Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-01-11

! ago as 1890. II certainly was not mueh
! heard of until long afterward."
Asked about the option valuation of
$500 eco coo and the final disposition of the
property to the Steel Corporation in 1901
for a much larger sum, Mr.. Carnegie re-
lated the history of his retirement from
the steel business. He said that Charles
NJ Schwab, the president of the compa-
ny, came to him with a message from j.
Pierpont Morgan asking him If he desir-
ed TO retire from business and how much
he wanted for his properties.
'I told Mr.. Schwab that it would de-
pend entirely upon my partners" said
Carnegie 81 was ready TO go. Already
I had become engaged in arduous work
trying to dispose of surplus wealth and
| was willing to retire. Mr.. Schwab said
that the partners We're willing and he
went back to see Morgan. When he re-
turned he said Morgan wanted a figure.
We went over the estimate and consid-
cred the former option of 1920, 600 90.
Schwab had figures to show that since
that was given-about two and a half
years before-the property had grown in
value about $iOo,O0O,oO0. He thought we
ought to add that, and I agreed with
But you sold for more than that TO
the Steel Corporations" he was asked
THAT is not true" Mr.. Carnegie stated
emphatfcally THAT was out valuation
and Mr.. Morgan accepted ii as fair. I
have since been told that / could have
had 500, COO, 600 more if 1 had asked it.
once and for all 1 want to put stop
to this talk that l was holding out for
60. 1-al
uation of s420.OOO00o and got that That
is the truth, gentlemen. I came here to
tell you the truth"
But the Steel Corporation" said Gard
ner ISSUED bonds against the Carnegie
Co of s492, COS, 160-against the Carnegie
Steel Co-when it was absorbed"
That's very surprising to me- said
Mr. Carnegie. Il never knew that this
was done and was not a party to such a
thing"
When asked by Mr.. Gardner about the
statement made by Senator Oliver that
the Carnegie Co. received railroad re-
bates, Mr.. Carnegie declared;
Its astonishing how suspected an hon
est corporation can be. I never received
a rebate that I know of in all my life"
Mr.. Carnegie then related how he
fought the Pennsylvania Railroad be-
cause of discrimination in rebates against
him; how he interested the Fanderbilts
in a project to erect a competing road
to the East, and how the Vanderbilts
went cover to the enemy ending the
project.
when this fell through, / went to
George Gould and told him that years
ago his father. Jay Gould. had told me
he would furnish me the money TO buy
the Pennsylvania Railroad and would put
me in charge of it if l would devote all
my time to it. / did not take the job.
Then l said to George Gould that mas
much as his father had given me that
opportunity | wanted to give Jay Gould's
son an opportunity, and I offered to give
him the Carnegie business if he would
run his railroad into Pittsburg, and it
was at my suggestion that the Goulds
went to Pittsburg with the Wabash Rail-
road
Mr.. Carnegie said that instead of the
Carnegie Co. having received rebates, he
forced the Pennsylvania by threats to
build competing roads to agree to give
him rates as low as those given COM
petitors.