Evening journal., 1912-01-10
CARNEGIE
TESTIFIES
IrOR Master Says He Could
Have Crushed Out all
Competition
OFFERS TO GIVE CHAIRMAN
STANLEY A LIBRARY
BY The United Press.

BY The United Press.
WASHINGTON, Jan. 1O.-The little
father of the steel Andrew
Carnegie-wagged c his struggling
white beard and discoursed on busi-
ness economies and philosophy before
the Steel Investigation Committee to-
day.
The iron master attacked the finan-
cial system of the country and en-
dorsed the Aldrich money plan.
when panics happen in this coun-
try he said, with flashing eyes and
bristling beard. "they are due to our
banking system, which is disgrace
to civilization. Panics are all wrong.
II Congress passes the bill now before
it a way will be made for preventing
them"
Full of vigor and energy, the iron
master faced the nine representatives
prepared to heckle him, and answer
ed back smartly to the questions. He
absolutely declined to discuss any
thing of which he was not perfectly
certain and several times during the
session reproached Chairman Stanley
for asking questions which called
for the use of judgment or opinion.
In this way he evaded several points
declaring he had left a great part OF
his business to his partners and knew
nothing Of many transactions. After
revolving his early connections with
the steel business, Carnegie was ask
ed what his plans we're when he sold
OUT the steel trust.
why" he answered pounding the
table before him. IF / had remained
in the steel business, ] would have
had a plant at Conneaut, Ohio, that
would have astonished the world and
would have absolutely crushed out all
connection in the steel business"
Charlie Schwab told me that he
could build a tube mill at Conneaut
that would save ten dollars ton on
tubes" Carnegie continued tolo
him to go ahead. Having the harDor at
Conneaut, we bought what has since
become the Bessemer and Lake ERE
Railroad. That gave us a direct freight
line from the lakes to Pittsburg.
Owned Their Ores.
Il had always been opposed to any
mining enterprises, but my good friend
Harry Oliver secured a vast amount
of ore lands in Minnesota. went up
10 look them over and when had seen
the prospects said Immediately: we
will own our own ores. and we bought
fve-sixths of divers holdings
II developed that this land had been
urned over to the steel trust for q
few hundred thousand dollars by
Carnegie. The remaining one-sixth
stanley said, had been sold to the
trust bv the Oliver estate at price
based on a valuation of $l7, 100000 fol
tbe entire tract. Carnegie almost
leaned from his chair in astonishmen'
at this statement
Gentlemen, l am not surprised a
ANYTHING after that ! am certainly
surprised though, that ! should have
sold so cheaply."
Carnegie and Stanley engaged ~
several witty sallies. One OF thes'
followed Stanley's propounding OF
Hypothetical question;
"You should not ask me that sort o.
question" said Carnegie, reprov
ingiy. Il do not want to guess"
Stanley said he wanted to thanl
the witness for appearing and declar
ed that he regretted the necessity o.
; issuing a subpoenae
Offered Stanley a Library.
"rm delighted to have that ot1cia
) document to hand down to my heirs,
retorted Carnegie, "the signature o
Chairman Stanley will be worth some
thing"
Il am glad to find someone who
values it." said Stanley pensively.
"You must have a quantity of bills
payable out for collection" laughed
the iron master.
mo l am but poor man." re-
turned Stanley. "headoyer heels in
debts"
"Wfl you accept a library?' offered
Carnegie. amid a roar of laughter.
Then the billionaire' digressed to
discuss the payment of public ser
wants, asserting that IL was "a dis
grace to our country that we pay our
public servants so poorly"