Daily Kennebec journal., 1919-08-12

Ing car. approached him with q mod
ed Of the invention. He had not
apoken to me a minute" Carnegie
has since recalled. before, like q
fash. the whole range Of its value
burst upon me, Yes said. that -
something which this continent must
have."'
He consulted Scott. and the three
invested for the manufacture Of the
cars. Carnegie. then earning $50
monthly. had to borrow $500 as his
first installment OF capital, but later
when he sold out his interest to the
Pullman Company he had realized
$4,000 for the venture.
Carnegie was 2S when the Civil
War broke out and he saw his old
smployer and friend Scott elevated
to the post OF assistant secretary Of
war. Carnegie in turn won an ap.
pointment as director Of government
railways and telegraphs. To the car
mage he saw at several battles may
be traced his lifelong belief in .he
folly Of warfare-"a blot upon civil
tEation."
Oe "AeSA44SAy 40AVWhS SSAS A660 Oh n
man who was later to eclipse him in
fortune building. Carnegie. at 30 years
OF age. invested in oil. AS one of a
Syndicate he bought up a vast tract of
OIL land. In a year. to the surprise of
all the investors. 1t paid the astonishing
return Of 100000 in cash dividends
ufon a capital of $4,000.
But iron was the magnet then at
tracing Carnegie. The railroads were
Carnegie foresaw the demand for a fac.
tory that could turn out the iron parts
and h, 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 sami-
lar structures became general and the
Keystone works go: the big orders and
profits.
Carnegie then began to see that iron
rails must be given UP for steel. On q
visit to England il 1865 ne scovered
the success being obtained 0ere with
the Bessemer prcce- S. Carnegie quietly
brought it home, and before the Eng
lisa makers were aware of the fact he
had adopted it in his m lis.
The romance CT his success was such
that the immigrant boy of 1SiS became
some 10 years later then worlds lead
ing producer of steel. a multi million
aire himself. and fast bringing score
Of other men int the same category.
Many square miles >of his mills sur.
+. rounded P.ttsburg. He reached into
upper Michigan, .0] mi'es away. ana
acquired vast regions of ore land. He
esta bli. he'd railway and steams hip limos
to bring the ore to- him.. He boastei
of .he reduction in the price of steol
rails from SIS q ton dawn to SIS. HIS
! critics claimed that even the lowe,
fsure was maintained only by the fac;
that he had monopolized the industry.
, was alleged to have been official CORE
81 ondencs to the effect that the Carne-
gle steel combination could cell rails ai
a profit as low as s1e . ten.
1t was certain that the grip which
he had upon the steel situation made
his elimination necessary II others n
quest of wealth in steel were to real
ize the millions they saw going to
him. He was, accordingly. bought
out in 1901. The syndicate headed by
J. P. Morgan. which desired to form
the billion dollar United States Steel
Corporation, paid $402. .o0o. cor in their
per cent bonds for the Carnegie
Company's holdings.
| what a fool I was" Carnegie lat.
er said in a hearing before a con
gressional committee at Washington,
ito sell out to the steel corporation
for only $i2o. 600. 900. 1 have since
learned from the inside that 1 could
have received 500. 900 900 more from
Mr.. Morgan if We had placed that
value on our properties" carneg;e's
i personal share in these holdings net
ted him about $25o. .0oo. eco His frs.
actual investment in iron had been
$15e0 Of borrowed money. 26 years
before.
The secret and method of NV
success is simple" he said. Il organ
lied my business into departments.
put the best man I could find at
the head Of each department. held
him responsible and judged him bv
results. / have started more than 50
men on the road to millionaires."
Carnegie's mother. to whom he re-
peatedly gave credit for all that Re
was. lived to be an octogenarian. ana
so devoted he was to her that he hes
itated to marry. In 1858, however Re
married Louise whitefield of Nav
YORK. by whom he had one child a
daughter. Margaret. born in 1907
His bride was 20 years his junior. To
her and her daughter probably re-
mains a large fortune. notwiths,,n,I-
ing Carnegie's public gifts.
AS an American citizen he establish.
magnificent home in New York an
Fifth avenue at sota street. and AZ ,n,
| same time negotiated the purchas. ~
| the celebrated Skibo Castle in Sco,,a,s
This mammoth baronial structure he "a.
modelled. bringing some steel for ~,
purpose from Pittsburg. The estate
comprising many square miles .lo,,
the highland coast of Scotland. has aY.
eenent grouse mcors ana fishing brooks
IN which Carnegie delighted. a so,f
INKS which he established. and n p,er
| on which he kept his yacht Seabree.s
one way or another he had crossaa The
ocean some hundred times. and one,
TOOK tour around the world.
:, on his Skibo Castle fiagsta6 n. a.
both the Stars and Stripes and the
on'cn Jack-sewed together.
meefmittently Carnegie made r~sav
Use OF his pen. His Interview. v,,n
the newspaper men Invariably rc,na
up with IN envious remark such =. .,
would like nofhir~ h-e&.