The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-10
HIS LIFE STORY
Continued from Page -

ingness to appear but recently de-
clined to testify the ground tnaI
he was named a defendant IN the
government suit against the steel cor
pOratiOn.
When Mr.. Carnegie took the wit
ness stand he furnished the commit
tee with a statement regarding steer
industry conditions and told OF MS
career in the business from the outset
Mr.. Carnegie was accompanied by
]. H. Reed of Pittsburg, his counsel;
The committee room was crowded
with spectators, including many Wom-
en-. He was sworn by Chairman stan
ley. Mr.. Carnegie said he began MS
steel career in November, 1861. with
the firm of Miller & Small, and tnat
in 1852 he borrowed $1,000 from the
National Bank of Pittsburg to engage
in a partnership in the Keystone
Bridge company at Pittspurg-
His Early Career.
give or six of US he said, were
engaged in this. In 1858 we built an
other mill in Pittsburg, and in 1860
was one of the organizers OF the 81.
Z perior Ore Mill and Furnace In 1850
we built the locomotive works in Pitts
burg and in 1867 we united TWO olner
mills in Pittsburg. That was the oe-
ginning of the Carnegie Steel COM
pany, limited"
| I'm interesting other men with you
in those early days" Chairman Stanley
asked, did you do so by selling STOCKS
in Wall street or other exchanges or
did you get men OF experience IL LIZ
iron business?''
eOh, no I did not look for men who
had no experience in the iron business.
was one of the youngest of these men
! and we had little capital At different
times we woNld put in $4,000 or S3o'ooo
| EACH
what was the capital of your prop
critics in the 60'S?''
my dear sir, have no more idea
than you have"
ct have an idea replied Stanley
was it as much as $500, OOO?''
ooh, yes: the Superior Mill alone was
worth that, but do not want to guess.
Give me time and I will give you all
the figures
Mr.. Carnegie denounced the banking
system of the United States as dis
grace to civilization
Cause of Panics.
when panics come in this coun-
try he said, they are due to the fact
that we have the worst banking sys-
tenn in the world. Panics spread ruin
and if the bill now before congress Is
passed you will have something TO
prevent such panics.
Mr.. Carnegie in the written state
ment filed with the committee pointed
out that the steel committees task had
arisen from the fact that the law Oh
cOmpetitiOn in business has seemed re-
Gently to be impaired in certain fields,
notably those of natural oil, steel ana
tobacco. Even now a gigantic railway
system embracing nearly one-half OF
the world mileageS has been effected
land several retail companies have been
tried and convicted under the Sherman
law"
1--WE are in transition stage" said
Mr.. Carnegie, land naturally sugges-
tions are numerous and devious for ef-
fective competition with the Sherman
act as interpreted by the supreme
court That a satisfactory measure
will finally be evolved is certain-one
which does not go further than &C
tually necessary to prevent restraint OF
trade and monopoly.
These two uncomfortable evils pre-
vented, government and courts may
we'll rest from further action until eX-
perience dictates any necessary modifi-
cations.
No Cause for Alarm.
''There is no cause at present for
either alarm or haste on the part of
the courts, congress or producers or
consumers whose interests will become
mutual wherever freedom of trade
from monopoly are established. Moth
ing revolutionary is required.
Continuing the story of his life, Mr..
Carnegie said that during the Civil war
he suffered a sunstroke and was or
dered to spend his summers in a cool
er climate.
Il went to Scotland, and there I
watched the Bessemer process of max
ing steel. There, too, I met Mr.
Dodds, who had a patent for harden
7
patent and brought Mr.. Dodds to
Pittsburg, where we built a furnace
and made the first hard-surface rails
in this country.
Mr.. Carnegie referred to THAT
great mechanical genius, Charlie
Schwab'' as the greatest man I ever
knew in that line"
Mr. Carnegie said he suggested to
SchWab that he test a process for
! making ore in open hearth furnaces
!, and then build an open hearth fur
mace.
Charlie" according to Mr.. Carne-
4 gle, said he would try and it was not
) more than a week later that he came
: to me in my office in New York and
, laid on my desk plans for eight mag
; nificent open hearth furnaces. We
= sold open hearth steel for So a ton
. more than other steel"
Mr.. Carnegie said that in the open
hearth mills at HON estead, the great
est in the world. the committee would
, find mo restraint Of trade
Mr. Carnegie frequently pounded
: the table with his hand. Why" he
said, 1--WE were going to build at Con-
neaut, Ohio, an enormous tube mill
that would have astonished the world
, and outdistanced mpetition. That's
! where Charlie Schwab comes in again
4 He told me he was satisfied he had q
: plan whereby we could build tube
! mill that would save SO a ton in the
: cost of manufacture over any other
tube mill in the world