Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-01-10
Laird of Skibo Denounoes the
Banking System of United
States as Disgrace to Civili-
cation.
TELLS STORY OF HIS
CAREER FROM 1861
Founder of Many Libraries
Gives Congressman Inside
History of Beginning of
Great Steel Industry.

(ny Eveaing Herald a. r. Leased wirs1
Washington, Jan, l0.-Andrew Car
nesie was an involuntary witness to-
day before the house committee
probing the affairs OF the United
States steel corporation,
when Mr.. Carnegie took the wit
ness stand he furnished the commit
tee with a statement regarding the
steel industry condition and told OF
his career In the business.
MIR. Carnegie said nc began his
steel career In November 1861. with
the firm OF Miller a small, and that
In 1862 hc borrowed $li,60O from
the National Bank of Pittsburg 10 en-
gage la e partnership in the Keystone
Bridge company at Pittshurg
Five cor six of U.S. he said "were
engaged IN this. In 1863 We buiit
another mill in Pittsburg and Ia 1865
/ was one OF the organizers of the
superior ore mill and furnace IN
1866 we built the locomotive works
In Pittsburg ana in 1867 we united
two other mills In Pittsburg. That
was the beginning OF the Carnegie
steel company. limited.
FL was one OF the youngest Of these
men and we had little capital At
different times we would put In
100000 or $50 600 each
What WAS the capital of your
properties In the sixtles?"
MY dear sir. I have no more idea
than you have"
II have an idea" replied stanley.
Was u ns much az S500.0Oo7"
"Oh. yes, the Superior mill alone
was worth that, bat I de- not want To
guess. Give me time and ] VIII give
you all the figures"
Mr. carnegie denounced the bank
ing system af the United states as
disgrace % cisilization.'
Continuing tho story of mis- life,
Mr. Carnegie said that during the
Ciyi war he suffered sunstroke
and was ordered 10 spend his sum
mcrs In cooler climate
~ went 60 Scotland and thorc l
watched che Bessemer process oi
making steel. There, too, l met a
Mr.. Dodds. who had a patent for
hardening the face OF steel pur-
chased the patent and brought MIR.
Dodds To plttsburg, where We built
furnace and made the first nara
surface rails IN this country"
Mr.. Carnegie referred To- that
great mechanical genius, Charles
schwab." as the greatest man
ever knew la that line
Mr. Carnegie said he suggested "a
Schwab that he test process foT
making ore IN open hearth furnaces
and then build an open hearth FUR
mace"
charlie" according 10 Mr. car
neeie rsaid he would try, ana it was
not more than week later that he
came 90 my office In New York and
laid on my desk plans for eight
magnificent open hearth furnaces
We sold open hearth -seel for 50 q
ton more than other STEEL
Mr. Carnegie explained how th'
Carnegie steel company had purchas
cd nve-sixths OF the oliver Mininf
company's stock IN the ninetlcs. Mr.
stanley asked him why the final sixth
was purchased on a valuation hasil
of Si7.0O0.O00 for the whole tract
though originally the company wa
capitalized az only Sl,2O0,00O.
AT that rate" Carnegie oNclnim
ed. eve would have paid $4,000 600
I'm not surprised az anything now
days if that is true, what fools VI
were 10 sell our property to the Unit
ed states steel corporation on IN
basis Of s4g0. 900"
Then after a moment Mr., Carnegi'
turned to the chairman. my friend, =
ne said "you will have 90 ask some
body who knows about those ilgures
never heard OF them before