The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1911-11-02
THE TRUST pHILA>ThRopIEs.


The suit Of the government to de-
atroy the United States Steel Trust,
even unto its component parts, has
caused apprehension and dismay
among the Carnegie philanthropies,
and. as everybody knows, the Carne-
gle philanthropies are both varied and
extensive, for the great Ironmaster|
has been struggling for number Of
years to unburden himself of the dan
gerous superhuity Of riches with which
he is laden, and he started with a
pretty heavy handicap. But what mas
the suit Of the government against
the Steel Trust to do with the Car
.negie philanthropies? Why, just this:
When the canny Scotsman brought
about the condition in the steel indus
try that moved Mr.. Morgan to under
take the consolidation of the princi
pal plants engaged in steel manufac-
cure, be bargained TO such good pur-
pose for his holdings that he got
about I'VE hundred million dollars of
the trust securities for his 100000
900 interests in HIS own plants OF
the securities he received, something
more than three hundred millions
were in the bonds Of the United States
Steel Corporation and they wete pref
ty good holdings, as such things went.
Then Mr. Carnegie set OUT TO be a
benefactor en- systematic nan, and
he dotted the world VITO Libraries and
foundations When he tuilt a library
he put out cash money, Of course, hut
when he ma lie d foundation he ,estei
it on bonds Ct the Steel Corporati, u.
The Carnegie Institute, the Carnegie
Hero Fund Commission, and the Car
negie teachers pension fund, are all
endowed, with and are dependent for
their revenue upon these bonds. Now,
if the Steel Trust is to topple ana
smash and its securities are to De-
come of doubtful value the philan-
thropies may suffer rather severely.
What is the consequence? A disrur-
bance of mind among a great many
excellent people tnat benefacuons are
to be crippled by the proceedings tax
en- by the government to dissolve the
corporation upon which they are 30
largely dependenband, before we have
gone much farther, it would not be
surprising to discover quite a strong
back FIRE Of sentiment against the un-
dertaking of the government in this
direction, caused by the concern of.
worthy folk, who have benefited from
the Carnegie endowments Especial
~ is such an effect likely to come
out Of the teachers pension founda-
ton, and the possibility serves to IL
lustrate very strongly the objections
that nave been made by some people
to the establishment Of such founda
tons, with their far reaching infu-
ence upon sentiment that should be
free from such effects. Already the
magnates of the assailed trust are
crying out in protest against the gov
ernments assault upon the innocent
investors interest, and there is the
usual representation of the concern
of the widow and the orphan in me
business, and We shall doubtless be-
hearing soon from the teachers and
their pupils about the injustice of the
governments assault upon the very
Foundation of the pensions system
which has been a boon to so many
good men ami is a hope of so many
more.
Merry Andrew Carnegie knows his
philanthropies as we'll as his BUSH
ness. Through his foresight the trust
has some mighty good friends fettered
with bonds of steel.