The chronicle=news., 1913-01-15

any relation TO the Globe failure.
Mr.. Burragc said tha, Butte and
HostOn stock was exchanged for
Amnlgamated nt 4 rate OF four
shares OF AmnlKamnted for one Of
Butte md iloaton which with Anal
gama,.d NJ 1870. made "a price OF
a20. Butte-Montana. he said. was
exchanged share for share with
Amalxamnted In the merger
Mr. untermycr aaked II Mr.. RoK.
ers and Mr.. Rockefeller had not ac.
Guired Butt" and Roaion and Boston
and Montana and had then. ns dTrcc-
tors OF the AmaiEamatcd. voted TO
hny ihtr stock for themselves. Hut
Mr.. Durra&e did not remember.
But YOU know that the value OF
ihese stocks Increased from $50. 900
900 to 100000. 900 when they were
transferred to the AmnlEamatcd:"
"ies--a profit for those who held
the shares answcred Mr.. Burrase.
Mr.. Burraks said that In 1904 he
ordered all his papers and accounts
destroyed because Mr. Lawson and
MIR. Rogers were engaged In an alter.
nation.
They xrre both friends of mine
and | did not wish to become involv.
3D." said Mr.. Burrsge.
With tho concliaion uf his examI.
nation the committee recessed for
lunch.
Mr. Perkins was the first to take
tn. stand when the committee re-.
s'imcd the hearing.
Samuel rnicrmycr. counsel for the
committee. asked:
"wha, Is your present occupa.
tion?"
We'll. I Am student just, now. ="
answered Mr.. Perkins. with q
smile. II also spend considerable
time tcstifyIns before congressional
committees
MIR. Perkins told Of having been q
member Of ]. r. Morgan and company
and OF his connection with the Unit.
cd States Steel corporation.
He was still q director and q mem.
Der OF the finance committee OF the
corporation. he said. and had u great
deal to do with Its business orEaniza:
ton after II was formed. Mr.. Per.
kins Is = director Of the steel corpor.
alton and the International Harves-
ter Company.
Az Samuel Untermycr. counsel for
the committee began to question him
about these two companies, there
was much speculation among law.
ycrs and others present as to wheth.
er Mr.. Perkins answers would give
him immunity from any possible gov
ernment prosecution.
Mr.. PJerkins paid the corporation
bought Its own stock only. 70 far as
he knew. TO be sold to employees un.
der profit sharing schemes.
I'VE never knew OF the corpora.
lion buying its own stock to protect
II IN the market and know OF no
pools to manipulate the market in
steel stock" he said. lie did not be-
|ieve that directors should he allow
I'd to trade In the stock OF their own
corporations on advance information
occurred by them through their con-
nection with the corporation.
Now rs to the Organization Of the
harvester company. that was more
particularly your job. was 1t not?"
1t was. said Mr.. Perkins.
Mr.. untermyer told Mr.. Perkins
hat he did not wish TO ask any ques-
ions that might bear upon the suit
" the government against the Har-
;cster trust.
IN fairness to myself and the COM
nittee." said Mr.. Perkins, "r suggest
hat have Just testified in that suit
md II would be difficult for me to
estify about the Harvester company
Infringing upon the matters
1t ISSUE
MIR. Untermyer dropped the ques-
ions In the Harvester after the wit
ness said he was member OF its ii.
inhce committee.
Mr.. Perkins said he was one Of the
original voting trustees Of the Bank
'rs Trust company.
what useful purpose IN servedeL y
'lacing the vote power OF trust
'ompany In the hands of few trus-
ees?" asked Mr.. Untermyer.
Mr. PERKINS answered that lie be- !
ieved a voting trust was used in or
new concern, to insure
Is being run along certain lines en-.
lorsed by the trustees.
"A few young men in New York
'ho met occasionally ut dinner and
bout town felt that there was an
'penins for another trust company
II New York and We organized this
me, which he -said was the first