The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-13
Steel Trust Committee Com
pJetes Examination
Of the Man Who Made the Com
bine Possible.
POINTED PARAGRAPHS
Crop Out All Through the Iron
masters Testimony.
Harder to Distribute Wealth
Wisely Than to Make It."

Washington, Jan. 13.-Andrew Car
negie concluded his testimony before
the house steel trust investigating
committee. He admitted that in 1900
he had contributed SIS, 900 to oppose
the policy of imperialism and the an
nexation of the Philippines; assailed
Wall street and branded stock job
bers as parasites" urged the Roose-
welt trust policy. in preference to that
of President Taft, for dealing with the
trusts, and asked congress to consider
carefully that problem.
Among his pointed expressions
brought out at the examination were
the following:
IF you want, as you suggested. Mr..
Stanley, to erect a, tablet to my mem
DRY. place in the stock exchange this
quotation of mine that you have I'M
earthed: Stock gamblers are parasites
feeding on values and creating none
Il was certain always that the Car
negie company was inpregnable- Ever
optimistic, / believed that all my ducks
were swans
Il dislike the word philanthropist.
1t is harder to distribute wealth wisely
than to make it. To me the word
philanthropist suggests a man with
more money than brains. Some phil
anthropy has done more to pauperize
people than to aid them"
agree
that we should regulate and not dis
solve large corporations Dissolution
will lead to competition and return
to price fixing agreements.
What are lawyers worth if they
have not been able to improve laws
handed down from Mount Sinai
Broadside of Questions.
After a day of examination on many
subjects, Mr.. Carnegie was subjected
to fire of questions which put him
on his mettle. Chairman Stanley elicit
ed from him an attack on stock job
bling that probably will influence leg
islation to be proposed by the commit
tee, and Representative McGil1icuddy,
of Maine, took the Iron Master over
some political jumps that were alto
se MI. c ernegi asked Chairman
Stanley, lin the organization of the
Carnegie Steel company of New Jersey,
why did you divide your stock into 81
600 shareS?"
ITO keep them off the stock ex-
change" was Mr.. Carnegie's quick re-
ply.
why did you want to keep them off
the stock exchange?"
Because did not believe in stock
jobbing Because I did not wish to
have my partnes in business tempted t.
speculation. I never in my life bought
or sold share Of stock on the spec
ulative market. I was reared differ
entity had a grandfather ruined in
Scotland by stock speculation, re-
solved that it was ruinous when a young
man. and throughout my business ca
reer. 1 never bought long nor sold
short
Mr.. Stanley producing an cid docu-
ment. read from a statement made by
Mr.. Carnegie many years ago in which
the Iron Master said:
stock gan bling are parasites feed1ng
on values and creating none
OF Same Opinion Still.
Are you still of that opinion?' he
mr. Stanley. the other day you re-
ferred to something I had said about
competition and you said you would
like to have it engraved on a memorial
tablet Mr.. Carnegie answered
I wish you would take the quotation
YOU have jlst read, engrave it on e.
tablet and put it in the stock ex-
do you believe that a corporation
should by law be given the right TO
Duy and sell its own stock on the stock
eXchange?
THAT is a new question: Mr. Carne-
gle answered, hesitatingly.
i've never heard it raised before l
would like to think that over ana Write
you a note of my views
DO you believe it a safe pol1cy' IN
the interest of shareholders who do not
gamble anu do not believe in it, for II
to be possible that any corporation
Il am against all stock gambling
Representative McGillicuddy some
what confused Mr.. Carnegie with
fire of questions seeking to show that
a plan was formulated to organize the
United States Steel corporation before
Mr. Mckinley was elected president IN
1900 and that the deal was consumma-
ted soon after his election. He brougnt
out the fact that Carnegie had tolo
Mckinley to have nothing to do with
len,
Philippines. ooo
rs it not a fact that in January. 1900
you attended a meeting OF anu-lm-
periaIists at which you pledged your
self to contribute $4,000 to prevent the
nomination and reelection of William
Mckinley if they would raise a like
amount Mr.. McGillicuddy asked.
T H. Reed attorney for the steel cor
poration. objected to this question.
Chairman Stanley overruled the OBJ
lection. Mr. Carnegie looked at his
counsel nervously, but presently re-
piled:
His Memory Fails.
81 can't tell you about that. I do
not recollect that ever did anything
to oppose the nomination or re-eiec-
ton of Mckinley I was deeply OPP
posed to the Philippines, put car. .l,.d no
believe I opposed Mckinley for presl-
dent
'Don't you remember that you act
ually did contribute $4,000 or that
$25 600 to that fund ??
Il do not recollect, but it may be so
If YOU know the facts. I am sure 1t
was not against Mckinley that I gave
the money, but against the acquisition
of the Philippines"
why. after contributing $15, 600,
did YOU not continue with the other
$40. 0OO2" Mr.. McGil1icuddy continued
Il do not recollect.
"Didn't some of the Morgan people
come to you and tell you that 1t was
necessary to elect Mckinley in order
to form this United States Steel cor
poration?"
mo such thing ever occurred Mr..
Carnegie answered sharply