They further informed me that, as a matter of fact, the policy of the
company has been to decline to acquire more than sixty per cent of
the steel properties, and that this purpose has been persevered in for
several years past, with the object of preventing these accusations,
and, as a matter of fact, their proportion of steel properties has
slightly decreased, so that it is below this sixty per cent, and the
acquisition of the property in question will not raise it above sixty
per cent. But they feel that it is immensely to their interest, as to
the interest of every responsible business man, to try to prevent a
panic and general industrial smash-up at this time, and that they are
willing to go into this transaction, which they would not otherwise
go into, because it seems the opinion of those best fitted to express
judgment in New York that it will be an important factor in preventing
a break that might be ruinous; and that this has been urged upon them by
the combination of the most responsible bankers in New York who are now
thus engaged in endeavoring to save the situation. But they asserted
that they did not wish to do this if I stated that it ought not to be
done. I answered that, while of course I could not advise them to take
the action proposed, I felt it no public duty of mine to interpose any
objections.
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