Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1919-08-11


low him, he would disembarrass him.
self Of practically all he had. No man
had ever launched a philanthrcr;c car.
paign of such dimensions.
His was then fortune of just about
quatrer billion dollars the largest
ever acquired by a foreign born Aireri-
can, second only to the John D. iecke-
feller wealth rs the largest in .vidm !
accumulation in the United States, and,
built as it was of five per cent steel
bonds, it would, without SO much as
turning over ones hand, have approach
ed half billion by the time Carnegie
could call himself an octogenarian on
November Is, 1915.
To give this stupendous sum away,
In about half the time he had taken to
gather it, was 4 purpose Carnegie had
fairly well fulfilled when death over
took him today. He had distributed
about $500, ,OOO $50. 1t was giving mon
ey away at the rate of over 10000, 900
year, or more than $4,000 a day.
Family Poor.
Andrew was twelve when his ia ther,
q master weaver, was brought almost to
destitutiOn. The steam looms drove
him out Of business The family num-
bered four, including ANDY" and his
younger brother, William. The parents
decided to emigrate I'd America, whence
some relatives had preceded them with
success They settled at Allegheny City,
Pa, across tliesTiver from Pittsburgh, IN
1S4S. The father and Andrew found
work in cotton factory, the son as
bobbin boy. ltwas his first work. The
salary was $1.2Oa week. He was soon
promoted at Slight advance to engi-
neer's assistant. He stocked the boilers
and ran the engine in the factory eel.
lar.
Andrew was sixteen when his father
died, and he became at once the bread
winner of the family and a true CAPT
talist. He had been told by his trusted
employer that ten shares Of Adams Ex-
press stocks could be had for $500, and
it was good investment. At fam
lily council that night Carnegie's mother
decided she would mortgage her little
home for $500. The stock was bought.
and it brought monthly dividends of
one per cent. ~
Becomes Steel Maker.
Carnegie was twenty-six when the
civil war broke out and he saw his cid
employer and friend, Scott, elevated to
the post of assistant secretary of war.
Cornegie, in turn, won an appointment
as director Of goverRment railws-s and
To the carnage he saw at
several battles may be traced his life
long belief in the folly Of warfare-'a
blot upon civilization"
Unwittingly following the lead OF
man who was later to eclipse him in
fortune building. Carnegie, thirty years
old, invested in oil! AS one Of syndi-
cate he bought up vast tract of oil
land. In a year, to the surprise of all
investors, it paid the astonishing return
of 100000 in cash dividends upon u
capital of $4,000.
But iron was the magnet then at
tracing Carnegie. The railroads were
with cast iron bridges.
Carnegie foresaw the demand for
factory that could turn out the iron
parts, and he formed the Keystone
Bridge Works. They built, as their first
great piece, a bridge over the Ohio
river, with span Of 800 feet. Demand
for similar structures became general
and the keystone works got the big Or
ders and profits.
Carnegie then began to see that iron
rails must be given up for steel. On
visit to England in 1868, he discovered
the success being obtained there with
the Bessemer process. Carnegie quietly
brought it home, and before, the English
makers were aware of the fact, he had
adopted it in his mills.