Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-01-15
BURRAGE TELLS MONEY
TRUST COMMITTEE HE
CAN'T RECALL GAINS
WHETHER He MADE MORE OR LESS THAN S0D 600 With ROCKEFELLER
DAILY AND ROGERS ASSISTING HIM IN 0RGANIzANG AMAGAMAED
COPPER, is NOW BEYOND HIS MEMORY
GIGANTIC DEAL PUT THROUGH
WITHOUT SCRATCH OF THE PEN

Perkins was the first to take the stand
when the committee resumed the
hearing.
PERKINS A HUMOROUS STUDENT.
Samuel Untermyer, consul for the
committee, asked:
What is your present occupation.
well. | am student just now,
answered Mr. Perkins, with a smile.
# also spend considerable time tes'
tifying before congressional commit
tees
Mr.. Perkins told of having been
member of the firm of J. =. Morgan &
Company and Of his connection with
the United States Steel corporation
He was still director and member or
the finance committee of the corpora
ton. and had great deal to do with
It's business organization after it was
formed. Mr.. Perkins is a director or
the Steel corporation and the lnterna'
tional Harvester company.
HARVESTER TRUST A DEFEND
ANT.
Washington. d. c., Jan. 15.-The
International Harvester Co, is a
fendant in the governments suits
the dissolution OF these concerns,
AS Samuel Untermyer, counsel
/ the committee began to question h
about those two companies, there
much speculation among lawyers ana
others present as to whether Mr..
Perkins answers would give him i'm
munity from any possible govern
ment prosecution.
Mr. Perkins said The corporation
brought its owa stock only, so far as
| he knew, to be sold to employees un-
der profit sharing schemes.
! We never knew of the corporation
+ buy ilg its own stnc,,. TO protect it in
! the market and know of no pools to
manipulate the market in steel
stock he said
+ He did not believe that directors
should be allowed to trade in the
stock of their own corporations on
advance information secured by them
through their connection with the
| corporation Il
'Now as to the organization of the
Harvester company, that was more
particularly your job was it not?"
''lt was.' said Mr.. Perkins
Mr. Untermyer told Mr.. Perkins
that he did not wish to ask any ques-
tions that might bear upon the suit
of the government against the Har.
vester trust"
'In fairness to myself, and the
committee" said Mr.. Perkins, Il sug-
gest that have just testified in that
suit and it would be difficult for me
to testify about the Harvester com
pany without infringing upon the
matters at issue"
Mr.. Untermyer asked if Mr.. Per
kins had formed any idea as to the
desirability of placing the stock eX-
change under legal control"
Mr. Perkins said he favored putting
the stock exchange under federal
control
what legislation would you rec
ommend to remedy abuses on the
stock eXchange?'
"Well, that is matter that leads
into detail | believe that many of
the so-called abuses ".cvL' ere tharI.
selves with plenty of publicity said
Mr.. Perkins He added that he would
afford the investor better oppOr-
tunity to know of the intrinsic value
of securities in relation to the stock
exchange quotations.
what would you do about manpu-
lation of prices to false values?" ask
ed Mr.. Untermyer.
We'll. that is very difficult ques-
ton said Mr.. Perkins. That form
of gambling is INDUCED in even down
this winter for delivery next spring"
Mr.. Untermyer dropped the ques-
tons into the Harvester company at
ter the witness said he was member
of its finance committee
Mr.. Perkins said he was one of the
original voting trustees of the Bank
ers Trust company
What useful purpose is served by
placing the voting power of a trust
in the hands of few trust
ees?' asked Mr.. Untermyer.
Mr.. Perkins answered that he be-
lieved voting trust was used in or
ganiZing new concern, to insure its
being run along certain lines endorsed
by the trustees
"A few young men in New York
who met occasionally at dinner and
about town felt that there was an
opening for another trust company IN
New York and we organized this one
which he said was the first financial
organized under a voting
trust. st-,..-
DO you approve of the continu-
ance of this voting trust?" asked Mr..
Untermyer.
Probably not said Mr.. Perkins.