The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-13

Washington, D. c.. January 1o-An-
drew Carnegie concluded his testimony
to-day before the House steel trust
Investigating committee He admitted
that in 1900 he had contributed $4,000
to oppose the policy of imperialism ana
the annexation of tho Philippines, MS
sailed Wall Street and branded stock
1obbers" as parasites" urged the
Roosevelt trust policy in preferences
to that of President Taft for dealing
with the trusts. and asked Congress
to consider carefully that problem.
Mr. Carnegie was subjected during
the examination to a fire OF questions
which put him on his mettlc. Chair
man Stanley ELECTED from him an attack
on stock Jobbing that probably will in
hucnca legislation to be proposed by
the committee, and Representative Nc
Master over some political jumps that
We're altogether unexpected.
Mr.. Carnegie" asked Chairman STAN
ley. In the organization OF the Car
heste Steel Company of New Jersey
why did you divide your stock Into
$1,000 shares?"
TO keep them off tho stock Ex-
:
ply.
Why did you want TO keep them
CT the Stock Exchange:"
Opposed to Stock JobbInE.
because l did not believe in stock
JobbinS. Because did not wish In
nave my partners in business tempted
TO speculation. never In my lifc
pought or sold a share OF stock on tho
speculat tive market. 1 was reared
differently. l had Il grandfather ruined.
IN scotland By stock speculation.
resolved that 1t was rilinous wen !,
young man, and throughout my bus
mess career I never bought long no..
sold short"
Chairman Stanley. producing an ora
document read from statement made
by Carnegie many years ago. in which
the hon Master said:
stock gamblers are parasites, feed
ing on values and creating none.
Arc you still of that op4n:un?,
MI Stanley. the other day Won re-
ferreG to something had said abour
competition. and you said you would
like 10 have II engraved on memo
rial tablet Mr.. Carnegie answered II
wish you would take the quotation
you have just read. engravo it OH
tablet and put 1t In the stock en-
change"
DO you believe that corporation
should BY law ba given the right "a
buy aud sell It's own stock on the
stock cXchange?"
That is a new question:" Mr. Car
negic answered, hesitatingly. I'va
never heard 1t raised before. would
like 10 think that over and write you
a note of my views"
Representative McGilliruddy some
what confused Mr.. Carnegie With
fire of questions seeking TO show that
a plan was formulated 10 nrIsani2c lie
United States Steel Corporation before
Mr.. Mckinley was elected Prcsldrut
In 1900, and that the deal was con-
summoted soon after his election lie
brought out the fact that Carnegie
had told Mckinley ta have nothing 20
do with imperialism or the acquisition
OF tho Philippines.
We're there any negotiations be.
tween YOU and J. l'ierpont Mo:f;an
prior to 1901 regarding the formation
OF the Steel Corporaticn?r asked Mr..
McGin!cuddy.
Il never heard of any till Mr.. schwah
came 70 me in 1901 with Mr.. Moigan'k
offsr to buy my property" Air. Car.
nege answered.
Were there not some negotiations
as early as 190e?"
y never heard Of any.
IN 1900 were YOU not vetv n,ur.. a
opposed 10 tho policy az in,prrisiisng,s
Yes, Was. and ! asked Mr. alc-..
Kirlev not to hayc anything 10 do
with IT. WAS .opnosed TO the acqnias-
ton OF .he Philippines
rs &c not also true that early Ia