Durango semi-weekly herald. (Durango, Colo.) 1899-1907, 1905-06-01

ceived per cent dividends since the
first year, and there is surplus of
t83.37l In the treasury, which will
be used In buying more lots and
erecting more houses of the same
sort.
Mr.. Phipps has taken a great per-
sOnal interest in the schemes of his
society In New York. and II it proves
successful he Ia likely to increase the
fund and induce others TO join with
him in the improvement OF the hous-
ing Of the working people OF this city.
The 81 100000 he has given in trust
will continue to grow. At 1 per cent
money doubles at compound interest
every eiSntesn years. II all goes
we'll. tbs HPhipps house fund will
amount to l964 ,00O, 900 at the end of
the century.
Mr.. Phipps is also deeply interest
ed in the researches for remedies for
tuberculosis. He is maintaining an
institute at Philadelphia for that pur-
pose. with hospital in the noun
tains of Pennsylvania near Mauch
Chunk. He was born In Philadelphia.
but made his money In Pittsburg and
has done a great deal In both those
cities for the class of working people
from which ne sprang His father
was shoemaker, his mother was a
frugal, highminded English woman,
whose characteristics he inherited.
Tvoa family rapnvad IN pIttahurp
when Mr. Pnipps was twelve years
old, and he soon after secured a po-
sition as errand boy at wages of IS
month. This offered NO prospects.
so he advertised for situation and
received reply from Dlworth a.
cepted. although 1t was necessary for
aim to walk three miles to the forge
in the morning and the same distance
back at night. But he learned the
business, and soon had an opportun.
ity to set up for himself with black.
smith named kteman for partner
Later Thomas Morrison Carnegie, a
brother OF Andrew Carnegie, went in
with them. Andrew, in the mean.
time, WAS working at his telegraph
key and saving his money. and two
years after he bought an interest In
the concern, taking 40 per cent OF the
| shares Of a stock company that was
organized. The remaining 90 per cent
was divided between Phipps, Kemar
and Tom Carnegie.
Tnat was the beginning Of the com
pany which has turned out so many
milionaires. The share OF Mr.
Phipps in the business was handling
| the money; he acted as cashier ant
looked after the finances Andrew
| Carnegie nustled around for con
tracts, assisted by his brother Tom
and kleman acted as foreman, look
ing after the mechanical part Of th'
business. 1t was a strong combina
ton, and developed rapidly. For for
" years Mr.. Phipps was actively en-
gagged in the financial management o
the firm, bu when the trust was form
ed he Withdrew. and nas since beel
enjoying well earned leisure. IA
spent two years in Washington
where be rented a house, but decic
ed to make his permanent home \
New York and is now building
beautiful mansion of white marble q
the corner Of Fifth avenue and Eigi
ty.sevenda sfeea which will Coz
about 100000. The house will nc
J be finished for year or more.
the meantime the family are livin
at 6 Eghty-seventh street. and spen
I their summers at Beaufort Castl
Scotland.
: Mr.. John 8. Phipps. his son. iooR
. after his fathers business. Toe Ell,
est daughter is the wife Of MIR. Bra
ley-Nartin. Jr, and Miss Amy PhIpI
. will b. married 10 the Hon. Frederic