The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-11

and It was a good investment. Al
a family council that night, Carnegie's
mother decided she would mortgage
was bought, and it brought monthly
dividends OF one per cent.
Il can see that first check OF ten
dollars dividend money now" he said
when he became a retired Iron master
with millions. 1T was something new
70 all Of us. for none Of Us had ever
received anything but from toll"
First Sleeping Cars.
The next step toward Independence
and fortune came when T. II. Wood
ruff. the inventor Of the sleeping car.
approached him with a model Of the
a minute" Carnegie has since re-
called, before, like a flash, the whole
range Of its value burst upon me.
Yes I said, that is 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 5000 as his
first installment Of capital, but later
when he sold out his interest to the
Pullman company he had realized S1e,-
coo for the venture.
Carnegie wal 26 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 appointment as d.
telegraphs. To the carnage he saw
at several battles may be traced his
lifelong belief in the folly of warfare
"a blot upon civilization"
Unwittlngly following the lead OF a
man who was later to eclipse him In
ravA,,Na k,,tIIfA. No r-narta Of an war
Of 8 invested in oil. AS n 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 as
tonishlng return of $1,000, 600 in cash
dividends upon a capital stock OF $4O,-
600.
Foresaw Iron Age.
But iron was the magnet then at
tracing Carnegie. The railroads were
| experimenting with cast iron bridges.
Carnegie foresaw the demand for a fac
tory that could turn out the iron parts,
and he formed the Keystone Bridge
works. they built, as their first great
piece. q bridge over the Ohio river, with
a span OF 300 feet. Demand for similar
structures became general, and the
keystone works got the big orders and
profits.
Carnegie then began TO see that iron
| IHllS mlSL ne RJNGH up lOitNDNCNAs Va
a visit to England In 1868 he discov-
cred the success being obtained there
with the Bessemer process. Carnegie
| quietly brought 1t home, and before the
English 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 1S4S became
some 40 years later the worlds Leading
producer of steel a multi-millionafre
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. 700 miles away, and
acquired vast regions OF ore land. He
established railway and steamship lines
to bring the ore to. him. He boosted
Of the reduction In price of steel rams
from sos a ton down to &26, HIS critics
claimed that even the lower figure was
maintained only by the fact nat ne
mer secretary once divulged what was
alleged to ~have-been official CORE
spondence to the effect that the Car
Eerie steel combination could sell rails
at a profit as low as $12 q ton.
Says Success Simple.
1t was certain that the grip which
he had upon the steel situation madt
his elimination necessary Ii others II
quest OF wealth in steel were tolrealiz'
the millions they saw going to him. Il,
was, accordingly, bought out in 1901
The syndicate headed by j. P. Morgan
which desired to form the b~illion-dol
lar United States Steel corporation
paid ya20, 900, 900 in their five per cen
bonds for the Carnegie company's hold
ings.
said III. a hearing before a COMPRESSION
al committee at Washington, ito Sc
out TO the steel corporation for onl
$3.50, 900, 900. l have since learned fror
the inside that | could have receive
500, 900, 900 more from Mr.. Morgan !
we had placed that value on our prop
critics. Carnegie's personal share i
these holdings netted him about $250,
} 900, 900. His first actual investment l
iron had been $1,000 OF borrowed money
SO years before.
'The secret and method of my sue
} cess is simple" he said; Il organize
INV business into departments. pu
the best man l could find at the hea
} OF each department, held him responsl
, BILE and judged him by results, nav
2 started more tnaii ~ men on tne roa
I to m~illionaires."
Only One Child.
, Carnegie's mother, to whom he re
peatedly gave credit for all that n
was. lived to be an o~ctogenarian,. an
40 devoted was he to her that he hes
tated to marry, In 1883, however. q
married Louise Whitefield, OF Ne
York. by whom he had one cniio;
Q bride was 20 years his junior. TO hi
: and her daughter probably remains
large fortune, Notwithstanding Cal
8 neele's public gifts;
T As an American citizen he estaplisI
q Ped q magnificent home In New Horl
= - Il. "A ..rNx.n nt n0fh EfFaAf ana y
the same time negotiated the ,puii
y chase of the celebrated Skibo castle !
Scotland, This mammoth baroni
y structure he remodeled, bringing, son
steel for the purpose from Pittsburgl
The estate, comprising. many squa
miles along the Highland coast OF SEQ
land, has excellent grouse moors. ~
IN fishing brooks, in which Carnegie q,
n lighted. a golf links which he estal
y lished and a pier off which he kept =
lie Yacht, Seabreeze. One way or anotl
e, err he had crossed the ocean some nul
dred times, and once TOOK a to'
around the world.
a on his Skiboo castle flag staff
flew both the Stars and Stripes al
70 the Union Jack--sewed together,
is Broke Into Literature.
~ internationally. Carnegie made rea,
N use OF his pen. His interviews WI
AZ the newspaper men invariably woul
up with an envious remark sueh as
? would like nothing better thai to
-, n reporter" He wrote q little for I
Y, press in the days OF Horace Greelt
p ! and later owned n paper for a time. I
~ | books numbered about a dozen. his I'll
IL being q testimony to his love Of coae
~ ing-'An American Four-ln-Hand
ny Great Britain" tlSS3l. The next ye
he wrote 'tAround the World. TIT
,Nrriumphant Democracy q review