New-York tribune., 1912-01-13
CARNEGIE ENDS STORY
Continued from first page.

Continued from first page.
ing twice as much money, did not carry
out my Connoaut plans. If they had
know that United States steel stock
would be much more valuable than 1t Is
to- day
Chairman Stanley told Mr. Carnegie oi
intimations that he was about TO be en-
meshod by Morgan, Gary, Gates ana a
gigantic competitive combine against the
Carnegie Steel Company just before the
Steel Corporation proposal was made
and suggested that there were reports
current that he was a sick man, VINO
could he easily induced.
We'll, | was still able to take susie
nance" said Mr. Carnegie. But they
approached at a good time. ! had al
ready formed determination OF my
career. I had determined that / would
not spend my old age i'm making more
dollars. / had all the money ! wanted
and demonstrated that some time be-
fore. when the Moores sought an option
on the works and | had loft IT TO my
partners to decide.
Il had all tho money ! wanted, and ii
was not until long after that re-
allied il was moro laboriOus TO. dis
tribute money wisely than to make K. l
do not like that word philanthropist. IL
suggests a man with moro money than
brains | have seen where distribution
of surplus wealth has done more harm
than good, and has done moro to pauper-
ize people than benefit them. ! never
like to help people who cannot heIp
themselves That is why | never give a
library to a community that cannot help
i'm the enterprise"
The committee led Mr.. Carnegie into q
discussion again Of the time the Moore
brothers, W. r. and J. B.. sought an o1-
ton on his plant when his partner. II. 9.
Frick. conducted the negotiations, and
Mr.. Carnegie demanded S2,WOOOO for
the option because the names of the
prospective purchasers were not dis
closed 1t was brought out that his
partners. Frck and Phipps, were inter
csted themselves in the option, which
eventually failed.
Took si,7so,ooo Option.
Mr.. Carnegie told the committee all thai
hc learned afterward about the deal. Ht
said ne heard that Frick and Phipps were
Interested in it and that II they had sue
coedcd I'm putting II through each was tc
get 100000 I'm stock OF tho new company
lie testified that he accepted the forfeit OF
81 5000 deposited TO his credit. when the
ncSotiators failed TO raise the balance ol
the $4,000 deposit.
II Mr. Frlck and Mr. Phipps entered
into contract with the Moore Brothers
by which each was to get 100000 in stock
of tho new company. and never told me
anything about IT," said Mr. Carnegie
10 pay them anything now on the forfeit
money ~ that option
j. Howard Bridge. Of New York. who
several years ago wrote a hook on the in
side history Of the Carnegie Steel Com
pany. was called 10 the witness stand be-
fore Mr.. Carnegie was recalled. He tcsti
fed that he had been given access TO the
original documents. copies Of which he had
printed. but had not had access to book.
OF the company
REPRESENTATIVE Young began the examlna.
ton Of Mr.. Carnegie. lie referred TO the
questions Yesterday relating TO the reason
for the great strides made In the profits OF
the Carnegie steel Company after lsf. fol
lowing the passage OF the Dlngley tariff
MIR Young read statistics showing that the
production OF steel as well az the profits
greatly increased.
Did not the tremendous increase in bust
ness after lS5 account for the great IN
crease n profit
WHY, ofiCourne. one goes with the other
Tho production is the basis OF the whole
Increase"
DO you know whether the Diugicy law