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12
The Commoner.
VOLUME 11, NUMBER 3
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LETTERS PROVE PERKINS PART
IN 1007 PANIC BANK RUN
On May 29, tho Now York World
and St. Louis Post-Dispatch printed
a story allowing how tho republican
panio of 1907 was accoloratod by
George W. Porkins, then a partner
of J. P. Morgan & Co., and chairman
of tho finance committee of tho
United States stool corporation, thus
facilitating tho absorption of tho
Tonnesseo Coal and Iron company.
Tho Post-Dispatch prints tho fol
lowing story: Georgo W. Perkins,
testifying under oath before the
Stanley committee on investigation
of tho United States Stool corporation
at Washington last Wednesday, de
nied tho truth of the statements in
tho World and Post-Dispatch letters
written by oyo and oar witnesses of
the events in dispute in the very
months in which they took place, sus
taining in every detail tho truth of
Htodr ApUed Art at homo. Co
Person! Gorresnonde&co Syatom.
Kmlnentlnstrnctors. MorothanlS
years ouecosaful tcacbinfr. Practical re
.cnuwoKTH Btlltaffaarantood. OontadeBtalndemandby
nmnaerArt leuiiaar emsItYcraorartlsift. ApMuaAHUotmu
Director u COMMKRCUL PIUTYIta,nAU8TlUTINa,TEACH-
JtllS NOHHAIs FABinON, JXTTIRIWO AND DKBIUN.UAHTOON
IMO,rUOTO BKTOUCIUWO, AIWJIUTXOTUBAIi rWUFKJIIVJS, Xto.
EcaldoncoFiniBkingBoboclfor AdTanced Students.
Artlsta' ontnta rurnlehed enroled student.
SCHOOL OVAl'l'UBD ART, Year Book froo,
623 Applied AH Bff. "aUU. Creek, HJetw
NEW RUPTURE CURE
Dsa't Wear a Truss.
llrooka' Appliance Now dis
covery. WonderOil. No obnox
ious springs orpnrts. Automatic
Air Cushions. .Binds nnd
draws tlio broken parts
together rh you would a
broken limb. No salves. No
lymphol. No lips. Durablo
chenp. Sont on trial. Pat Sept.
10, 1901.
CATALOGUE JTREK.
C. E. BROOKS, 173 Brooks
Building, Marshall, Mich.
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what tho World and Post-Dispatch
printod. Anothor confirmatory let
tor is from Melville E. Stone, presi
dent of the Associated Press. This
lottor Mr. Stone has repudiated, as
having been written under a misap
prehension. Tho World and Post-Dispatch, in
tho article of May 29, sot forth the
following facts:
Mr. Porkins lingered behind after
the other conferees who had met the
secretary of tho treasury had retired,
and then ho prepared a statement, or
gave out a statement already pre
pared, which was published tho fol
lowing morning in tho New York
Times, and was as follows:
The chief sore point is the Trust
Company of America. The conferees
fool that the situation is such that
the company is sound. Provision has
been made to supply all tho cash
needed this morning. The conferees
feel sure the company will be able
to pull through. The company has
$12,000,000 cash, and as much more
as Is needed has been pledged for the
purpose.
It is safe to assume that J. P.
Morgan & Co. will be leaders in this
movement to furnish funds. A com
mittee has been named, including a
representative of Morgan & Co., and
others, to look after the accounts of
tho Trust Company of America, with
the idea of definitely determining its
position. The guarantees of cash
made are for the purpose of meeting
any demands upon the Trust Com
pany of America, pending the com
pleting of this examination.
This statement was handed by Mr.
Perkins to Mr. Phillips of the New
York Times, and copies of it were
given to the other reporters present,
among whom was representatives of
tho Associated Press, the World, the
American, the Herald, and other New
York dailies.
Perkins Authorized It
Mr. Phillips called out to the news
paper men: "Mr. Perkins la going
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to give out a statement," and he be
gan reading It aloud. Just as he had
started, Mr. Johnson of the Now York
American interrupted and asked Mr.
Phillips if Mr. Perkins could ho
quoted. Mr. Phillips said:
"Don't put it that way; just say
it comes from one of those who were
present at tonight's conference."
Charles H. Boynton, a broker, who
was formerly connected with tho As
sociated Press and is well known in
newspaper circles, had come over
from the Lotos club with Charles P.
Norcross and copied out the state
ment for his own purposes. He hur
ried back to the Lotos, and was read
ing the statement over to Mr. Stan
ley when Mr. Perkins came down the
stairway at the foot of which he was
standing. It was then nearly 1:30
a. m. Mr. Boynton greeted Mr. Per
kins and resumed the reading of the
statement, saying to Mr. Perkins:
"You will not be interested in
heaTing this." ,
Perkins replied: "Yes, read it to
me, I wish to see if I can recognize
it."
Mr. Perkins listened to the reading
and made no dissent or correction.
The following letters are interest
ing:
The Associated Press, General
Office, 105 Broadway, New York City.
