| Show QUESTION IS DODGED BY PERKINS Admits Peril in Concentration of Money and Credit at Some Point b but t Would Not Say Such Stage Has Arrived AMALGAMATED COPPER DEAL INVESTIGATED No Records Kept of Transactions Transactions Transactions Involving Says A. A C. C Burrage Pujo Burrage Pujo to Take Rockefellers Rockefeller's Testimony WASHINGTON y Jan 15 ln In Jn a avy vy hypothetical question put to toG toG G Gdorge iorge Olge V. W. Perkins Samuel Unter- Unter mel myer counsel for the he mone money trust coin committee outlined outline today from Ironi the ther r records cords of the committee II a a concentration concen coneen- tru ion of or mone money and credit and asked whether Mv 1 Perkins considered considered consid consid- ered cred it a I a menace and peril to the prosperity of t the h country The question generally was accepted as Mr Jr s conception of th the money trust of which the committee o ois ois is in search Mr Mi Perkins after a ter declaring that the query reminded him of the conundrum conundrum drum Why by is a mouse inoue when it itI I spins 1 asserted that he lie could not not- say ay wh whether lher concentration as outlined out hi in the question was a peril Mr Ir ers hY hypothetical money trust question was put after ater Mr Perkins Perkins Per Per- kins kiris had recommended publicity as a acure acure acure cure for tur financial evils eUs the incorporation of or the New York Tori stock exchange under a a. federal charter a a. closer re responsibility re- re t n among bank d H directors u and d me tue according 01 Ut- representation on on- tue directorate te to to- minority stockholders In Incorporations corporations ons The Tha question was wao sus a-a follows I call caU your youx nU attention nUon to exhibits before be be- fore fora the committee from will note JU lt Ute following following- nine nina institutions J. J P P. Morgan Co and Drexel Co Guaranty Guaranty- Trust company Bankers Trust company pan First National bank National City bank Chase National Na Na- a- a bank bahk National Bank of QC Commerce Com Corn merce th the Mutual Life Lite and Equitable Life LICe companies h have total r resources of without ro regard ard to tooth other oth r affiliations affiliation Que Question nn Aner Assuming the situation to be as de described described described de- de scribed and assuming s further that thet the bu business of ot making large issues of ot securities for Cor the last five years eRts has b been conducted mainly on Joint ac account account ac- ac count between Morgan Co tho the First National bank and nd National CIl City bank of ot New York Lee e Higginson Co and Kidder r Peabody Co of or Boston Boton and the thc Illinois Trust t fc Savings bank and nd the First National bank of ChIcago Chicago Chi ChI- cago carro an and kno knowing ing what you ou do as to tho methods of oC business and financial power and affiliations of ot these theo please state whether this concentration con con- and control of ot monc money and Continued on Paso Pago S 3 8 Column 1 QUESTION DODGED BY G. G W. W PERKINS Morgans Morgan's Some Time Partner Quizzed in Money Trust Investigation Continued From Page One credit constitutes a peril to the progress ress and the prosperity of ot countr country In reply Mr Ir Perkins delivered a long Ions talk on economics the gist of or which wa was will agree that at a a. certain certain tam tain point concentration would be a a. peril perU but whether at the point you OU say cay It has reached It would be a peril I cannot 80 say I have havo been out of ot touch of ot th these sc affairs for two years and I would want to stud study these questions question very carefully Im I'm opposed to the concentration of oC money mOne power brainpower brainpower brain brainpower power or energy where that concentration concen concen- Is lIkel likely to result In harm Copper Consolidation Albert C. C of ot Boston testified he lie was an organizer of ot th the Amalgamated Amalgam Amalgam- Copper company in 1896 Ho lie named as his assistants William Rockefeller Marcus larcus Daly Dah H II H II Rogers Rogers Rog flog ers era and