Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1912-01-13
lrOnmaSter EAtertainS Steel
Trust investigating Commit
tee With Views On Imperial
ism and National Politics,
DENIES HE OPPOSED
PRESIDENT M'KINLEY
Contributed $4,000 in Effort
to Prevent Acquisition of
Philippines But Fails to RecoI-
IeCt Details.

iilllPplllNS DNl ltllo " ''NNNl
leCt Details.
IBy Morning journal Special Lense,l Wire.l
Washington, Jan. 12.-Andrew Car
negie concluded his testimony today
before the house steel trust invest
igating committee. He admitted that
in 1909 he had contributed $4,000 TO
oppose the policy of imperialism and
the annexation of the philippines, as
sailed Wall street ana branded stock
jobbers IS parasites" urged the
Roosevelt trust policy in preference
to that of President Tart, and asked
congress to consider carefully that
problem.
After day of examination on
many subjects Mr.. Carnegie was sub
jected to fire of questions which
put him on his metal
Mr.. Carnegie" asked Chairman
Stanley. "in the organization OF the
Carnegie steel company of New Jer-
sey. "why did you divide your stock
into 900 shares
ITO keep them off the stock cX
change" was Mr.. Carnegie's quick re-
ply.
why did you want to keep them
OF the stock exchange"
Because I did not believe in stock
jobbng. Because did not wish to
have any partners in business tempted
bought or sold share of stock on
the speculative market. | was reared
differently. ! had a grandfather ruin
ed in Scotland by stock speculation.
resolved that IL was ruinous when a
young man, and throughout my bust
ness career never bought long nor
sold short"
Chairman Stanley, producing an
old document. read from "A statement
made by Mir. Carnegie many years
ago in which the ironmaster said
stock gamblers are parasites,
feeding on values and creating none.
Are you still of that opinion" he
asked.
"Mr stanley. the other day you re-
ferred To something | had said about
competition and YOU said you would !
like To have il engraved on memor-
ial tablet" Mr.. Carnegie answered. II
wish you would take the quotation
you have just read. engravc it on "A |
tablet and put it in the stock ex-
change
"Do you believe shAt corporation
should by law be given the right to
sell and buy its own stock on the
stock exchange
THAT Is new question" Mr.. Car
negie answered, hesitatingly. rive
never heard it raised before. /
would like to think that over and
write YOU a note OF my views
DO you believe 1t safe policy in
the interest of shareholders who do
not gamble and do not believe in IT,
for It to be possible that any corpora
ton might gamble in It's stocks"
II am against all stock gambling.
If there has to De gambling
It be better for men To gam
Bile at cards or on horses instead OF
on bread and meat and Industrial
stocks2" asked tho chairman.
1t would be better for you, Mr.
not to gamble on any /,
thing" Mr.. Carnegie replied. pointing !
his finger at the chairman. Il don't
ike to draw any distinction"
Representative McGuillicuddy CON
fused Mr.. Carnegie with fire of
questions seeking TO show that plan
was formulated To- oragnize the Unit ,
"a states steel corporation before Mr.. h
Mckinley was elected president IN q
500. and that the deal was eonsum
mated soon after his election. He ,
brought ont the fact that Carnegie :
had told Mckinley 90 have nothing {
o do with imperialism or the ac-
iuisition of the Philippines.
We're there any negotiations he
ween you and J. =. Morgan prior to .
1901. regarding the formation OF O.
reel corporation 2" asked the states i
nan from Maine. ,l
IL never heard oi any until Nj.
;chwab came To- m, ln 1901 with Mr. I
.lorgans offer to nuy nay property"
.Ir Carnegie ansW Wcr,d.
Were there not some negotiations
s early as 1902"
L never heard uf auy.'
In 1900. were you not very much D
opposed - th. policy of imperial L
smg" s
Yes. ] was. and asked Mr. Nc l
linI,y not To- have anything 20 d" =
With &C. Q was opposed to the acquis- d
fion 81 the Philippine.
Is it not also true that early IN 8
900 you were opposed 20 Mr.. Mc- O.
,inley for president
-No sir" Ar. Carnegie replied. Civ q
ne evidence Of confusion y do not
nov OF anything that would have' q