The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1904-07-29

S$5s uQISHSt Ms. Sleliu, EAoI SoAhS ear
secretary Of the Carnegie Steel Com
pany, shocked the stock market en-
thusiasts by disposing of his entire
hold ings in the prosperous Pittsburs
steel concern to j.. Pierpont Morgan
There were many then who thought
that the young Pittsburg steel master
was foolish for parting with his hold
sIngs and refusing to participate il
the melon cutting of Wall street and
Pittsburg pitaIists. But Mr.. More.
e land the time thought that he
could not see bottom in the great cor
porat ton and preferred to take his
cash.
And the market fluctuations, and
even the financial report of the big
corporation issued yesterday, reveal
oW %Wisethe young former secretary
wa s.. In addition he was robbed of
several years of vexatious worry,
which has not been the case, however,
ofasoIne Of his less calculating part
ners. rThe reported winning in the
Van Tine-Hi1ands suit in New York
vest erday brings the transactions Wv
] memory once again.
THERE no necessity of repeating
s. story of the remarkable rise of
oung AforeIand from the post of tel
egraph operator to that of partner
and secretary in the Carnegie Steel
81 Company. with a salary of $4,000
year and "a kings portion of the enor
nous receipts. 1t was remarkable.
X but the young man had it in him, and
ne deserved it. He had become sec
retary after the resignation of F. T.
4 SLovejoy at the beginning of the H.
rick suit against Mr.. Carnegie
and his partners, and he entered so
into his new duties that
he found that he was working all of
the tine and when he was not work
ing he&Syas wearing out pens signing
L his name to various Sundry docu-
sn1ents. He had obtained big slice
ssof stockSin the reorganized Carnegie
Company in additiin to a snug chunk
of bond There was no longer any
sLrfng the stock by means of which
the laird of Skibo could decapitate
and make miserable, SO one day he
Resigned and was succeeded by W. W.
BIackbur thought the banking
business offered more opportunities
and So organized the Moreland Trust
sSpmpany
those days a1mostSins the twinkling of |
md 5siI came to pass that ne
sptiaMons we're opened for5the absorp-
ton OF the Carnegie Company and its
$500, o9o; 900 Of bonds and stock by J.
E2sssA Morgan the nucleus of his great
r eoTporation, the United States Steel
sorporat ion Ir. NIore1and threw out
ne lead @Io AXE soundings, and al
hoIlghbe$hadsb been skilled in Carnegie
aath ematics for some years he could
pt perceive bottom. When he real
ed tha he had had enough he began
oSeast about5fer a way to obtain cash
,T rs stock There had only been
pc sale sof the Carnegie shares, and
lat was shares in Pittsburg a
1000 share, for the wise old Scotch :
had made the par of his
pcE so high that would not prove a
npting to sell or buy. He had lost. II
S beheading string, and he wanted a u
nee about his young partners.
tt Looked tempting, the offer of the
orsa indicate to give 81, 800 each n
ferredA and common of the new
nited states Steel Corporation for
tell 900 share of the Carnegie d
1znl 1anyg But NIoreland had a cool. I
,nserEatiFe adviser in the shape of q
II WALKER. So he decided to sell,
III ne placed the $50 shares Of Car !
agfesstock IN the hands of w. H. Van :
me sell for him. The latter at
nee opened his batteries upon J.
and the mighty man
al Is street sent a representative
j T,i ok up the choice Carnegie stock.
IssRel like easy money. That is F
hare for his $50 shares Of Carnegie
toek. t
b aIl5er had been thinking the c
anne things. He had always il
cen man who knew when is
had enough and it occur o
ed TO him that if he took, Uni Il
sd States Steel Corporation stock he n
hight founder around and worry I'M il
i he had got rid of it. He wondered a,
ow.5 they were7all going to unload. He OF
id not then know whether the big al