The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-02-11
WILL GIVE MILLIONS.
Carnegie snid to he Planning Im-
menSe Benefactions.

menSe BeneIuctiOns.
From the Baltimore Sun.
New York, Feb. ST calculate upon a
million month for libraries and or
gans."
This is what Andrew Carneges friends
say he is telling them. 1t is his way of
expressing his intention to devote to pub
lie benefactions the major part of the
great income upon which he is to retire
He will be IN position to give away
81, 000.C00-a sum large enough to provide
for the living expenses of fair-sized
city-and still leave sufficient to keep the
wolf considerable distance from the
front door of West Fifty-hrst street
From sources believed to be authorita-
tive the exact nature of the compensation
which the j. p. Morgan interests are to
give Mr. Carnegie for the control of the
Carnegie Company has been learned az
well as the amount of yearly income up
on which he reckons from this and his
ether investments. II was also stated
that the present expectation of the pro-
jected giant steel trust is to establish not
simply a harmonious working agreement
but huge corporation. The popular hos
tiity to trusts it is said, has been tossed
aside insignificant, and the practical
problem of financing the deal is proving
capable of solution.
Mr.. Carnegie expects to struggle along
for the rest of his days on $15,000O00 a
year. He is 20 be paid for his stock in the
Carnegie Company entirely in bonds
probably collateral trust bonds secured
upon the assets of a, new and formida BILE
corporation the president of which prob
ably will be Charles VI. Schwab and the
management OF which will be in the
hands of a representative executive COM
mittee. Mr.. Carnegie is we'll known 10
possess not only Carnegie Company bonds
and Carnegie Company stock, but other
pieces of paper which are worth great
deal to the holder, The $15,OOOOO0 will rep
resent the return from all these invest
ments.
For instance. Mr.. Carnegie, his friends
say, invested 5000 900 of idle cash in one
of the British war loans, which proved so
acceptable to Americans What his in
come from these outside sources is OF
course, a matter of conjecture. Wall
street heard a story the other day that
Mr.. Carnegie walked into a banking
house asked for a list of high-grade in
vestments figured a. bit on the margin
OF the paper on which that list was print
ed and then bought the whole list. The
great ron-master viii retain his Carne-
gle Company bonds, which approximate
| $l00 goo in value. AT per cent they
pay him pretty close to 100000 a year
His stock will be paid for, according to
present plans. from a new issue of per
cent. bonds. The amount of these bonds,
as nearly it could be learned will be
about $l500O0,0O0 so that Mr.. Carnegie
must expect to get about 81, $780, 900 from
sources outside the steel trade to realize
his expected income of $15,0OO,OOO This
would make his total wealth about $780,
600 600.
That Mr.. Carnegie Will devote four
fifths of his income 10 such public gifts
as the founding of libraries and present
ing organs to communities of musical dis
position is only 40 be demonstrated, OF
course, by future events but the fact is
that he has expressed himself recently as
expecting to spend about a million dol
lars month for public benefactions. Mr.
Carnegie's friends say that to whatever
cause he may give he certainly will not
contribute to churches He is a pro-
nounced foe of sectarianism. The organs
will not be church organs