The Washington times., 1912-01-10
CARNEGIE IS SORRY
| He SOLD OUT STEEL
FOR s34O,OOO,COO
lronmaster Keeps Stanley
Committee Laughing as
He Talks.
Continued from First Page, /,

CONTINUED from First Page)
small sn,nIS iron mill n Pittsburgh. In 1862
Works. found an engineer on the
pennsylvania railroad, who had built
cast iron bridge and I was satisfied
tne Gay hc,r OF wooden bridges was passed.
tional Bank OF Pittsburgh to pay my
another iron mill. In 1854 4 I'Ss orsaniaed Hasi
me a1 S superior Company and we united
Stanley Asks Question.
Mr.. Stanley wanted to know II the
early investors in the industry put in
money or experience. Ibid you sell
stock in Wall Street?'
Great changes have taken place.
think the pioneers put in about $4,000
apiece. These investments were not in
the nature Of speculations"
What was the value Of your proper
ties In the slxties7''
oh, Mr. Chairman. have no idea.
l don't like to guess. can furnish you
an estimate. but not offhand. / haven't
thought OF some of these things in
Mr. Carnegie then related how he
became interested in the Thomas hard
ening process and the Bessemer proc
ess.
Soon after this obtained an OPP
ton on the Thomas process. But a lit
wonderful On a visit to England /
learned of experiments in open hearth
furnaces l came back and told
schwab about 1t. And Schwab is the
Schwab saw the point at once. He
went away and in a few days he came
back with plans for eight vast fur
naces; @ ! looked them over and said:
stead plant is the greatest in the coun-
try today. There's no restraint of
Panic Hurt Company.
The panic of 1871 said Mr.. Carnegie.
found many Of the related steel COM
panies In sore straits, and Carnegie
said he found himself the chief owner
after II was over. because he had to
buy out so many of his partners.
What was the value Of the Carne-
gle Steel Company about this timer"
asked Stanley.
"Mr. Chairman. ! can't guess" said
the former steel baron. why guess
when these things are q matter Of rec
ord? I can't go back forty years and
remember these things. I suppose you
can get these records from the Steel
Corporation. 1t will make an interest
ing historical story how these concerns
at would. indeed" said Chairman
az meant to keep on extending" said
Carnegie q few moments later. IT was
in at the birth Of steel. and it got to
be king.
III had stayed in the business. I
would have had a plant al, Conneaut
which, would have astohished the
at the timer asked the Chairman, re.
membering Carnegies threat to build a
road Of his own from Conneaut harbor
to Pittsburgh.
Bought a Harbor on Lakes.
II think not said Carnegie. I'VE
had bought the harbor of Conneaut. the
last of the important harbors on the
lakes" continued Carnegie.
You bought it?" almost shouted
Stanley.
.'Yes. we bought the land giving us
control Of the harbor." naively said the
| ironmaster.
Mr.. Carnegie said be was always
, fighting the Pennsylvania railroad be-
cause OF its high rates into Pittsburgh.
From everywhere" said the steel
Mr. Carnegie then told Of how Harry
, Oliver. my fellow-messenger boy in
| the Western Union, saw a far ways
ahead and went to Minnesota, where he
| bought UP ore properties" Carnegie
said he later bought the Oliver COM
pany.
Chairman stanley observed that the
Steel Corporation had allowed $18 SOC, 900
for sixth interest in the Oliver COM
"They did, did they? Well. Tn not
| surprised at anything" said Mr.. Car
negie amid laughter.
What q fool was to sell out to the
Steel Corporation for $3.50. .o00. .00o" said
Carnegie, apropos Of nothing in particu-
lar during lull In the questioning.
Couldn't Remember.
| Carnegie said he couldn't remember
AL Of the details Of the sale Of the
| Oliver mines and other Carnegie steel
holdings to the trust Many of the de-
tails he said were handled by his part
| ners. .
| trusted my partners and never paid
much attention to Details" said the
ironmaster.
At this juncture Mr.. Stanley referred
to the fact that he had hated to sub
poena Carnegie as he was satisfied that
the ironmaster was willing to testify.
Don't mention it, said Carnegie
"I was glad to get that official sum-
mons to hand down to my heirs
Everybody laughed.
"The rignature Of Mr.. Stanley I.
worth something" continued the wit
ness.
"There are scme people who have no
appreciated getting that signature.
commented the chair.