Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1912-01-11
.ronmaSter Laughs Like School
Boy as He Tells of Defeat of
Rival Millionaire in Business
Battle,
GARRUL0US
AND WITTY WITNESS
NiIIng TO Bare All He Knows
Before Committee But Pro-
tests Lack of knowledge of
Details of Steel Trust Affairs
m, Manning journal Special Leased Wire.l

/ IBy Morning journal Special LEASED Wire''
| XVashingtOn Jan. lot does my
Iheart good to think that | got ahead
| of John d. Rockefeller, my fet"W
Iuulionaire. in that Lake Superior ot'
Heal"
Andrew Carnegie former ruler OF
|tbe steel industry of the United States
| |gloated thus in testifying today be-
Ifore the house committee of inquiry
|nto the United States steel corpora
Ition.
Mr. Carnegie had just told the com
Euitree about his deal with Mr.. Rookie
HELLER whereby he obtained control OF
mir Rockefeller's iron ore holdings in
Hhe Lake Superior region at rate OF
Eifteen cents a ton holdings which
kyhen turned into the steel corporation
Batter formed large part OF the as
cts valued AZ s70o,000,0O0.
Mir Carnegie laughed like school
h., as he referred TO the business tri-
kI1uh he had achieved over his "fel-
Bow millionaire
AIr Carnegie declared he had come
l L. tclI ait he knew. but he was unable
l. supply many facts which the COM
ttee desired. stating that he never
S,4d paid any attention to the books
b. the Carnegie company before IT'S
bsorption lay the steel corporation.
He was especially emphatic in his
testimony regarding the sale Of his
property to The United states steel
{,ornorataon at hast " J. p.
kforgan and told the committee he
! autad to end gossip that he had held
! nat for an unreasonable price. He de-
trcd also that when his partner II.
i Frirk asked him for an option for
Unknown persons on the Carnegie
3tcel company that he demanded 81
] 90 600 as an earnest of the intentions
! tf the prospective owners and that
\ hen the deal fell through and he
d learned that the Moores of New York,
4 Ry,rc behind it, he was surprised.
Had known that the Moores were
fchiud that option which | made on
valuation of 1920. 900 900" said Mr..
*aruegio, II never would have given
"Whcn you gave that valuation Of
d. Carnegie properties" 4" asked Repre-
sentative Sterling, did YOU consider
i hc value of the concern justified it,
Yes" said Mr. Carnegie and I'll
Fel you why. was asked to give an
ptiun ON our property 10y my partner,
Pr Frek. gave an option of $3.50
100000. but that did not include the
rDk Coke company, which We later
ncIuded at &70.O00,0o0, making "A
Fotd 90 S3t0,0o0.00. For such an OPP
lon demanded $2,O00.0o0 as an earn
r. of good faith and S1.000,000, my
hare of the $2,0O0.000. was deposited
f. mr account while | was in Europe.
ut tI, other million never was raised.
newer heard until now" he said.
q response to "A question, that Mr..
.rrk had anything 90 do with it until
heard it referred To here. THAT ne
interested with the Moores is ro-
an.e as far as know.
Mr. Carnegie was asked about the
tcr, plate association and other pools
Waio1 the Carnegie company was "a
irH iu the late 90's and which con
nnrI mtu 1904.
lic said he had known OF the exist
1ec ot pools but did not know THAI
3"N were unlawful until years after
arI.
never knew anything about ,hc
Calls Of those pools, ne said Il
new THAT such pools existed. but |
.i ihe business 10 my young men.
Us abroad much of the time. II |
l qua nHt trust my men, what could
nave done myself? A. ! remember
thr pools We're not declared uniaw-
DOT under the sherman law until re-
ni'. Senator Hoar who had mu-h
q" with framing the sherman law
."'. "a statement after the passage
'.f iaw that pools were not pro-
H'.I Ny 10.
matter of fact il was a sur
I Thing Go mc when ! learned a
|'1fs ago that the sherman ld~
sod $50 long ago as 1899. II
'HE WIS not much heard of until
1 atcrvard."
N-. Carnegie said that charles NJ.
president OF the Carnegie
anE in 1901. had come TO him
I '. message from J. p. Morgan.
/. KING him if he desired 10 retire from
'-ness and how much ne wanted for
4 property.
2 l''d Schwab that il would depend
nuon my partners. said car
-'e was ready to go. Already
".l become engaged i1 arduous
1 'iA sing TO dispose OF surplus
il. ana ! was willing to retire Mr..
Nah said the partners were Willias
.e went back tc see Morgan. |
H- returned he said Morgan I
tgure. We went over th- /
and considered fhe former 4
&e2o.0oo. 600. Schwab bad
z" ow th1t since II WAS riven