New Britain herald., 1928-03-23
FINANCIAL KINGS
 AT COAL HEARING
Rockefeller, Mellon ind Schvlb
 Asked to Give Views

Washington, March .s NIWith several hundred persons ciamorins for admittance to an already crowd cd room. three leaders of the Ameri- can financial world-John D. Rocke- teller. Jr,, R. E. Mellon. and Charles NJ schwab-were called upon today by senate committee for their views on the ills besetting the soft coal industry.
 Shakes Lewis Hand.
 schwah was the first of the trio to take the stand. and before doina 50 he shook hands with John L. Lewis, president of the United Mine Work CTS. who has testified before the committee that deplorable conditions exists among idle miners in the coal fields. Schwab Is chairman of the board of the Bethlehem Steel Cor poration and he told the committee that he believed all wage agreements between capital and labor should be made between those concerned d. rcctly.
 He termed this modification Of collective bargaining." and pointed out that agreements his organization had maintSnled with it's employees all provlded Tor arbitration in case ot differences of opinion on wages or working conditions.
 If Arbitration Fatls.
 Tt is provided that If arbitration does not work out" he added, 'the case shall be referred to the secre- tary of labor"
 The most important stockholder of the Bethlehem Steel Corporation is its workmer." said schwab, in emphatically supporting the prin- ciple Of direct bargaining between employer and empioye.
 Schwab's voice broke as he com pleted his statement with . decisra- lion that he had never made . cent of money out Of the Bethlehem Steel Corporation.
 Has Made No Money.
 You might be surprised" he eaid. but l have not made a penny out VI ilS 1oits stdiS "itl iHe petuIS- hem Steel Corporation. It has been work of love. and all l have tried to do is to drive peg to mark pro- gress in human reiauoua"
 Questioned by Senator Goodlng. republican. Idaho. the Steel exscu- tive said that too many men arc employed in the mining industry and that no palliative remedy can bs ap- piled to help that situation. He de- clared that consolidation Of ceiling units might be q good thing to meet the economic difficulties of the in- dustry.
 Turning to the Jacksonville wage agreement. Senator Wheeler. demo crat, Montana. interrogated the steel magnate on the abrogation Of that pact by the Bethlehem Mines Cor poratlon which Schwab admitted was connected with his crgauisa- ton.
 'I could give you no intelligent answer about details concerning the Jacksonville agreement" he declar- ed.
 My course has been to follow ths highest moral and business integrity that is possible, and I can pot be- lieve that our people violated this agreement" He added that he was too old to be competent or feel called upon to be actively engaged in business"
 When I came down here" aid schwat. Y was afraid Of you"
 As the crowded committee room broke into laughter. the steal mag nate went on: ' was told that you were going 10 give me the devil But now. looking into your faess, ] am not afraid at all"
 Senator Wheeler 10 whom he spoke smiled broadly and remarked You must have been talking with the operators"
 Exprrsses Opinion.
 We're seeking here a remedy" broke in Chairman Watson, If we can, 10 remedy a manifest evil In the coal industry. Do you think the sherman antitrust law should be repealed to enable the coal opera tors to fix prices. 10 help the miners and to guarantee q fair profit 10 the 
 T do not said the steel mag nate. That remedy would be pal liative, and would not alleviate the present serious condition"