Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1919-08-11

| L used 10 wonder wnAt on ehIth "s
could do with so much money"
Andrew was l6 when his father died.
| and he became at once the breadwln-
ner for the family and true capitalist,
He had been told by his trusted en-
ployer that ten shares Of Adams Ia
press stock could be had for $780, and
IL was a good investment, At fam
| lily council that night, Sarnesie's MOTH
or decided sire would mortgage her 1T
tie home for $500, The stock was
bought. and IL brought monthly divi-
dends Of ! per cent.
Il can see that first check Of $40
dividend money now" ne said when he
became retired ironmaster with mil
lions. 1t was something new to all OF
us. for none OF US had ever received
ehything but from toll"
The next step toward independence
and fortune came when T. T. Wood
ruff. the inventor Of the sleeping car,
approached him with model of the
invention. He had not spoken to me
"a minute" Carnegie has since recalled,
before, like flash, the whole rams
OF its value burst upon me. 'Hes,' |
said, that is something which the con-
tinent must have"
He consulted Scott and the three in
vested for the manufacture OF the cars.
Carnegie then earning $50 monthly.
had to borrow $500 as his first Install
ment OF capital, but later when he sold
out his interest TO the Pullman COM
yany he realized $4,000 for the ven
lure.
Carnegie wac 26 years old when the
civil war broke out and he saw his
old employer and friend Scott elevated
to the post of assistant secretary OF
war Carnegie In turn won an appoint
ment as director of government rail
ways and telegraphs. To the carnage
he saw at several battles may ne
traced his lifelong belief in the folly Of
warfare-"a blot upon civilization"
Foresight and Luck.
Cnwitt!ugiy following the lead of i
man who Mas later to eclipse him III
fortune building, Carnegie, at 80 years
OF age. invested in oil. As one of
syndicate he bought up a vast tract %
oil land. In year, 10 the surprise OF
all the investors, ii paid the astonish-
ing return of sl,000,O00 in cash divi-
dends upon capital of $4,000.
But iron was the magnet then at
tracing Carnegie. The railroads We're
experimenting with cast iron bridges.
Carnegie foresaw a demand for fac
tory that could turn out iron posts,
and he formed the Keystone Bridge
Works They built. as their first great
piece. a bridge over the Ohio river.
with a span Of 800 feet. Demand for
similar structures became general, and
the Keystone works got the big orders
and profits.
Carnegie then began to see that iron
must be given up for steel On Wis
il to England in 1865 he discovered the
success being obtained there with the
Bessemer process. Carnegie quietly
brought it home, and before the Eng
!sh makers were aware of the fact. he
had adopted it in his mills.
The romance Of his success was such
that the immigrant boy of lS4S became
some 40 years later the worlds leading
producer of steel a multi millionaire
himself and fast bringing a score Of
other men into the same category.
Many square miles Of his mills sur
rounded Pittsburgh. He reached into
upper Michigan, roo miles away. and
acquired vast regions of ere land. He
established railway and steamship
lines TO bring the ore TO him. He
boasted Of the reduction in price OF
steel rails from ss5 a ton down to SIS.
His critics claimed that even the lower
figure was maintained only by the fact
that he had monopolized the industry.
a former secretary once diYulged what
was alleged TO have been official cor
respondence 10 the effect that the Car
negie steel combination could sell rails
at a profit as low as s12 a ton.
Sells to Morgan and Others.
II was certain that the grip which
he had upon the steel situation made
his elimination necessary If others in
quest OF wealth were TO realize\the
millions they saw going to him. He
was, accordingly, bought out in 1901.
The syndicate headed by J. 2. Nor
gan. which desired 10 form the billion
dollar United States Steel Corporation.
paid sz20.000,000 in their ) per cent
bonds for the Carnegie companys
holdings.
What a fool I was" Carnegie later
said in a hearing before COMPRESSION
al committee al y ash.1g tc::, &c sell
out to- the steel corporation for only
s42o. 100000. ktve since learned |roIp
the inside that I could have received
800, o0o. 900 mole from Mr.. Morgan II
We had placed .ltat value or our pro-
perties." Caincgie's personal shar" In
these holdings Melted him aocut s25e.-
900 900. His first actual investment in
iron had bean $500 OF borrowed mon
ey. fhirty-siE years before.
The secret arc metaad of my sue
cess is sinpla." he said. Il organized
nv business intc Departments put
the best ma could III NJ the head
Of each department. held him respons-
.ble and Judged HIM by results. have
started mo:c than fifty man on 'he
road to rrillionanes ."
Carnegie's mother. TO whom he re-
peatedly gave credit for all that he
was. lived TO be an octogenarian. and
so devoted was ne TO her that he hest
tated to marry. In 1888. however he
married Louise Whitefield. of New
York. by whom ne had one child. a
daughter. Margaret, born IN 1897. His
bride was, twenty years his junir. To
ner ana Ter tdbsfii:E- ~
mains a large fortune. Notwithstanding
Carnegie's public gifts.
AS an American citizen he estso-
lished a magnificent home in Ne"
York, on Fifth avenue at Nineteen
street, and at the same time negotiat-
ed the purchase OF the celebrated Skioo
Castle in Scotland. This mammoth
baronial structure he remodeled, bring
ing some steel for the purpose from
Pittsburgh. The estate, comprising