Omaha daily bee., 1911-07-31
SUBPOENA SOON FOR MIR. SCHwAB
President of Corporation Expected to
Be Willing Witness.
WILL MAKE QUERIES ON PRICES
Power of Octopus to Steady Quotations
Interests Stanley.
CHAIRMAN VISITS WASHINGTON
Receives Reports from Agents of Com
mittee at Work on Features of
Investigation Yet to he
Developed.

NEW YORK, July 30-The house Of rep
resentatives committee of inquiry into the
United states Steel corporation is now
very desirous. Of hearing personally from
]. Pierpont Morgan with regard to the
absorption of the Tennessee Coal and Iron
company by the steel corporation. in 1907
This was made known here tonight at the
committee headquarters.
That a subpoena will be issued within a
few days for Charles NJ. Schwab, former
president OF the United States Steel cor
poration, also was revealed. Mr.. schwat
has just returned from Europe
Since so many important witnesses have
defended M7 Morgan for his part in the
negotiations which led to the consumma-
ton Of the Tennessee company's acquire
ment by the steel corporation, the desire
of Representative Stanley, chairman, and
other members of the committee has in
creased. Louis Cass Ledyard, attorney for
oliver Payne, strongly defended Mr.. Nor
gan before the committee yesterday and
denounced suggestions that a conspiracy
existed at the time. Mr.. Ledyard also
intimated in his testimony that an effort
was being made in the investigation to
manufacture political capital
Would Hear MOrgan's Defense.
THE best man to defend j. P1erpont
Morgan for his part in the Tennessee Coal
and Iron transaction" said Chairman
Stanley today. lis Mr.. Morgan himself 1
sincerely hope that Mr.. Morgan's engage
ments in Europe will not deter him nom
appearing before this committee ere the
investigation is concluded. Mr.. Morgan's
own story of that transaction and the mo-
mentous events at the time OF that finsn-
cial panic and the effect Of the steel stock
transfer in the midst OF it, are certain to
be Of great value"
That the great New York financier will
be subpoaenaed to appear before the COM
mittee when he returns there now seems
little doubt
Mr.. Schwab will be examined particu-
larly about steel prices and the steel COR
poration's power in. steadyihg the market
prices Of steel products throughout the
country. Mr.. schwabs will be- n willing
witness, the members of the committee
and representatives of the steel corpora
tion say. -..s Cd. .st
Stanley Visits Washington.
Chairman Stanley made q flying trip to
Washington last night, returning TO New
York today While in Washington he re-
ceived reports from agents of the COM
mittee at work there on features of the
investigation yet to be developed. He also
learned there of the resolution introduced
in the house by Representative Roberts Of
Nevada urging that a committee of in
quiry into the house investigating commit
tee be appointed. On this the steel COM
mittee chairman would make no comment
except to say that the constant work he
is doing in attempting to probe the affairs
Of the United States Steel corporation
thoroughly he would let stand for itself
Grant B. Schley, former manager OF the
Tennessee Coal and Iron company syndi-
cate and a member OF the brokerage firm
Of Moore & Schley, which is declared to
have been saved from a financial crash
when the steel corporation took over the
Tennessee company, has been subpoenaed
to appear before the committee Tuesday
morning.