Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-01-10

than a week later that he came to me in
my Office in New York and laid on my
plans for eight nos bsaPth
steel for five dollars ton more than
.,-other STEEL"
Mr.. Carnegie said that in the open
hearth mills at Homestead. 1.-The greatest
in the world. the committee would find
restraint of trade"
Mr.. Carnegie frequently pounded the
table with his hand.
y"Why," he said. we were going 70
- build at Conneaut. Ohio, an enormous
~ tube mill that would have astonished the
x9hats where Charlie Schwab comes in
"a again. He told me he was satisfied he
&shAd a plan whereby We could build
tube mill that would save ten dollars a
ton In the cost of manufacture over any
other tube mill in the world.
The Oliver Stock Purchase.
Mr. Carnegie explained how the Car
- negie Steel Company had purchased
nve-sixths of the oliver Mining Com
spany's stock in the nineties. Mr.
Stanley asked him why the final sixth
was purchased on a valuation basis OF
S17.o00oo0 for the whole tract. though
Originally the company was capitalized
At only $1.2oo.00o.
" Mr.. Carnegie expressed surprise at this
f9.,guestion. exclaiming: AT that rate We
asffAct. WELL" he added, II am not sur
.prjsed at anything nowadays If that Is
true. what fools we were to sell. our prop
erty to the United States Steel Corpora
ton
It was then explained that the $4,000.
..-VO0 valuation basis was that OF the whole
ICarneeie said that II such a sum indi-
sF cAted by those figures was paid II am
Sxurprised that was such q fOel. to sell
as s Psspes IT Is sss ssss! on
MY friend" added Mr.. Carnegie. .you
will have to ask somebody who knows
about those figures. never heard Of
Mr. Carnegie said he had no knowledge
as to q number of other matters in con-
4 lion. = - ~
The Conneaut Tube Min.
In describing the Conneaut, Ohio pro-
ject for a gigantic tube mill, which John
*Aay. Gates has testified precipitated the
organisation of the United States Steel
Corporation. Mr.. Carnegie said:
I'VE bought the harbor at Conneaut-'
.'whatr' calculated Mr.. Stanley. "You
sloabeught the sole rights to use that har-
--borr'
g,,-'.Oh. L mean we bought the land
i around the harbor; upon which we. CON
Fl fighting the Pennsylvania. railroad
81 because of the unreasonably high
freight rates it charged from Pittsburgh.
II I have seen -four shipped from Pitts
i, burgh by boat to Cincinnati and then by
i, efail from Cincinnati back through the
y streets of Pittsburgh and then on TO
H. New York and other points cheaper than
iil-ft could be shipped direct from Pitts
~ burgh to- New York. The people Of Pitts
III burgh were Infatuated over these rates. l
til wished to have better way to secure raw
"a materials. and I found this broken-down
HI railroad now known as the Bessemer and
III Lake Erie. and we purchased and i'm
Il proved IT,"
"a What did that railroad cost?
a. Il haven't the slightest idea
Z. Did you build docks at Conneauto'
~ oh. yes."
+, u Did any one else besides your com:
III pany use Them"
EM-J don't think So
You also constructed great steamships,
Ilidnt you?''
oh. yes / think those vessels carried
1h.O0 tons each. Before that we had to
Fl bire small sailing vessels TO bring our
81 ore down the lakes"