others othor Mr Ir Burrage could not remember how hot much was made b by tho tim organizers In turning over oyer the various van vari Otis ous properties to the thc Amalgamated Was the profit asked Mr Ir I I could Tint not nn tt av r nl d Ho lie could not not r-e r remember mb r lila his s 11 o own r p-r profIts prof prof- i Its nor those of ot Thomas W. W Lawson William Rockefeller and Mr Mi Ir Rogers Mr Ir Bui Burrage c said he lie got his profit In securities so far tar as h ho lie could could her ber and did not get et an any Butte Boston or Boston Will Viii you ou say that your our profit was not more than asked Mr Un I could not sa say answered Mr 1 Burrage Bur- Bur rage Ho lio knew of or no records of or the deal Then rhen this entire d deal al I Involving n was accomplished without the scratch of ot a pen Z asked the tho coun coun- sel sd Yes so far tar as I know t Public I- I ager The Tho public came lr Ir in shoals didn't It asked Mr 11 Un Yes you OU might Ma say Hay Hat said Mr Ir Burrage He lie could not say whether tho the Insiders entered Urge large requests for subscriptions to tho the Hock but ho knew that before the st stick was al allotted allotted at- at the price had goro gore to or 1 O per lIeI share lout About O of 01 offers he said vere received ed for 0 the of stock Mr Mi- h could not details do- do tails talla of operations ns b by Amalgamated Amalgamated Amal Amal- Amalgamated took tonIc over O Montana and Butte Dutte Boston Boston Butte Dutte air Mr Ir Burrage said was accumulated on Cli his advice Later he lie sad sa the thc Globe Globo bank of oC Bot Boston fahed failed ho ding a a. largo large block of or Boston BOsto t Montara stock Just Prior to tho failure he stid Mr r Lawson Law Law- awson aw- aw son conducted a D. vigorOus a. a advertising campaign bulling Bute Buce Boston And J bearing oaring Bo Boston 8 fontana Mr Burrage said h he had takai no part In tho the negotiations lJ by the Amal- Amal Amal 1 I tho thu Dos Bos- ton Montana stock held by the tho Globe Globo bank He did not believe Lawsons Lawson's advertising campaign had any relation relation rela rela- tion to the Globe Globo failure Exchange of ot Stock Mr said that Butte Boston Bos BOA ton stock was exchanged for tOl Amalgamated Amalgamated Amal mal at a rate of oC four tour shares of or Amalgamated for tor one of or Butto Butte Boston Boston Bos Bos- ton which with Amalgamated at made a price of or Boston Mentana Montana Mon Men tana ho lie said was was' exchanged ed sharo for or share with Amalgamated In the merger Mr lIr asked If It Mr rr Rogers flowers and Mr 11 Rockefeller had not acquired Butte Boston and Boston Mon Mon- tana and then thou as directors of tho the Amalgamated Amalgamated Amal Amal- mal mal- had voted to buy luy this stock for or themselves But Mr Burrage a did not remember But Dut you Jou know that the value alua of ot these stocks Increased d from Crom to 10 when the they were trans trans- tented erred to the tue Amal Amalgamated Yes Yes a a profit for tor those who hio held tho the shares answered Mr Ir Burrage e. Mr said that In 1904 ho ordered ordered or or- dered all his papers and accounts de destroyed do- do e- e because Mr Ln Lawson son and Mr Rogers erg were engaged In an altercation Tho They Thoy were both friends of ot mine and anti I did not wish to become Involved said Mr rr Burrage ro To Take Rockefeller Testimony The committee In executive session determined et that Chairman Pujo and Counsel visit William Rockefeller and take his testimony In iii spite of the tho opposition of ot Mr Pujo This determination followed tho report of Dr C C. W. W Richardson that Mr Rockefeller could submit to a brief examination without Imme Immediate late serious seri serl- OU ous results serf serf-j The rho committee will examine Jacob iacob JacobI H. H tomorrow A speedy examInation exam exam- I of tho the remaining witnesses and an carl early t termination of the money trust Inquiry was as planned toda today by br the committee Chairman Pujo de declared de- de that ho lie hoped to close tho the hearIngs hear hear- ings Ins b by the tho t end of the week |
