The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-11
Subpoenaes Are Issued
for Docum e nts of
Steel Trust.
STANLEY TIRED
OF TEMPORIZING
Andrew Carnegie Goes on Wit
ness Stand and Gloats Over His
Fellow Millionaire, John D.
Rockefeller-Laughs Like
Schoolboy Over Bust
ness Triumph.

Washington. January Io.-Iatimate
books and papers of tho United states
Steel Corporation are 10 he examined
by the government. Chairman STAN
ley. of the House steel trust investi-
eating committee. tonight ISSUED sub
poenaes duccs tccum for all the iocu-
nients which thus far the Steel Cor
pofation had not produced. although
the committee expressed its desire TO
examine them
inc subpoenaes are served directly
on j. ]. Farrell as president ~ tn,
cn'ei states Steel Corporation. but
thcre Is 40 disposition OIL The peri OF
the committee to force him 10 tale tho
stand The subpoenacs are made re-
turnahle January 90. AMI the ccrpora-
ton Is commanded to tura over tne
documentary evidence 10 Exph-t Ac-
countant McRac. of :i,c committee.
chairman Stanley. who prosecuted n
successful campaign yesterday for an
additional appropriation of $4,000 10
carry on the investigation into the
steer situation. announced that he pro-
posed to cease temporizing. He de-
ciared he would subpoena hereafter
Such witnesses as hesitated to come.
and would sslze by the authority II
Ion sress such documentary evidence
as ne deamed important. Additional
subpoenaes. II Is understood. will he
issued within a few days.
IT does my heart good to think
that ! got ahead of John D. Rookie
.eHer. my fellow-mlllionaire, In that
Lake Superior ore deal"
Glonts Over Rockcfcller.
Anorew Carnegie. former ruler of
INC steer Industry OF the United States.
Sloatsd thus in tes;ify!ng TODAY hc-
fore the House committee OF Ino,,,rv
INTO the United States Steel Corpor,-
'ioh. Mr. Carnegie had Just told the
committee about his deal with Ar
Rockefeller. whsrcn- no obtained CON
troi OF Mr. Rockefeiicris iron orc hoIl.
lnss IN Inc Lake Superior region at A
~ Oh 10 cents q ton. holdings whlch
mheh turned into the Steel Corporation
ater formed a large part or tho asset.
valued at SI00.0 600
air Carnegie laughed like sch,o,
boy as he referred to the business ,ri-
umph he had achieved over his "fci-
low millionaire"
throughout the inquiry 10 be con-
iueo tomorrow, AR. Carnegie declar-
ne had come TO tell all he knew
e. ne vas unable TO supply many
iacts which the committee desired
stating that he had never paid anv A.
tenuon 10 the books of The carnario
Compa any before its absorption nv ths
Steel Corporation.
he was particularly emphatic In his
testimony relating to the sale OF bis
property to the United States steel
corporation at the bchest OF j. pier
poht Morgan, and told the committee
.hae nc wanted 10 end gossip thar he
mad held out for an unreasonable rirn
lie also declared that when bis n,rt
ner. II. c. Frck, asked him ror a,
option for unknown persons on the
carnegie Steel Company, that he Dr.
manded 100000 as an earnest ~ ~,
intentions OF the prospective owners
ana that when the deal fell through
and he learned that the Moores. Of
Nc~ York, were behind il, lie was sur
priscd
Had l known that the Moores were
oehtna mat option which I made on a
valuation Of $500. 600. o00," said Mr.
Carnegie. II never would have given
It," sSen
Thought Price Justified.
When you gave that valuation OF
the Carnegie properties" asked Renre.
sentative Sterling, did you consider
mat the earning power of the concern
justified it?'
MIR. Carnegie replied in the affirma-
tive.
II never heard until now" he said In
~'i'oi'SS W Il lueSllO1, Ih1t Mr.. FriClS
mad anything TO do with 1t until I
heard 1t referred to here That no
was Interested with the AIoores Is ro-
nance, so far as know"
Mr. Carnegie was asked about tho
Steel Plate Association and other pools
which the Carnegie Company was a
party to in the late COS, and which
continued until 1904. He said he had
known of the existence of pools. but
did not know that they were unlawful
until many years afterWard
Asked about the option, valuation O
S32o.00o,o00 and the final disposition OF
the property to the Steel Corporation
in 1901 for much larger sum, Mr.
Carnegie related the history Of his re
tirement from the steel business. II
told how Charles NJ. Schwab, then
president of tho company. had come to
him with a message from ]. Plerpont
Morgan asking him If he desired to
retro from business and how much no
wanted for his properties.
Il told Mr., Schwab that 1t would
depend entirely upon my partners
Continued On Third Page.)