Bisbee daily review., 1909-04-18

mn eioouiAAt Ol CONSTRUCTION Oi several ships. that we came to him because he could plan the best ships and that, notwithstanding he repre- scented our competitors. we knew he was honest and we were anxious to deal with him. This was Samuel Mather, of Cleveland. He spent only a few minutes in my house. during which We gave him the order for S3,- 100000 worth of ships, and this was the only time I saw him o: saw any one personally on the business of the ore company. There were then nine or ten Great Lakes shipbuilding companies, and there was sharp com petition between them. We instructed MT. Mather to ascertain how many ships each could build. Some could build one. some two, and the total would be 1e. We asked him to have constructed IF steel ships of the larg- est capacity then understood to be practicable.
 He kept secret the EGmber he wished to construct and asked each firm to bid on one or two ships. Al supposed that at most only two ships were to be built, and each was eager to get the work. All the bidders met lr Cleveland on his invitation and ct the same moment each racGiyed a 1 little note that he had been awarded a contract. Great was the hllari'J which covered their chagrin when they compared notes.
 Sold Out to Steel Corporation.
 From the first the organization was successful. We built up huge trade untl finally the fleet included | 56 large vessels. It, like mapS other important undertakings, required ht- tie of my personal attention, owing to my good fortune in having competent representatives. The work went on presperously until the formation of the United States Steel Corp. As it felt that our mines and railroads and ships were a necessary part of the scheme, we accepted an offer where by the whole plant should become a part of the creation. The price was We felt, very moderate, considering the present and prospective value. The transaction bids fair to show [ great profit to the Steel company for many years. and, as our payment was largely in it's securities. we have the opportunity to participate in this prosperity. So. after about seven years, I went out of the iron ore bus mess.
 Conclusions of Lifetime.
 Going over these events, l am i'm pressed a new with the principle that the ensential element of business sue cess is to follow the established laws of high-cIass dealing Keep to broad and sure lines and study them; be sure they are correct. Watch the natural operations of trade and keep within them Don't think of sharp advantages. Don't waste effort on a thing which ends in petty triumph, unless satisfied with life of petty successes Be sure you see your way clear to a successful end. Look ahead. It is surprising how many bright bus mess men go into important under takings with little or no studying of controlling conditions Study dili- gently your capital requirements and fortify yourself to cover setbacks. Be sure you are not deceiving yourself about actual conditions. The man who starts out simply with the idea of getting rich, won't succeed; you must have a larger ambition. There is no mystery in business success. There can be no permanent success without fair dealing. that leads to widespread confidence in the man himself. This is the real capital We all prize and work for.
 I had desired to retire in the early DOS. but in 1893 the storm broke, and had many investments to care. for. That year and the next were trying period: no one could retire at such a' time. Tn the Standard we continued to make progress even through these panic years. as We had large reserves, on account of our conservative financ- lnc.
 Tn 1894 or 1895. was able to carry out my plan to be relieved from asso- citation with the actual management, and from that time have had little or no part in the business.