The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-06
CHARLES M. sCHWAB
SOON TO BE HEARD e
Important Change Of Front on
part Of Mr.. Schwab's Repre-
sentative, Who Had Here
tofore Attempted to Bring
utFact That Value Had
Not Been Overestimated.

lRy Ansoclated Press. }

NEW YORK. Nov, b.-The features of
to-days session Of the hearing IN the
United States shipbuilding case were the
bitter attack made byELewis Nixon upon
William b. Guthrie counsel for the de-
! PENDANTS. and representative Of the inter-
ests OF Charles NJ. schwab, for his
methods OF cross-examlnation; leading
questions by Mr.. Untermyer. counsel for
the complainants, as to the absence OF
competition between the Bethlehem Steel
Company and the Carnegie plant Of the
United States Steel Corporation In govern
ment contracts for armor plate. and the
entire change OF front Of Mr.. Guthrie.
who heretofore had aimed TO bring out
the fact that the value OF the constituent
plants Of the United Safes 6hipbuildinE
Company was not overestimated.
To-day Mr.. Guthrie adopted a line Of
( questioning designed to show, that the
estimates OF value were made by the
promnter. the vendors saud-othe1B tnterost-
ed or to the inepert appraisers. and wers
practically without weight In determining 8
I the exact value Of the plant and the as
sets OF the consolidation.
On Stand All Day.
bir. Nixon was on the stand all day.
His cross-examination was finished and
the redirect examination partly COM
pleted.
At the opening OF the afternoon ses-
sion he presented personal protest. IN
which he declared that Mr.. Guthrie In
consultation with Max Pam. had ado7t-
ed line OF questioning designed to place
him in a false and dlscreditable position
regarding the sale OF his plant to the
shipbuildng consolidation. The protest
was angry and bitter In tone and inti-
mated that Mr.. Outline had been unfair
in asking him to answer from memory
pany, without opportunity to look up the
details, while Guthrie had had the bene-
mt OF q full investigation OF the ilgures.
BY agreement OF the counsel the. pro-
test was stricken from the record, but
Mr.. Nixon thereafter during the hearing
insisted that II he were to answer ques-
t!ons, he should be allowed to make the
necessary explanations.
Besides asking Mr.. Nixon about the
organization OF the shipbullding COM
parry. the valuation PIT upon the consti
which they were reached, Mr.. Guthrie
took up the alleged withholding OF divt-
dends by the Bethlehem Company an &C.
ttonj which according to the charges Of
receiver Smith. contemplated the wreck
ing OF the company.
Schwab to be Heard.
Guthrie placed in contrast Nixou's attl'
tude in demanding by letter to Presi'
dent AlcIlvain. OF the Bethlehem Com
pany, that the Bethlehem directors de
clare dividend to save the Shiphuildins
Company and later ut two subsequent
meetings Of the Bethlehem directors u
| acuuiescng in resolutions declaring \
was inexpedient to declare $ ;ch n divi
dend. He also brought out that Nixo'
had voted for the resolution for the eN
! penditures for betterments. This wa!
the means, so Receiver Smith charges
by which earnings We're diverted from
dividends to needless improvements.
Mr.. Guthrie took up figures from tn
financial reports OF the bethlehem Com
pany, to show its inability To pay dlvi
| dends.
attempted to show expenditures for bet