New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-07


expended on any worthy object that the direc-
tors of the fortunes of that country should
elect The money IS to be used for the estab-
iishment of an agricultural laboratory in CASH
mere and Pasteur institute in Southern India
In Pittsburg he is still Familiarity known az
Harry Phipps When he was born, in Phila-
delphia, on September q. 1889. there seemed
small prospect for his ever becoming rich for
his parents were poor English people, his father
| a cobbler and his mother a Shropshire woman.
Woodworking and frugal. but without means
enough to allow the boy Harry full course at
the public schools.
When his parents moved to Pittsburg, HAIRY
Phipps secured a place as general utility boy.
at 81 % week. with jeweller named Barton,
who had small shop at Cherry Alley and LIB
erty-st While there he had the misfortune to give
change for counterfeit ten dollar bill, and It
shows his determination of character, then
undeveloped, that he sailed forth to find ths
man who had victimized him. him down
after long search and got the money back.
Later Harry Phipps worked for John d. Egan.
who kept small store for the sale of odds and
ends. When this place failed him Harry bor-
rowed % cents and advertised for situation In
THE Pittsburg Dispatch" The advertisement
appeared in the issue of May 10. 1856. and Sc
cured the ambitious boy a position with the
firm of Dilworth & Bidwell who had something
to do with iron and iron spikes. When this
firm dissolved Phipps was taken In partner.
ship with BidwelL He worked with this cons
Germ all day, and at night walked three miles
to assist a blacksmith named Kleman, who had
forge at Duquesne part of Allegheny.
This walk OF three miles to the forge and three
miles back home after his second instalment OF
work shows what small matters the boy Phipps
made of difficulties.
In time Phipps became partner of KEENAN,
in small iron mill in 29th-st,, Pittsburg. Two
years later Thomas Morrison Carnegie, a brother
of Andrew Carnegie became a third partner
Andrew had saved money, speCulated wisely and
wished to become a partner in the concern. He
paid $4,000 for the privilege and took 40 pei
cent of the stock, the remaining 60 per cent bee
ing divided equally among the three other part
ners. Andrew in time obtained control of the
business that subsequently grew from this
Phipps- KEENAN, Carnegie venture.
With his share of the $4,000 Phipps took the
one grand holiday of his life. He went to
Europe, and, mostly foot, made his way
through France and Great Britain. Eventually
he returned to America to work.
In all the subsequent days of foundation
building in the steel concern Phipps played an
important part. His was the financial burden,
the duty of keeping down expenses and looking
with haWklike eye at every dollar of outlay.
Phipps assisted the fortunes of the great and
growing steel concern. To him belongs the
honor Of one grand discovery in the early days
of the steel comDanys history.
1t was of secret iron product that for years
was sold at immense xroht-
Like his associate, Andrew Carnegie, Mr..
Phipps has gone in for castles in the days Of
his prosperity. He is now laird of estate
known as Beaufort Castle in Scotland, and is
spending his time deviSing ways and means of
alternating the woes of humanity. But he never
allows his left hand to know what his right
hand does, and were it not for the newspapers
it is probable that few would know that Henry
PhippS existed at all.
The PhippS endowment for model tenement
houses in this city will in time reach huge pro-
portions The $lOOUOOO given in trust is to be
invested in high class tenement houses. After
the payment Of taxes and other expenses u net
profit of per cent is expected conservative
estimate. This, in turn, is to be invested in moro
tenement houses, ana In other words,
the $1,OOOOOO is % be placed out Indefinitely at
compound interest At t per cent money doubles
at compound interest every eighteen years
Thus, in 1923 the Phipps fund will amount to
100000: in 1911 to 100000; in 1859 to
100000; in 1877 to $16000O0O; in 1895 to S32.-
100000 and in a little more than a century
hence to $6i 100000.