Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-02-09
MILLIONS FOR LIBRARIES.
Andrew Carnegie VIII Give Away
81 100000 n Month,

A dispatch from New York says: II CAL
culate upon a million a month for libraries
and organs
This is what Andrew Carnegie's friends
say he is telling them. 1t is his way of ex-
pressing his intention to devote to public
benefactions the major part of the great
income upon which he is to retire. He will
be in a position to give away So ,0O0-a
sum large enough to provide for the living
expenses of a fair-sized city-and still leave
sufficient to keep the wolf considerable
distance from the front door Of West
51st 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, as
we'll as the amount of yearly income upon
which he reckons from this and his other
investments. 1t was also stated that the
present expectation of the projected giant
steel trust is to establish not simply har-
corporation. The popular hostility to
trusts, 1t is said, has been tossed aside as
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 S15,000,OOO
year. He is to be paid for his stock in the
Carnegie Company entirely In bonds-prob-
ably-collateral trust bonds secured upon
the assets of a new and formidable cor
poration the president of which probably
will be Charles NJ. Schwab and the manage
poent of which will be in the hands of a
representative executive committee Mr.
Carnegie Is well known to possess not only
Carnegie Company bonds and Carnegie
Company stock, but other pieces of paper
which are worth a great deal to the holder.
The $15,000.00O will represent the return
from all these investments.
For instance. Mr. Carnegie, his friends
saw. invested 100000 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, or
course, a matter of conjecture Wall street
heard a story the other day that Mr.. Car
regie walked into a banking house, asked
for list of hgh-grade investments, fig
ured a bit on the margin of the paper on
which that list was printed and then
bought the whole list. The great IRON
master will retain his Carnegie Company
bonds, which approximate $1OO.0OO,Oo0 In
value. At per cent they pay him pretty
close to $5,000,000 a year. His stock VIII
be paid for. according to present plans,
from new issue of per cent bonds. The
amount of these bonds, as nearly as 1t
could be learned will be about $1o0,OOOooo.
so that Mr.. Carnegie must expect to get
about 81 800, 900 from sources outside the
steel trade to realize his expected income
OF $15,OOOO0O This would make his total
wealth about $30O.00OO00.
That Mr.. Carnegie will devote 1our-nftns
of his income to such public gifts as the
founding of libraries and presenting organs
TO communities OF musical disposition is
only to be demonstrated, OF course py 1u-
t,;re events but the fact Is that ne has ex-
pressed himself recently as expecting to
spend about a million dollars month for
public benefactions Mr.. Carnegie's friends
say that to whatever cause ne may give ne
certainly will not contribute to churches.
He is a pronounced foe Of sectarianism.
The organs will not be church organs.