The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-12-21
Wealth in Cuban Ore.

Whispered 4he JL5 - up SaiN NS1A-iS7-S
smilingly-
Wealth in Cuban Ore.
.aThe Pennsylvania Steel Company"
Carnegie continued, has a mine OF
wealth In Cuban ore. I beIiey they are
going to make a quality Of steel superior
10 the present production, and as cheap
That young man Schwab. OF Bethlehem,
also mas a mine IN Cuba, and viii make
a great fortune.
The Pennsylvania, Cambria. and
LaCkaWannI companies continued MI.
Carnegie. were all in the steel business
before the Carnegie Company, and u
they are unable 70 meet COmpuIon II
is time that the Government ceases to
give artificial protection j believe that
the elimination OF the dpry on steel
would not affect these companies 10 any
serious extent Perhaps a few ship
loads of rails would be laHQcd at san
Francisco o. Galveston To deprive
these cities OF their natural advantages
because OF their location WouIu Le an
unfair policy
pared by the Bdreau OF Corporations.
showing thai during the rVe years. from
IrS To 1900 the average cost Of DrOduc-
IuC a ton of steel rails in this country
was S2223 and the profit $40 per ton;
If these figures are correcJ ne
said, could the duty be- taken of with
out Gripping any manufacturer
Says Figures Lie.
Il might quote the man who said"
replied Carnegie, e. as fo- figures.
know they lie If these figures are
near the truth. how can Judge Gary say
that he does not need a tarin- Figures
do nothing but misIead II you do not
apply brains 81 using them
Referring again 10 Judge G2ry's abli-
Ity. Carnegie said: If I had followed
the advice Of friends 20 regain control
OF the Steel Corporation when the stock
was IS or 50 a share, which I easily
could have done, / would have asked
Judge Gary TO remain with me- l
WOGld have followed my custom, and
made him partner There Is \ Scotch
term which de=aribes Judge Cay, but I
do not know a synonym for IL II there
are any. ScOtcnmen here they VIII un-
derstaud what I mean when / say he
is q pawlSy cllel-'
How much profit should a manUfac-
rure- receiver asked Chairman Payne.
That depends upon the company and
the management answered Caruesie.
There was Il time when I made rails
for SIS and sold them al SIC under com
petition. but that was not a icir profit
The most eenterprtsang manufacture
should have the greatest profits
Schwab Public BenefactOT
sSchrab deserves the thanks Of Con
gress for two things he has done. he
is a genius When he had me as q
partner we were a great team. He has
genius and I had a little saving com
mon sense. IT IS difficult 90 control a
genius, but I had brought him up as a
boy. and could boss him.
The structural beams n lde in this
country contained about % per cent %
useless steel, because they were not de-
signed on scientific liEeS- SchWab went
to Germany. where be fOurI that they
were made scientifically, and he brought
that idea % this country. lie saw IN
Germany q mill operated without coal.
II utilized the gas product at d furnace
He introduced that idea. ] hope YOU
viii give hlu1 that unique honor OF
vote Of thanks for having put America
ahead
little later Carnegie said: s'Fortu-
nately for me. tho people IN the steel
business differed from me so far and 50
often that IL was good for me II thew
agreed with me. 7 would now be work
ing TO earn q competency for my fam
tIv"
Carnegie does not care much for spec
ulatOrS. ct think he remarked. that
a stock broker is one of the worst citf-
ZenS the country can have"
a little later after several questions
had been asked the witness. he attempt
ed 20 parry by asking question himself.
but without success Turning 10 the
audience. he remarked loudly: Its too
bad that I'm crOss-eNamined this way
when 7 can't get back at these digni-
tarieS.'