A MILLIONAIRE’S FEAT.

Manawatu Herald, Volume XXXIV, Issue 1012, 27 February 1912, Page 4

A MILLIONAIRE’S FEAT.

WHEN CARNEGIE TOOK IN

rockefeller

Mr Andrew Carnegie recently explained with great glee how he got the better of Mr John D. Rockefeller in a deal about some ore lauds in the Lake Superior district.

“I induced Mr Rockefeller to sell on a royalty basis of 7>zd to rod a ton,” said Mr Carnegie. •‘The same property has since been capitalised by the United States Steel Corporation on the basis of 4s a ton. “Mrs Carnegie and I visited Mr and Mrs Rockefeller this New Year’s Day, and found them seated on the porch. Mrs Rockefeller is a fine woman and a fine wife, but she is doing poorly now. “The old gentleman was in good fettle. There he was, tall, lean, spare, and smiling and as happy as could be. He told us the cold weather did not affect him much, and he wore a paper jacket. He gave each ot us one, and it is really a fine thing to keep the body warm. “We chatted over old times, but I did not mention that ore transaction in which I got the better of him. That was the one time when I took in a fellow millionaire.

Mr Carnegie laughed long, but quickly became serious when he was asked how much the Steel Corporation paid for the Carnegie Steel Company when it absorbed the latter concern.

“We received ,£86,000,000,” said he, “ and what a fool 1 was to sell out at that price ! I learned later that Mr Morgan would have given ,£4,000,000 more. “ The whole process of sale was only a matter of one or two sentences between Mr Charles Schwab and myself. I did not see Mr Morgan at all in connection with the deal. My personal share of the proceeds was .£42,600,000, all in Steel Corporation bonds.”

Mr Carnegie was questioned about the ,£BOO,OOO surplus which it was said he received as a result of the sale.

“ I do not remember any ,£BOO,OOO surplus,” said he. “I have a financial secretary who attends to all small matters of that kind.” In answer to further questions Mr Carnegie said that he started the steel business in 1861 with a borrowed capital of ,£3OO.

“ I learned early in life.” he said “ that a large part of success in business depends on having the right sort of men to help, and I drew to me ambitious young men of great ability. If I had continued in business instead of selling out, I would have astonished the world and defied competition.” Several times Mr Carnegie interrupted his testimony to chuckle over his Rockefeller deal.

“ I have a laugh every time I think of it,” said he. “It is quite a job, you know, to get the best of a man with a head like Mr Rockefeller’s.”