The Marion daily mirror. (Marion, Ohio) 1892-1912, 1912-01-11

the consequences Of mismanagemen
The court should not become an ele-
emosynary Institution to avert fall
ure of those who fail through mat
tention or mismanagement.
Wants Steady Progress.
Let us prove to the country and
especially to the masses Of the people
that we are on the path of careful
but steady progress to the advantage
of all members of the Indispensable
quartette labor. capital, consumer
and producer, the Interests OF which
are most closely allied and more in
ter-dependent than any OF the four
realize
ut is far from being Of the first
Importance to punish men i'm this
age who in the past rormcd pools and
divided orders according to the ca
pacity OF their works or capital in
vested, or violated recent laws with
out knowing It. Men OF the highest
standing in the past thought they did
no wrong and sought no concealmcnt
The producer then did not imagine
he was a wrongdocr lie followed
recognized customs
interpreted by the supreme court this
Is changed. No man can now do
things thought innocent before, but
just what he can and can not do Is
yet to be clearly defined. It Is. how
ever. not punishment for the past, but
obedience in the future that is necd-
cd"
Carnegie denied all knowledge Of a
contract which Chairman Stanley in
timated he gave the Oliver company
"a guarantee of The same freight
rates as the Carnegie company when
the latter bought the controlling in
tercst I'm the Oliver mines.
Discusses Option He Gave.
"Never heard of such "A thing" said
Carnegie. "That would have been
done by my partners, any way"
In the afternoon session, Carnegie
under examination. discussed the OPP
tion given Henry 6. Frlck ana Judge
w. H. Moore, Of Pittsburgh, for his
share of the Carnegie steel corpora
ton.
81 never know that either OF those
men were parties to that option.
was told that strangers wished the op-
ton and l insisted that they deposit
81, 100000 as an earnest of good
faith. Then | went to Europe and
when / returned that money was to
the credit of my account because the
deal had fallen through. If / had
known that Frick and Moore wanted
the option l should not have given
II. What / did was to give my power
of attorney authorizing them to accept
an offer of S25O,OOO,O for the en-
tire concern"
Carnegie declared he never had any
knowledge Of tine steel plate and
structural pools. to which his COM
pany was party.
In discussion of the sale Of the
| Carnegie comlyany to j. p. Morgan at
the time Of the organization Of the
steel trust, Carnegie declared:
1--WE considered the $3.50, 900. 900 at
which we had Offered the plant some
time before TO be a fair price To
this we added $70,OOOOOO for the
FrlcS Coal Il Coke company, which
we had acquired. This made $780,
900, 900 TO this we added 100000
600 for improvements, new plants and
the extension of the business up to
the time Morgan wanted to buy. If
any man had bought II for three
times that amount It would have been
q bargain, from what ] can see to-
day All ! asked was $42O. 900 ana
out of that got $3.50, 900 in bonds
for my share of the property. All Uhis
talk about my getting common stock
and holding 1t for high price is
without foundation. I've been told
since by men who are on the inside
that / could have got 500, 900, 900
more II | had asked for It,"
Made 10 Millions Year.
Carnegie declared that the Car
negie company had made a profit Of
$40, 100000 year before the sale
ana that it was in fair way to make
$50 900, 900 the succeeding year. Car
negie fatty denied that ne had ever
received secret rebates from the Penn.
sylvania railroad and said that Sena'
tor oliver who had testified that Car
negie owed his success TO railroad
rebates, must have been mistaken.
Carnegie said he knew of course
that there were steel plate ana struc-
tural steel pools and naturally sup
posed that his suborslnates were do
ing what every one in the steel busi-
ness was doing.
"The Sherman antitrust law was
passed In 1890" said Bell, Democrat
Texas. did it occur to you that from
1890 until you retired from the steel
business you were persistenly and IA
grantly violating the law?"
81 never thought about it. That
was all left to my sfbordlnates," was
Carnegle's excuse.
Carnegie said that he believed that
any law against pools and price
agreements should not prevent pools