Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-03-14
FUND FOR OLD employees
ANDREW CARNEGIE GIVES $4,000. 200
FOR THE PURPOSE.
He Gives Detailed Directions for the
Disposition of the Pro-
ceeds of the Money.

A dispatch from Pittsburg, Pa, last night
says: Two communications from Andrew
Carnegie, which are officially made pub
lie tonight, tell of the steel kings retire.
nIent from active business life and Of his
donation Of $5,O00,0O0 for the endowment
of fund foe superannuated and disabled
employees of the Carnegie company. This
benefaction Is by far the largest Of the
many created by Mr.. Carnegie, and is
probably without counterpart anywhere
in the world. This fund will in no wise
interfere with the continuance of the saw
ings fund established by the company fif-
teen years ago for the benefit of it's en-
ptoyes In this latter fund nearly $1,000
u0u of the employees savings are on de-
post, upon which the company by con-
tract pays per cent, and loans money to
the workmen to build their own homes
The letters follow. 70 -'-'
In his first communication MIR. Carnegie
assures the people Of Pittsburg generally
of his devotion to the city and expresses
his intention to ever strive for Its best
interests.
The other communication is as follows:
No. West 5lSt Street,
NEW YORK, March II, 1901.
To the President and Managers of the
Carnegie Company:
Gentlemen-Mr. Franks, my cashier, will
hand over to you upon your acceptance Of
the trust, $5.OOO,OOO of the Carnegie COM
pany bonds in trust for the following pur-
poses:
The income of $1,ooo.Ooo to be spent in
maintaining the libraries built by me in
Braddock, Homestead and Duquesne l
have been giving the interest Of $3.50 900
to each of these libraries hitherto, and this
will give revenue of $4,000 hereafter for
the three. Braddock Library is doing O
great deal of work for the neighborhood
and requires more than Homestead.
Homestead, on the other hand. will prob
ably require more for time than Du-
quesne, but l leave it to you to distribute
the funds from time to time according to
the work done or needed. Duquesne's por-
ton can be held until the library is opened
and then applied to meet extras in cost, if
any.
The income Of the other $iooo,0OO is to
be applied:
F'irst-To provide for employees of the
Carnegie company in all it's works mines
railways shops, etc, injured in it's service
and for those dependent upon such en-
pioyes as are killed.
Second-To provide small pensions or aids
to such employees as, after long and cred
liable services, through exceptional cir
cumstances, need such help in their old
age, and who make good use of it. Should
these uses not require all of the revenue
and a surplus of $500, 600 be left after
ten years operation then for all over this
Workmen in mills other than the Carnegie
company in Allegheny county shall become
eligible for participation in the fund, the
Steel Company being first embraced
This fund is not intended to he used as
substitute for what the company has
been in the habit of doing in such cases
far from 1t. It Is intended to go still
further and give to the injured or their
families, or to employees who are needy in
old age through no fault of their own
some provision against want as long as
needed, or until young children can be-
come self-supporting.
Your president and myself have been
comforting for some time past as to the
possibility of introducing a pension and
beneficial system to which employees con-
tribute, resembling that so admirably es-
tablished by the Pennsylvania and Balti-
more and Ohio railroads. We find 1t a
difficult problem to adjust to a manufac-
turing concern, but should it be solved
hereafter the trustees have authority to
make this fund the foundation OF such
system.
Each superintendent will report to the
president such cases in his department as
he thinks worthy of aid from the fund and
the president will in turn report to the
directors with his recommendation for ac-
ton
year giving an account of the fund and OF
its distribution shall be published in two
papers In Pittsburg, and copies posted free
~ at the several works, that every en-
ploye may know what is being done Pub
Lefty in this manner will, I am sure have
beneficial effect.
l make this first use of surplus wealth
upon retiring from business as an acknowl-
edgment of the deep debt which 1 owe to
the workmen who have contributed so
greatly to my success: I hope the cordial
relations which exist between employers
and employees throughout all the Carnegie
company works may never be disturbed
both employers and employed remembering
what / said in my last speech to the men
at Homestead: ~ abor capital and bust
ness ability are the three legs of a three
legged stool; neither is first, neither is sec
ord, neither third; there is no precedence
all being equally necessary. He who would
Sow discord among the three is an enemy
OF ALL"
l know that / have done my duty In
retiring from business when an opportunity
presented itself, and yet as / write my
heart Is full / have enjoyed so much my
connection with workmen, foremen, clerks,
superinteudents, partners and all other
classes that it Is great wrench indeed
to say farewell Happily there is no real
farewell In one sense. because. although
no longer an employer. / am still and al
ways must be a friend, deeply interested
in the happiness of all whom 1t has been
my good fortune to know and work in
sympathy with for so many happy years.
Always truly yours,
ANnDJ,w