New-York tribune., 1901-05-12
SCHWAB TALKS OF STEEL.
.AND AsTONIsHEs THE MEMBERS OF
THE INDUSTRIAL COMMISSION.
THE PRESIDENT or THE BILLION DOLLAR
steel. TRUST PROVES REMARK
ABLY ENTERTAINING But RATHER
ELUSIVE WITNESS
ELUSIVE WITNESS.
FnY TELEGRAPH TO rue rRrnrxE.l


TnY TELEGRAPH TO tue TRrBrNE.l
Washington. May l1.-Charles 81. Schwab
loudly heralded throughout Washington as the
million dollar president of the billion dollar steer
trust appeared before the Industrial Commits
sion to-day. and for two hours and a half kept
the members OF that organization agape in Won
der and admiration by HIS intellectual nirnble-
ness and agility. They tried to ask him ques-
tions that reflected the theories Of all the ooo-
trinaires political and economic. but Mr.. Seh"aO
was so quick and ready with his answers, whlch
5ealt not with theories but with facts, that theN
finally let him have his way, and so completely
Sid he overwhelm them with his superior knowl-
edge Of the subject that they seemed glnd when
he had concluded what the commission terms in
its official parlance his Testimony"
WONT DISCUSS CORPORATIONS POLICY.
OF the United States Steel Corporation MI
schwab told his inquisitnrs at the outset that ne
knew very little. Then. because the commission
looked at another in blank astonish-
ment. Mr.. Schwab explained 10 them what he
meant by avowing such a paucity Of knowledge
on subject which he had been gravely sum
moned TO Washington 10 elucidate The United
States Steel Comporation-Mr Schwab. with a
show Of Indignation. resented the appelIatioh Of
trust" which applied 20 IL by Vice Presi-
dent Phillips OF the commission-the United
States Steel Corporation. ne said was just now in
1 formative state. without definite aim or policy
further than TO do business on business princi-
pies. Obviously. Mr.. Schwab suspected-or per-
haps discerned-that the inspiring motive OF his
being called 20 Washington at this interesting
juncture in the speculative market was to get
from him some information that might be Of
value TO some hard working speculator in Wash
ington or elsewhere In efforts 10 turn an honest
penny in the stock Of the giant corporation OF
which he is the directing genius. And Mr.
Schwab. plain faced, plain spoken, plainly at
tired. brilliant eyed. clear headed and nirnble
witted refused 10 discuss the affairs, intentions
or policies Of the United States Steel Corpo-
ration.
Professor jerks, of Cornell. the commissions
readiest and most capable expert on corpora
tions and cognate economic themes. tried at the
beginning to get from Mr. Schwab history Of
the organization OF the company but he was
cut short by the curt answer that the news
papers had told all about this. and therefore IT
was unnecessary for the enlightenment of the
commission for that story 10 he retold by the
president 81 the company. Then Professor jerks,
whose motives always are high. and whose
methods are marked by intelligence which
some critics declare does not characterize the
majority OF the commissioners who usually at
tend the sessions attempted to get from Mr.
Schwab some information on the arrangement
made by the syndicate which financed the corpo-
ration.
That is a private matter" replied Mr
sehwab with a smile that infectious "and
am not authorized TO speak about Il here
still, shall ask about this when I have time
after return TO my Office in New-York and IL
there is no objection TO my discussing this
matter for the ediication OF the public / will
submit a statement concerning II 10 the COM
mission"
UNDER A FIRE OF QUESTIONS.
This frank answer seemed 10 satisfy Professor
Jenks that it was waste of valuable time all
around 10 bother Mr.. Schwab longer about the
affairs Of the steel company. and so he turned
the witness over TO the commissioners. For
more than two hours they piled him with ques-
tions about the Carnegie Steel Cornpany par
ticularly as 10 how the owners of that concern
had managed 10 make such large fortunes Two
or three OF the commissioners appeared 10 be
mainly concerned as 20 how much was paid 20
the promoters Of the United states Steel Cor
pOration. Mr.. Schwab, with a good natured
laugh each time, replied 10 this reiterated ques-
tion that ii touched a private matter about
which he knew nothing definite and also about
which he was not concerned The commission
ers laughed every time Mr.. Schwab laughed.
which was very often with this difference that
the laugh OF the commissioners. singly and in
chorus, was much more uproarfous than that
OF Mr.. Schwab. Professor Jenks did not 3oin
In the merriment, nor did Professor Ripley
another expert employed by the commission
ers 20 guide them through the strange and in
tricate mazes Of economic fields.
Professor Ripley, like Professor Jenks is Sc
riOus minded and in earnest and ne put TO the
elusive witness some pertinent questions on the
transportation business toward the close OF the
Testimony. Mr. Schwab was serious and ear
nest, too, even IL he did laugh good deal. His
laugh is not an expression OF scorn or contempt
IL seems TO be merely the ebution OF good
nature and q sort of an escape valve for an ex-
cess of vitality, intellectual as well as physical.
Although he palpably amused by many
OF the questions OF the commissioners he gave
them serious and straightforward answers
whenever their questions seemed 10 him per-
tinent and proper.
SAVINGS BY COMBINATION
All he would say about the advantages which
was expected had been brought TO the various
concerns composing the United States Steel Cor
poration was that economies were to DO made
Through having administrative machine
where several had existed before the consolida-
tion was effected. This would permit OF Topping
on numerous high salaries. etc. which would he
applied 70 the betterment OF the various proper
res. Also considerable saving OF expense