The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1911-08-01
Steel Trust Committee DESTROYS
81 Hearing from Him
WILL CALL CHAs. N. sCHNAB
So Many Important Witnesses Have
Defended Morgan Concerning Ten
nessee Coal and Iron Company
Deal That Chairman Stanley Wants
to Hear From y. Y. Financier.

New York, July Silt was made
known here last night at the head
quarters OF the house of representa-
tives committee OF inquiry into the
United States Steel Corporation that
the committee is now very DESTROYS
of hearing personally from ]. Pier
pont Morgan with regard TO the abb
sorption of the Tennessee Coal and
Iron Company by the steel corpora
ton in 1907. That a subpoena will
De issued within few days for
Charles NJ. Schwab. former president
of the United States Steel Corpora
ton, was also revealed. Mr.. Schwab
has just returned from Europe.
Since so many important witnesses
have defended Mr.. Morgan for his
part In the negotiations. which led
to the contamination OF the Tonnes
see Coal and Iron Company's ac-
Quirement by the steel corporation.
the desire of Representative Stanley,
chairman, and other members Of the
committee. TO near Mr.. Morgan has
increased. Lewis Cass Ledyard. at
torney for Oliver Payne, who first
urged that Mr.. Morgan be called in
to explain the Tennessee purchase
by the steel trust, strongly defended
Mr.. Morgan before the committe Sat
nrday ana denounced limitations
that a conspiracy existed at that
time. Mr.. Ledyard also intimated in
his testimony that an Effort was be-
/ ing made in the Investigation TO
manufacture political capital.
THE best man TO defend ]. Pier
pont Morgan for bis part in the Ten
nessee coal and iron transaction
said Chairman Stanley yesterday, 'is
Mr.. Morgan himself. We sincerely
hope that Mr.. Morgan's engagements
in Europe will not deter him from a
hearing before the committee Inyes-
tigation is concluded Mr.. Morgan's
own story OF that transaction and
the events at the time OF that iinan-
cisl panic and che effect OF the steel
stock transfer in the midst OF II. are
certainly 10 be OF great value"
That the New York financier will
be subpoenaed to appear before ths
committee upon his return there nov
seems little doubt.
Mr.. Schuab will be examined par.
ticu.ariy about steel prices and the
steel corporations power in steady.
ling the market price OF steel pro
ducts throughout the country.
Chairman Stanley made a fyirE
trip to Washington Saturday night
returning 10 New York yesterday
While in Washington he received re
ports from agents OF the eommitte,
at work there on features Of the In
yestigation not yet developed II,
also learned there of the resolution
introduced in the house BY Repre-
sentative Robertson, OF Nevada. urg
Ing that a committee OF inquiry int,
the house investigating committee b.
appointed. on this Mr.. Stanie.
would make no comment. except 4
say that the constant work he Is do
ing in attempting TO probe the affair
Of the United States Steel Corpora
ton thoroughly. he would let stan,
for itself Grant y. Schiey. forme
manager of the Tennessee Coal an,
Iron Company syndIcate. and a mem
Der Of the brokerage firm Of Moor
J and Schley, which Is declared q
have been saved from a financia
crash when the steel corporation
took over the Tennessee company
has heen subpoenaed ~ appear be
fore the committee Tuesday morning