The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-14
HUGE TRUST FUND FORMED
FIVE MILLION DOLLARS DONATED
BY THE RETIRING STEEL
MAGNATE
FOR THE AGED AND DISABLED
Under the Supervision of the Com.
pany Directors Pensions VIII he
Paid to Injured and Super
annuated WOrLmen

munlcatlonS from Andrew Carnegie
which are officially made public tonight
tell of the steel kings retirement from
active business life, and of his donation
of $5,GO0,OO0 for the endowment of a fund
Tor 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 a counterpart any-
where in the world. This fund will in
noWise interfere with the continuance of
the savings funds established by the
company fifteen years ago for the benefit
OF its employees. In this latter fund near
~ $2,000,000 of the employees savings are
OF deposit, upon which the company by
contract pays 8 per cent and loans money
TO the Workmen to build their own
homes. The letters in part follow:
IN FULL HEALTH AND VIGOR."
TO the Good People of Pittsburg: An
opportunity to retire from business came
10 me unsought, which l considered it
my duty to accept. MY resolve was made
What have seen around me [ cannot
uoupt the wisdom of this course, although
Inc Inc change mans is great, even serious. 1
spent not as the Scotch say. in 'makine
mlckle mair, but in making a good use
OF what has been acquired and l hope
my friends of Pittsburg will approve Of
my action in retiring while still in full
health and vigor, and 1 can reasonably
expect many years for usefulness in
helds which have other than personal
AIMS: shall have more time now to
devote to the institute and to the tech
meal school, which are in the higher do
mains OF PittSburg's life, and these I
nay. aaEe long seen to be my chief work; the
cause the highest, good for Pittsburg.
ahe snare Which have had in the ma
terlal development of our city may be
considered only the foundation upon
and in taking the proceeds of material
to develop the things OF the Spiritual
world feel that l am pursuing the ideal
path of life and duty.
Andrew Carnegie
PENSION FUND ENDOWED.
ITO the President and Managers, the
Carnegie Company: Mr. Franks, NV
cashier will hand over to YOU upon, Your
acceptance of the trust, S., 900. .GGe of the
carnegie company bonds in trust for the
following purposes:
The income of 81. 100000 to be spent in
maintaining the libraries built by me in
Fraddock, Homestead and Duquesne ]
have been giving the interest OF S250,0,0
this will give revenue of $4,000 hereafter
for the three. I leave to you to distribute
the funds from time to time according
to the work done or needed
i 1.-The income of the other 81 COO 600 is
to be applied:
"First-To provide small pensions or
aids to such employees as after long and
creditable service. through exceptional
circumstances, need such help in their
old age and who make a good use of it
Should these uses not require all the
revenue and surplus of 100000 be left
after ten years operation then for all
i'm nth ho1
the Carnegie company, in Allegheny
county, shall become eligible for partici=
patton in the fund, the mills nearest the
works of the Carnegie Steel company be-
ing first embraced
This fund is not to be used as a sub
stitute for what the company has been
in the habit of doing in such cases-far
from 1t. 1t 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 pro-
vision against want as long as needed or
until young children can become self
Your president and myself have been
confefring 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 Bal
timore & Ohio railroads. We find it a
difficult problem to adjust to a manu-
featuring concern, but should 1t be solv-
ed 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 rec
ommendation for action.
"a report to be made at the end OF
each year, giving an account of the fund
and of its distribution, shall be published
in two papers in Pittsburg, and copies
posted freely at the several works. that
every employe may know what is being
done. Publicity in this manner, will,
am sure, have beneficial effect.
AS A PAYMENT OF DEBT.
"I make this first use of surplus wealth
upon retiring from business as an ac-
acknowledgement of the deep debt which /
owe to the workmen who have contrib
uted so greatly to my success.
Il hope the cordial relations which eX-
list between employers and employed
throughout all the Carnegie company 8
works may never be disturbed, both en-
ployers and employed remembering what
l said in my last speech to the men at
Homestead: Labor. capital and business
ability are the three legs of a three
second, neither third; there is no prece-
dence all being equally necessary He
who would sow discord among the three
is an enemy of all.
'I know that I have done my duty in
retiring from business when an opportu-
nifty presented itself and yet as | write
my heart is full l have enjoyed so
much my connection with workmen, fore
men. clerks. superintendents, partners
and all other classes, that it Is a great
wrench indeed to say farewell Happily,
there is no rear farewell in one sense be-
cause, although no longer an employer, I
am still and always must be a friend,
deeply interested in the happiness of all
whom it has been my good fortune to
know and work in sympathy with, for
so many happy years. Always truly