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Newspaper Page Text
THE DAY BOOK
500 SO. PEORIA ST.
TEL. MONROE 353
Vol. 1, No. 91 Chicago, Thursday, Jan. 11, 1912 One Cent
CARNEGIE, CORNERED, ADMITS STEEL TRUSt
HAS CRUSHED ALL ENTERPRISE
"When I Was a Boy" Tales Sharply Interrupted Iron
master Says "Price-Fixing" Trusts 'Have Ended
Competition, and Halted Improvements.
Washington, Jan. , 11. -j-' An
drew Carnegie today, admitted to
the Stanley committee that the
steel industry is dominated by the
Morgan Steel Trust, andthat the
day of .competition, has passed.
The shrewd little Scotchman
was cornered only after a merry
bfecame jncensed. at the dance
Carnegie was leading him and the
other members of the committee,
and coldly, outspokenly,, charged
the idonmaster with evasion.
Even after ,that Carnegie tried
his old',ta'ctics, but'not'before this
much ,had been brought out by
.. v ,-
WHAT BROUGHT CARNEGIE .DOWN TO CASES
Representative Gardner: Mr. Carpegie, for 5two -days you
have been here on the starjd, and to every pertinent-.question you
have given indirect' answers or personal 'anecdotes. Will you
answer directly questions addressed to you?.' '
WHAT CAME OUT ORJT
Mr. Carnegie: There .is no more competition! in the steel
'business. There is no more competition in, any bigjbusiness. The
days of competition are over because corporation representatives
get together and agree to fix prices. '
. The passing of competition, the formtaion of the trusts,
has impeded progress. No trust 'works 'as efficiently, or makes
so many improvements1 as does a small partnership.
chase. For five hours he evaded
every-important question." and di
verted the attention of the com
mittee from his evasion with
quips and jests, anecdotes and re
miniscences, all interesting, but
Then Representative' Gardner
Representative Beall :
"Do you believe the day of
competition. is over, Mr. Carne
gie?" "I do."
"Why has competition ceased?''
v "Because corporation repre
sentatives have been able to sit