The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-31
onmittee Wants Yer
sion Of r. nnessee Com
pany S Abs yrption.
oERIAIN IL Be-
IF l,AUCH V LUE
Chairman Stanley Believes Money
King Can Best Defend Him
self Against Charges Which
Have Been Made-Sub-
poena Awaits His Return
From Europe.

New York. July 3o-It was made
known here tonight at the head
quarters of the House OF Representa-
tives Committee of Inquiry into tho
United States Steel Corporation, that
the committee now is very DESTROYS OF
hearing personally from J. Pierpont
Morgan with regard TO the absorption
of the Tennessee Coal ana Iron Com
pany by the steel Corporation in 1907.
That subpoena will be issued within
a few days for Charles NJ. Schwab.
former president of the United States
steel Corporation. also was revealed.
Mr. Schwab has just returned from
Europe.
since so many important witnesses
have defended MIR. Morgan for his part
in the negotiations which led to the
contamination of the Tennessee Coal
and iron requirement by the Steel c 'r
poration, the desire of Representative
Stanley, chairman. and other members
OF the committee to hear Mr.. Morgan
has increased.
Lewis Cass Ledyard. attorney for
Oliver Payne. who first urged that Mr.
Morgan be called In to effect the Ten
nessee purchase by the Steel Trust,
strongly defended Mr.. Morgan before
the committee yesterday and denounced
ntimations that conspiracy existed
at that time. Mr.. Ledyard also init
mated in his testimony that effort
was being made in the investigation to
manufacture political capital.
The best man to defend j. Pierpont
Morgan for his part in she Tennessee
Coal and Iron transaction" said Chair
man Stanley to-day, lis Mr.. Morgan
himself. We sincerely hope that Mr..
Morgan's engagements in Europe will
not deter him from a hearing before
the committee investigation is con-
cluded. Mr.. Morgan's own story Of
that transaction and the momentous
events at the time of that financial
panic and the effect of the steel stock
transfer in the midst of It are certain
to be of great value"
VIII BE Subpocnncd.
That the New York financier will be
subpoenaed to appear before the com
mittee upon his return. there seems
little doubt
Mr.. Schwab will be examined par
ticularly about steel prices and the
Steel Corporations power in steady
ing the market price of steel products
throughout the country.
Chairman stanley made flying trip
to Washington last night. returning
10 New York to-day. While in Wash
ington he received reports from
agents OF the committee at work there
on features of the investigation not
yet developed. He also learned there
OF the resolution introduced in the
House by Representative Roberts, Of
Nevada, urging that committee of in
qury into the House Investigating
committee be appointed. On this Mr.
Stanley would make no comment eX-
cept to say that the constant work ne
is doing in attempting to probe the
affairs of the United States Steel Cor
poration thoroughly. he would let
stand for Itself.
Grant r. Schley. former manager OF
the Tennessee Coal and Iron Com
pany syndicate. and member OF the
brokerage firm of Moore & Schley.
which is declared to have been saved
from financial crash when the Steel
Corporation took over the Tennessee
company, has been subpoenaed to ap-
pear before the committee Tuesday
morning.