The Washington herald., 1911-06-04

II ID quite apparent that the Stanley
special committee. which IL investigating
the steel trust. win never be satisfied
acquiring Of the Tennessee Coal and
Iron Company by the United States Steel
Corporation has been barred to them.
In this connection. It IL more than
probable that the committee will make
every effort to secure the attendance Of
former President Roosevelt. whose testi-
mony on the subject would undoubtedly
be most interesting,
Up to date the steel probers hate
heard conflicting testimony on this point
from high sources. John w. Gates made
the statement that Tennessee Coal and
Iron was acquired by the steel trust
as bargain.
He intimated that President Roosevelt
had been led to believe that unless the
acquisition Of Tennessee Coal and Iron
by the United States Steel Corporation
was permitted, that at least one big
firm in New York. which was loaded up
with Tennessee Coal and Iron stock,
would go to the wall. and that the big
gest kind of panic might result.
Judge Elbert Gary was mentioned by
Mr.. Gates as one Of those who threw
OF these representations to Mr.. Roose-
velt were ridiculed by Mr.. Gates. who
reiterated his belief that the Tennessee
Coal and Iron Company had been ac-
quired at a bargain price.
Gary Makes Denial.
Judge Gary. who followed Mr.. Gates on
the stand. denied that Mr.. Roosevelt
had been ''hornswoggled" by him and
his associates into permitting the ac-
QUESTION, and giving tentative as
surances that the steel trust would
not be harassed by the activities OF the
government prosecutors
He told the committee that the repre-
sentations made to Mr.. Roosevelt were
correct; that the firm Of Moore & Schley,
Of New York, had pledged more than
Sc. 900. 900 worth Of stock Of the Tennessee
Coal and Iron Company with New York
banks; that these loans were being called:
that the firm was in distress. and that II
looked as IL a serious financial disaster
were imminent.
All this has served to muddy the waters
Of inquiry. in the opinion OF Chairman
Stanley and his associates on the COM
mittee who believe that former Presi-
dent Roosevelt and former Secretary Of
State Elihu Root could do more than any
ferences that preceded the acquisition OF
the Tennessee Coal and Iron Company
by the United States Steel Corporation.
Chairman Stanley has made II a rule
not to give out the names Of witnesses
in advance Of the serving Of subpoenas
on them. but he does not deny that an
effort will be made to bring Roosevelt
and Root before the committee.
May >Go to New York.
It is probable tina: after the next
meeting of the committee on wednes-
day further sittings will be held in New
York. Judge Gary told the committee
there would be a good deal Of data of
interest to them in connection with the
present inquiry which could not be
brought to Washington very readily,
and suggested they journey to New
York to inspect II. This the commit
tee has about decided to do. and II is
more than probable that should Mr..
Roosevelt be summoned he will go be-
fore the steel probers while they are In
New York.
mony at the Wednesday session and
will be followed by John Lambert. of
the Republic Iron and Steel Company.
Lewis Cass Ledyard, attorney for Oliver
Paine, Of the Tennessee Coal and Iron
Company, whom Mr.. Gary declared con-
Quoted the negotiations on behalf of
Grant B. Schley for the sale of the
Tennessee Coal and Iron Company to
the trust. will be asked to appear in the
near future. I.r.