Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1912-01-13
Andrew Carnegie Tells Trust Investigators That He
is Opposed to Stock Speculation. .s
HE HAS NEVER BOUGHT LONG NOR SOLD SHORT
Greatly impressed by His Grandfahers Experence-Does
Not Recall Having Opposed Mckinley But May Have
Contributed $4,000 to AntiImperisIist Fund-Iron
Master Concludes His Testimony Before Committee

Washington, Jan. 12.-After day |
of examination on many subjects Mr. !
Carnegie was subjected today To a
fire Of questions which put him on his
mettle. Chairman Stanley elected
from him an attack on stock iobbing
which viii probably influence legisla-
ton 10 be proposed by the commit
tee, and Representative McGillicuddy
of Maine took the iron master over
some political jumps which were alto
gether unexpected.
Opposed to Stock Speculation.
Mr.. Carnegie asked Chairman
Stanley, in the organization Of the
Carnegie Steel company of New Jer-
sey, why cid you divide your stock
into $1,000 shares ?'
TO keep them off the stock mar
ket, was Mr.. Carnegie's quick reply.
Why did you want to keep them
off the stock exchange?"
Because l did not believe i'll stock
jobbing. Because l did not wish to
have my partners in business tempted
10 speculation. l never in my life
bought or sold a share of stock on the
speculative market. ! was reared diff
terently. | had a grandfather ruined
in Scotland by stock speculation. l
resolved that it was ruonous when a
young man. and throughout my busi-
ness career. l never bought long nor
sold short.f
Stock Gamblers Are Parasites.
Mr.. Stanley. producing an old doe
ument, read from q statement made
by Mr.. Carnegie many years ago in
which the ironmaster said: Stock
gamblers are parasites feeding on val
ues and creating none"
Are you still Of that opinion?' he
asked.
''Mr. Stanley. the other day you re-
ferred to something l had said about
competition, and you said you would
like. to have it engraved on a marble
tablet" Mr.. Carnegie answered. Il
wish you would take the quotation
you have just read, engrave it on a
tablet, and put 1t in the stock ex
change"
DO you believe that @ corporation
should by law be given the right to
buy and sell it's own stock on the stock
exchange?'
A New Question to Him.
THAT is new question" Mr.. Car
negie answered, hesitatingly. I've
never heard it raised before. / would
I like to think that over and write you
a note of my views
do you believe it a safe policy in
the interest," of shareholders who do
not gamble and do not believe in it,
| for it to be possible that any cor
! poration might gamble in its stocks ?'
Il am against stock gambling
Better Not to Gamble on Anything.
If there has to be gambling, would
/ it not be better for me to gamble at
| cards or on horses instead Of on bread
and meat and industrial stocks ?" ask
/ ed the chairman.
1T would be better for you, Mr..
I Chairman not to gamble on anything, !"
\ Mr.. Carnegie replied, pointing his 1ln-
! ger at the chairman. Il don't like to
/ draw any distinctions"
Carnegie Opposed imperialism.
Representative McGillicuddy some
what confused Mr. Carnegie with a
series Of questions to show that a plan
| to organize the United States Steel
| corporation was formed before Mr..
/ Mckinley was elected president in
| 1900, and that the plan was consum-
| mated soon after his election. He
| brought out the fact that Carnegie had
told Mckinley to have nothing to do
with imperialism or the acquisition of
/ the Philippines.
Were there any negotiations be-
/ tween you and ]. P. Morgan prior to
/ 1901 regarding the formation Of the
/ steel corporation ?''
Il never heard Of any until Mr.
Schwab came to me in 1901 with Mr..
Morgan's offer to buy my property. >
I Mr.. Carnegie answered.
'SWere there not some negntis tons
as early as 1902"
| Il never heard Of any
Not Opposed to Mckinley.
In 1900, were you not very much
/ opposed to the policy Of imperialism
Yes, I was; and 1 asked Mr.. Nc
Kinley not to have anything to do
with II, was opposed to the acQuiSi-
ton Of the Philippines"
ia 1t not also true that early In
1900 you were opposed to William No
kinley for PRESIDENT
NO Mr.. Carnegie replied, giving
evidence of confusion. Il do not know
Of anything that would have made
me opposed 10 M Mckinley
Cannst Reeolleet Opposing MokinIsy
Is it not fact that in January,
1900 you attended q meeting Of anti
i'm psrialists at which you Pledged
yourself 10 contribute $4,000 10 pre-
vent the nomination and reelection OF
William Mckinley if they would raise
a like ameunt?" Mr.. McGiliicuddy
asked
]. B. Reed. attorney for the steel
corporation, objected to this question,
Chairman Stanley overruled the objec-
tion.
Mr.. Carnegie looked at his counsel
| but presently replied:
II can't tell you about that. l dc
not recollec- that l ever did anything
to oppose the nomination or re-elec-
ton of Mckinley. 1 was deeply op-
posed to the Philippines, but cannot
believe 1 opposed Mckinley for presi-
dent"
"No Such Thing Ever Occurred"
Don't you remember that you ac-
tually did contribute $4,000 of that
t25, 1000. to this fund?'
!, L do not recollect, but it may be
So If you know the facts, am sure
1iir was not against Mckinley that
f gave. the money but against the acQui-
sitiens Of the Philippines.
Why. after contributing $4,000, diG
you not continue with the other SO
0002" Mr.. McGillicuddy continued,
Il do not reeollect.'
Didn't some of the Morgan people
come to you and tell you that it wa:
necessary to elect Mr.. Mckinley ir
order to form this United States stee
corporation?'
no such thing ever occurred" Mr.
Carnegie answered sharply.
Mr.. carnssis Loses Patieaes.
After Mckinley was iRsnRurates