The Birmingham age-herald., 1911-06-06
B|G F|NANC|ERS PUT ON THE STAND Steel Trust Probe Far
 Reaching Inquiry WILL BE LENGTHY Believed That Sufficient Data Will Be Uncovered to Virtually Com-
 pei Suit for the Trusts
 Dissolution
By JONATHAN WINFIELD

Washington, June 5-(opecldl)-
 of the country's greatest f1nanciers are
 being called before the special House
 committee that is making a sweeping investigation of the steel trust. Although
 the House has under way no less than a
 dozen investigations of various kinds, 1t
 is apparent today that the probe of the
 steel trust Is perhaps the most far
 reaching of any inquiry ordered by the
 democrats.
 Determined to subpoena and compel the attendance of all those who may know anything about the operations of the steel trust, and its alleged stifiing of l competition, the House committee has made the rule that it will not announce in advance the names of those who are to be compelled to testify. It is plainly indicated, however. that the committee will be no respector of persons.
 Andrew Carnegie and John W. Gates already have been communicated with and have signified their willingness to attend the hearings and give testimony without a formal order from the commit tee. MT. Carnegie was especially agree able about the matter offering to put off his annual visit to Europe if it would interfere with the convenience of the committee. MT. Carnegie, however, will be among the first witnesses heard and may then proceed on his way.
 The committee rall not stop with Car negie and Gates. It Is entirely probable that, before it has proceeded far with it's inquiry, J. Pierpont Morgan, Charles M. Swarb, N. C. Prick, and perhaps d score of others whose names are fami- liar in the financial affairs of the coun- try will be summoned to come before the committee to tell of their steel hold ings, and the conduct and management of the allied steel corporations.
 The decision of the committe not to make public the names of those who are to be summoned Is born of past exper- fence. The members of the Investigating committee have quite a definite idea as to those who can furnish the necessary information. As the majority of these prospective witnesses are men of tremen- dous affairs, they are difficult to reach. Many of them are supoena-dodgers, simi- lar to John D. Rockefeller, who long evaded those who desired to supeona him in connection with the court trou- bles of the Standard oil company.
 If the committee should make public in advance it's intention to summon this magnate and that magnate, it is feared that the prospective witness would inn medately hem himself about with cer- | tain barriers that would make the duties of the supoena servers most difficult. Some of the steel barons might take a l trip abroad, thus delaying the investi- l gation of the committee.
 For that reason, the committee has
 determined that it will first summon and
 then talk of those who will appear dur
 ing it's prolonged investigation. The first l intimation any witness will have that his presence is desired by the committee, will be the duly certified summons from the House, which carries with it sufficient weight to compel attendance, inasmuch as the Investigating committee has been clothed with powers to compel the at tendance of the desired witnesses.
 According. to Representative Stanley, the chairman of the Investigating committee, the steel inquiry will proceed for several months, and may be extended into the next regular session of Congress. The committee has obtained leave to sit dur ing the recess of Congress and will, If necessary, hold hearings in other cities than in Washington. After the adjourn ment of the extra session of Congress. 1t is probable that the committee will take up it's work in New York, Chicago, PlttSnurR ana OIneT dCCtSSlDle pOllllS, where the committee may make first hand investigation of the power of the steel trust to control prices and domi- nate the market In such an important and vital commodity as steel.
 Behind the decision of the House to probe the steel trust is the conviction that sufficient data will be collected to virtually compel the attorney general to move for a dissolution of the United -.f1-- allied concerns. Representative Stanley, who for two years has been on the trail of the steel monopoly, confidently pre- dicted at the time his resolution received the approval of the House, that the in- vestigation would show the need of the immediate dissolution of the giant cor- poration, and that the House would be in possession of information demonstrat- l ing conclusively that the United States
 Steel corporation is a combination in re-
 straint of trade under the Sherman anti trust law.
 One of the first things that will be probed by the Investigating committee is l the absorption of the Tennessee Coal and
 Iron company by the steel trust. This absorption occurred during the adminis- | tration of President Roosevelt, and the 1 former president has always been criti- cised in some quarters for permitting 1t
 
 having had much to do with arranging the taking over of the Tennessee com pany, is to be quizzed as to the motives behind the absorption and the effect of it. Charges were made upon the floor of the House at the time of adoption of
 the steel investigation resolution that the smaller company had been forced to surrender by its more gigantic rival, dur i ing a manufactured panic and that this absorption is a fair indication of the methods pursued by the steel trust in stiffng all competition.
 l The committee Is charged with the duty of determining what utilization the United l States Steel corporation has with the | Pennsylvania Steel company, the Lack
 awanna Steel company, the Cambria | company, as well as with railroads, | trust companies, banks, insurance com panies and other corporations whose
 funds and good offices may be used in | maintaining monopoly of the steel