Nov. 18, 1907. Personal. To Oak
leigh Thorne, Esq., President Trust
Co. of America, 35 Wall street, New
York. Mr. Dear Thorne: I have
no doubt that Mr. Perkins statement
on the night of the 22nd distinctly
emphasized the run on the Trust
Company of America, if indeed it did
not precipitate it.
I do not mean by this that there
was the slightest purpose on the part
of Mr. Perkins to injure you or the
Trust Company of America, but we
felt that the statement was so in
judicious that we did not send it out.
Later when I said to Perkins that
I thought it was very hurtful, he
justified it on the ground that the
condition waB so strained that, if
public attention had not been cen
tered upon the Knickerbocker Trust
Co. and the Trust Company of Ameri
ca, every bank in New York would
probably have been involved.
I think the whole thing was a mis-
taKe ror wnicn you naa to pay a
heavy penalty, but I do not for a
moment imagine that there was any
malice involved in it. Sincerely
yours, MELVILLE E. STONE.
New York American, William Ran
dolph Hearst. Sunday American Cir
culation, 800,000. November 18,
1907. Oakleigh Thorne, Esq., Presi
dent Trust Company of America.
Dear Mr. Thorne: The facts as I
recall them in the matter you ask
about are:
On.the night of Oct. 22, about mid
night, in company with Mr. Charles
Boynton I left the Lotos club and
went to tho Hotel Manhattan to see
Secretary Cortelyou. As we entered
the lobby I noticed Mr. Phillips of
the Times, reading a statement
which was being copied by several
newspaper men. The statement, I
was tola, was given out by Mr.
George" W. Perkins and represented
the viewB of a number of gentlemen
who had been in conference.
My attention was attracted by the
phrase "attention has been riveted
upon the Trust Company of Ameri
ca." At that juncture, Mr. John
son of the American interrupted and
asked Mr. Phillips if Mr. Perkins
could be quoted. Mr. Phillips re
plied: "No, not personally. Just
say it comes from one of the con
ference committee. But Perkins
authorizes it."
What that statement is, you know.
When the statement was telephoned
to the American office, Mr. E. B.
Clark, a manager of the Hearst es
tate, who acts in an advisory capa
city In handling news of that kind
objected to its publication, on the
ground that there was no definite
fact to establish that the Trust Com
pany of America Tvas in trouble, and
without such facts the publication
would be unwise, unjust to tho Trust
Company of America, and might do
it incalcuablo and unwarranted dam
age. That view was accepted, and
our paper refrained from publishing
it. Sincerely yours,
CHARLES P. NORCROSS.
Charles H. Boynton, 7 Wall street,
New. York, Nov. 18, 1907. Oakleigh
Thorne, Esq., President Trust Com
pany of America, 35 Wall street,
New York. My Dear Mr. Thorne:
My recollection as to the statement
given out in the early morning hours
of Wednesday, Oct. 23, is quite dis
tinct. About 1 a. m. I went to tho
Hotel Manhattan for the purpose of
having a word with Secretary Cortel
you. The secretary was standing at
one side of the corridor, and I started
towards him, but at that instant, one
of the newspaper men said: "Mr.
Perkins is about to give out a state
ment." The newspaper men had gathered
about a gentleman who began to dic
tate to them the announcement,
which began: "Attention had been
directed mainly on Mr. Oakleigh
Thome's Trust Company of Ameri
ca." This gentleman, I afterwards
learned, was Mr. Phillips of the
Times.
As he began, one of the reporters
asked: Is this statement to be
credited to Mr. Perkins. Mr. Phil- ,
lips replied: "Don't put it that way,
say that it comes from one of those
who was present at tonight's con
ference." Knowing that Mr. Stanley, whom
I had left at the Lotos club, was ex
tremely interested in the outcome of
the conference, I copied the state
ment as it was given out for my own
purposes, and on its completion has
tened to the Lotus club where I met
Mr. Stanley, and he asked me if 1
would be good enough to read the
statement to you over the telephone.
You were unable to come to the tele
phone, and in your place I read the
announcement to Mr. Perry.
As I came out of the booth, Mr.
Stanley awaited me and I started to
read the statement to him. I had
just begun it when Mr. Perkins came
down the stairway at the foot of
which I was standing." I greeted him
and renewed the reading of the state
ment, saying to Mr. Perkins: "You
will not be interested in hearing
this." He replied: "Yes, read it to
me, I wish to see if I can recog
nize it."
Mr. Perkins listened to my read
ing, and made no dissent or cor
rection. Let me add that I was distinctly
of tho impression, and I think the
newspaper men present also felt, that
the statement given out by Mr. Phil
lips to the newspaper men emanated
from Mr. George W. Perkins. Yours
very truly,
CHARLES H. BOYNTON.
A QUAINT THOUGHT
Miss Geraldine Farrar, seated in
her deck chair on the George Wash
ington, regarded a half dozen
youngsters playing on the sunny
deck, and then said, with a pensive
smile:
"I often wonder, considering what
charming things children are, whore
all the queer old men come from!
Pittsburg Index.
UP TO THE WISHBONE
Said an English clergyman, "Pa
triotism is the backbone of tho
British empire; and what we have to
do is to train that backbone and
bring it to the front." Christian
Intelligencer.
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