The Washington herald., 1912-01-13
lrOnmaster Never Played
Poker in His Life, He
Tells Steel PrObers.
EXPERIENCE ENJOYED
Believes with Theodore Roosevelt
that Big Combinations Should
Have Government Regulation.

Andrew Carnegie never played poker
in his life. He took fier in the market
just once, and has a great aversion to
other forms Of gambling. He might make
an exception once in a very great while
to a little bet on a horse race, but 1t
was the ironmaster's advice to Chairman
Stanley, Of the Steel investigating COM
mittee, yesterday to eschew all forms OF
gambling. This advice came very appro-
priately after Chairman Stanley had
acknowledged that he was a dreadfully
poor poker player.
The subject under investigation was the
= United States Steel Corporation, but Mr.
Carnegie refused to be hampered by any
such limitation. He told how he had
given Capt. Bill Jones a bigger salary
than the President of the United States
drews; how he had discovered Charlie
Schwab up in the Allegheny Mountains,
where his father ran a livery stable The
committee finished with Mr.. Carnegie
Yesterday afternoon and excused him
from further examination.
ANDY Enjoyed 1t.
You don't know how I've enjoyed this,
gentlemen" said the ironmaster, bow
ing profoundly. 81 came here to help
give publicity on all these matters we
have been discussing. hope you will
give careful consideration to measures
that will remedy corporate abuses. Cen
uemen (bowing again, when shall we
meet again.
Mr.. Carnegie, in the course OF his tes-
timony, lined up with Col. Roosevelt on
the subject of corporate reguIatioA-
There are two big thoughts on this
subject having expression in the United
States" said Representative Gardner, ad-
dressing the witness. "One has been
voiced by Mr.. Roosevelt, who recon-
mends government control Of these indus
trial units. The other is given utterance
by the present administration in certain
suits which provide for the dissolution
or modern corporations. With whom do
you stand on this question, Theodore
Roosevelt or President Taft?''
Sides with Roosevelt.
Il am in accord with the position
taken by Col. Roosevelt Mr.. Carnegie
replied. 81 understand his views; have
discussed them with him, and agree with
his conclusions
Mr.. Carnegie became indignant when
Chairman Stanley intimated that he had
quit business in 1900 because of a fear
that J. p. Morgan was about to Or
ganize a combination that was destined
to dominate the iron and steel trade.
We were in a position TO meet all
Comers," said Mr.. Carnegie proudly.
We did not fear Morgan or anybody
else. We had a horse that We knew
TO be good for a long race" He gave
il as his opinion that the steel corpora
ton, II It had spent half the money at
Ccnnaught, in accordance with the old
Carnegie plans, that IL had spent at
Gary, would now have its stock worth
considerably more money.
Mr.. Carnegie believed that the steel
corporation had acted wisely in giving
notice Of its intention to cancel its leases
on the Hill ore deposits in the Lake
Superior region.
Those leases have proved unprofta-
ble," said Mr.. Carnegie. They have
cost the corporation millions in money"
Mr.. Carnegie was OF the opinion that
the Hill people would have difficulty in
doing business with anybody else upon
the expiration OF the leases in 1915.
Tariff Up Early.
The tariff again came to the front early
in Mr.. Carnegie's testimony. Mr.. Car
negie reiterated his statement Of Thurs
day that the tariff for a long time had
not been a factor in the steel trade. He
expressed doubt that the tariff contrib
uted to prosperity in any business.
so far as steel is concerned, the tariff
makes very little difference" he said.
I'VE can make steel as cheaply as any
country in the world" added Mr.. Car
magic. ''In my opinion. steel does not
need the protection Of high tariff duties 4
You Legislators should not worry about
steel Steel is no longer an infant; it is
a giant"
Mr.. Carnegie said he did not believe
the government should exercise broad
powers in fixing prices.
II do not think II is necessary for the
government 10 fix prices" he said. You
should have law allowing a commission
20 fix a maximum price. II the steel
people want TO sell below that price, God
speed them. / would allow a price that
would permit a fair return upon capital
invested
To Satisfy People.
What is your opinion as to the rea-
sons why the people who control these
great corporations have come to the con-
clusion that the government should con-
troll their business, going to the extent
even of fixing prices?' asked Chairman
Stanley.
Because" replied Mr.. Carnegie, bring
ing his fist down with a whack, they
have come to a realization, as ! did long
ago, that the people of this country will
never submit to combination without reg
ulation."
rs It your opinion that It takes the
strong hand Of the law TO prevent these