
agreed 10 take the matter under advise
ment Mr.. Perkins will resume the
stand tomorrow, when the Democratic
members of the committee VIII agaIh
renew their demands that he tell ABOUT
the campaign contributions OF corpora
| tions in which he is a director
After the witness had declined 10 al
swer on advice Of counsel various ques-
tions put by Representative BeaH'
Democratic member OF the committee
Mr.. Stanley observed:
/ II hope you understaIl. Mr ferAInS'
that your refusal TO answer these qu's'
films may necessitate our summomnS
vou n the bar Of The House OF Repre-
sentatiyes;
The attitude taken by Air. Perkins ard
counsel was that ,hc matter of cam
paign contributions was NOT pertinent %
/ the scope of the committee inquiry
which IS to ascertain whether there eA-
ists = steel Trust. Mr. Perkins failed
TO sec how his personal campaign con
tributious and those of the New io'N
life Insurance Company were related 70
the matter under investigation.
Brought to a Crisis.
When Representative Beall asked ao'u-
,c. porLips.s personal contributions 20
tho Republican campaign fund the mat
ter was brought 10 a crisis.
"n1- Chairman. 1 submit that this ~
roo much" said Representative YOUNG
= minority member of the committee
This is far outside the inquiry. u
soo,ns TO me We have been AL arouDh
the earth. and it is time We We're settn-
back to the inquiry into the aH'"9 %
the Steel Corporation
The chair ruled the question peru
nent.
Then I appeal TO the committee rom
tho decision of the chair SAID hep'e-
sentative Young.
on the appeal Representatives lou"S'
c.ar,irp and Danforth, Republicans
cd
atives Bartlett. Beall and McGliucuuu'
nerocrats. voted to sustain the chai'
ord the chairman. Mr. Stanley, hinlse"
cast the deciding vote, saying:
THE chair is sustained ana the que''
ton is pertinent
,~ Perkins afterward declined 10 an
swer numerous questions relauhs
carnaign contributions. which resultea
in the threat that he may be proueN
,,.,ora ,be bar of the House tomorrow
Tells Of Panic Of 1907
Mr. Perkins. aside from this turn m
,,o Committee proceedings told the COM
r,ittee A remarkable story ot inc pan''
. 1907 and the events which MADE n'c-
.ssarv the absorption Of the tennessee
co.l and Iron Company by the Onltea
c,atas steel Corporation. He aduli''e"
=. stool CORPORATION had contributed 10
the spread of protective tarin doc'rlns
and verified records produced oy N''
stanley that the Steel Corporation IN
,aof sought legal advice which directed
.bat as A corporation. II should hO'
mako contributions to campaign tunds
r,,o Witness was subjected 10 rigor-
ous examination by Mr.. Stanley relating
% the record Of the minutes OF the eA-
,,,t,,e committee Of the Steel Corpora
a., a., which Mr.. Perkins proposed A
49,, ~ converting S200OO 600 worth OF
-, orofarred stock into S2JooO,VcO
nor cent second mortage bonds thus
Gaining SJOOO0.00O without costing the
CORPORATION anything
l., this connection Mr.. Stanley ex-
.,.trod that the New York Life lnsur-
ance Company bought some oi theSe
second mortgage bonds. ana stated tha'
.his WAS one OF the reasons why the
committee insisted on the relevancy ot
inquiry pertaining TO the insurance COM
many OF which Mr.. Perkins formerly was
president and chairman OF the
finance committee
After reading the minutes, III whlch
Nr Perkins was quoted regarding the
hond conversion transaction Chairman
Stanley asked:
.Did YOU ever propose 10 operate this
,r,nsaction so as to get $50,0Oo,O00 for
nothing
'.No. sir" said Mr.. Perkins.
You suggested this plan OF conver-
sion. did you not?'
II anticipated YOU would question ME