The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-12

argued for corporate control MAJ
the ranks az they were, thew ses,r. .,On
sense instlnctively the danger on a"
pire founded on a man, albeit a maN eul.
geniuss
schwab took the initiative in tho A,.
gaining, and In 1901 interests headed !.
j. p. Morgan Co. came to Mr.. c.,
negie with his price. II was sS0A ma
900 in gold s per cent. bonds, sos ~ yy ~.
in preferred stock and ssO.27IOao ~
common. Carnegie took 1t to HE a.. ~
and the billion dollar United s,s,. @
Steel Corporation was formed.
over night Andrew Carnegie turr.,
from the emperor militant TO the fair
godfather. His first act upon retiremsn,
was to set aside s4,O0O.O0O pension
fund for the Steel Corporations o.,
ployees. Thus began the great era =,
philanthropy, the years through wh,on
he strove to live up to his then an
nounced dictim that the man who h.,
rich dies disgraced."
Whether he has been successfu, !,
these late years as he was in the es,,,.n
ones remains to be seen. The beat -.
innate of the amount he has given ava
places II at about $500, 000, 900. But n.
income when he retired was $40 a nil
ute. He consistently followed the nrlr.
ciple which he enunciated early In M.
phase OF his career that the very r,oh
man Is but trustee for the poor ~s-l
trusted for a season with a great no.,
OF the increased wealth of the conmun'
ity, but administering II for the benes,
Of the community far better than h
could or would have done II for ltsesS
He did not seek to make more money
But he did not invest foolishly. u,
once said that in the panic Of 1907 hs
could have made another $50 600. ooo
but did not do so because II would be Nm,
fifty more worries for himself
Before the Industrial Relations Com.
mission in Washington In 1915 Mr. Car.
negie gave this review OF his phllan.
thropic enterprises in his own words
my first act upon retiring from bu,.
ness was to give s5,o00,O00 to N.
worlSmen OF the Carnegie Steel Com.
pany as a parting gift, $4,000 900 for
pensions 70 the men and $1,000 900 10
maintain the libraries and halls I had
built for them. I was greatly pleased
when later the United States s,s.,
Corporation saw At to duplicate INV
gift, adding 100000 to the fund sor
pensions. have Just read the follow.
ing report Of this joint fund with grea,
satisfaction:
The fourth annual report OF m.
United States Steel and Carneri.
Pension Fund, made public to-dsr
shows that since January /, 1911, whsr
the fund was established, retired ON.
pioyees of the Steel Corporation hay,
received In pensions s1.575,O21.s3 For
the year 1914 the total disbursemsr,
from the pension fund amounted IA
$511, 967.s0. which was a gain over m.
previous year OF sS9,152.76, and a ra,
of s?3o.51o.5s over the first year Of N.
funds existence.
There are now 1881 benef,ciar,es q,
the fund. During the year 612 pension
ers were added and 1873 died. The aver.
age pensions of the cases added werA
5000 month, the average age OF the
pensioners being 1888 years and the
average term of the service 2S.76 year.
Under the rules of the fund not less than
$12 nor more than 800 a month Is paid
"The Hero Fund which I was priv.
legged to found has always interested me
most deeply. perhaps because the idea
cume to me through personal experience
Mr.. Taylor, who had formerly been su-
of the coal mine near Pitts
burg heard that an accident ha. oc-
Cured and Immediately drove to the
mine and called for volunteers to descend
with him to the rescue OF those below A
number promptly responded and many
were saved, but Mr.. Taylor, the volunteer
hero. lost his life. Here was one OF the
true heroes Of civilization, who save and
serve their fellows. The heroes Of bar
barism wound and STAY theirs.
Il could not rest until l had founded
hero funds In various countries with
a total capital of $11,790.0 900. The re-
port Of the annual meeting held at
Pittsburg on January 20 shows awards
given to forty heroes or their wives
and families, with total OF 1927
awards since the fund began operations
THE Carnegie Institute Of Pittsburg,
one of the greatest gifts l have made,
has cost SO far s24.000,o r0 and has
more than 5000 students from forty
two States, 1888 of whom are men
from the industries trying to improve
their conditions. The fees are only
nominal. averaging s25 a year which
Is one-flfth to one-tenth what is usually
charged. The cheapest we know Of else
where charges $3.50.
II do not know Of any service to
widows which brings such relief. II
relieves the widow of doubt about the
security OF the fund upon which she
Is able to live In comfort OF course
the deposits and security are regularly
examined by a representative OF the
State Department OF Banking. Six per
cent is a higher rate than banks would
pay. but I feel quite justified In being
liberal.
81 confess to being greatly surprised
to learn within the last few days that
have no less than 4s1 pensioners
upon my list receiving q total Of |2l%'
945.56 year"
Endowed Scientific Research.
The Carnegie Institute in Washington
probably vies with his foundations fof
the pension of college professors in in
portance and interest among his edlcs-
tional gifts, barring always the scatter
ing of libraries over the face OF the
English speaking globe. The Washing
ton institute is designed TO do for science
In America what Governments do for
abroad. 1t takes the eXamplar OF an!
science who shows himself worthy ana
provides him the facilities for original
research. 1t is Mr.. Carnegie's conr1ou,
ton to the sum total OF mans Original
knowledge.
1t has departments like these OF 60
GEOLOGY and economics. history, a geo
physical laboratory. marine biology an'
botanical research. 1t has ALREADY pro,
duced valuable results, The cruise %
the non-magnetic yacht Carnegie hAs
produced absolutely reliable charts ot
magnetic variation in all the seven ses.
and through tho wildernesses OF '"'
continents.
His pension fund for college teache's
originally designed as measure pursg
for the relief OF those whose de'ouy"
to pedagogy brought them to penury n
old aga has deyeloped into pOWeHu.