Random Reminiscences of Men and Events

xperiences and B

nst the will, for it was not a deliberate plan of mine to extend my cares and responsibilities. My

as a minority stockholder in all these enterprises, and had no part in their management. Not all of them were profitable. As a matter of fact, for a period of years just preceding the panic of 1893, values were more or

g their worth; indeed, it has never been my custom to rely alone upon my own knowledge of the value of

which I had been looking forward. I was fortunate in making the acquaintance of Mr. Frederick T. Gates, who was then engaged in some work in

ies and mills, might aid me in securing some first-hand information as to how these concerns were actually prospering. Once, a

and address of property in that region in which I held a minority interest. I felt quite sure that this particular property was doing well, and it was somewhat of a shock to me to learn through his

HE COMMER

fairs, and become, like myself, a man of business, but it was agreed between us that he should not ab

ssion to accomplish some great and far-reaching benefits to mankind, the influence of which will last. He is the chairman of the General Education Board and active in many other

low other congenial occupations. His efforts in the investigations in connection with our educational contributions, our medical research, and other kindred works have been very successful. During the last ten or twelve years my son has share

tly in many ways and often involve heavy sacrifices of genuine values. Our plan has been to stay with the institution, nurse it, lend it money when necessary, improve facilities, cheapen production, and avail ourselves of the opportunities which time and patience are likely to bring to make it self-sustaining and successful. S

his late day is to point out the fact to some business men who get discouraged that much can be done by careful and patient attention, even when the business is apparently

ORE

to us" to keep the enterprise alive through the harrowing panic days. I had to loan my personal securities to raise money, and finally we were compelled to supply a great deal of actual cash, and to get it we were obliged to go into the then greatly upset money market and buy currency at a high premium to ship west by express to pay the labourers on the railroad and to keep them alive. When the fright of the panic per

ich the ore could be removed by a steam shovel for a few cents a ton, but we stil

must not stop short of doing the work as effectively as possible; and having already put in so much money, we bought all the ore land that we thought was good that was offere

a good many of our best ore mines could have been purchased very cheaply before we became interested. Having launched ourselves into the venture, we decided t

evelop the business of ore mining and transportation. He not only proved to be an apt scholar, but he really mastered the various complexities of the business.

NG THE

s, but was in the ore transportation business on a large scale on his own account and, of course, the moment we began to ship ore we realized that we would become competitors. Mr. Gates got into communication with this expert, and came with him one evening to my house in New York just before dinner. He said he could stay only a few min

al ships, to be of the largest and most approved type, for our chance of success lay in having boats which could be operated with the greatest efficiency. At that time the largest ships carried a

he protection of our interests to control our own lake carriers, so we had decided to mine, ship, and market the ore; that we came to him because he could plan and superintend the construction of the best ships for us, and that

NG A CO

ight as well have the profit as the next man. This argument finally seemed to impress him and we then and there closed an agreement, the details of which were worked out afterward to our mutual satisfaction. This gentleman was Mr. Samuel Mather of Cleveland. He spent only a few

his into account in considering how many ships we should build, and we made up our minds that we would build all the ships that could be built and give employment to the idle men on the Great Lakes. Accordingly we instructed Mr. Mather to write to each firm of shipbuilders and ascertain how many ships they could build and put in readiness for operation at the opening of navigation the next spring. He found that some companies could bui

d until long after, and though it is now an old story of the lakes I repeat it as it may be new to many. Mr. Mather kept the secret of the number of ships he wished to construct absolutely to himself. He sent his plans and specifications, each substantially a du

reparatory to the final bid. At the appointed hour the bids were in. Deep was the interest on the part of all the gentlemen as to who would be the lucky one to draw the prize. Mr. Mather's manner had convinced each

ccustomed to meet, each bent on displaying his note and commiserating his unsuccessful rivals, only to discover that each had a contract for all he could do, and that each had been actually bidding against nobody but himself. Great was the hilarity which covered their chagrin when they met and compared notes and looke

N FOR SHI

ement to operate the ships, and we again turned to our competitor, Mr. Mather, in the hope that he would add this to his cares.

these big ships we have ordered? Do

w of any firm to suggest at the mom

anything about

e, and never was on a ship in his life. He probably wouldn't know the bow from the stern, or a sea-anchor from an umbrella, but he has good sense, he is honest, enterprising, keen, and thrifty. He has the art of quickly mas

, "let's give him t

f them from the moment they floated, and he managed these and the dozens which followed with a skill and ability that commanded the admiration of all the sailors on the lakes. He even invented an anchor which he used with our fleet, and later it was adopted by other vessels, and I have heard that it is used in the United States Navy. He remained

inally the fleet grew until it included fifty-six large steel vessels, This enterprise, in common with many other important business undertakings in which I was interested, required very little of my personal attention, owing to my good fortune in having active, c

O THE STE

sell, but as the organizer of the new company felt that our mines and railroads and ships were a necessary part of the scheme, we told him we would be pleased to facilitate the completion of the great undertaking. They had, I think, already closed with Mr. Carnegie for his various prop

ly in the securities of the company we had the opportunity to participate in this prosperity. And so, after a perio

HE LAWS

st, rather unpromising, I am impressed anew with the importance of a principle I have often referred to. If I can make this point clear to the

of trade, and keep within them. Don't even think of temporary or sharp advantages. Don't waste your effort on a thing which ends in a petty triumph unless you are satisfied with a life of petty success. Be sure that before you go into an

in business success. The great industrial leaders have told again and again the plain and obvious fact that there can be no permanent success without fair dealing that leads to wide-spread confidence in the man himself, and that is the real capital we all prize and work for. If you do each day's task successfully, and stay faithfully within these natural opera

EXPE

reer. But 1891-92 were years of ominous outlook. In 1893 the storm broke, and I had many investments to care for, as I have already related. This year and the next was a trying period of grave anxiety to every one. No one could retire from work at such a time. In the Standard we continued to make progress even through all these p

and decision were the things most needed to regain confidence, and he was efficiently seconded by many able and leading financiers of the country who co?perated courageously and effectively to restore confidence and prosperity. The question has been asked if I think we shall revive quickly from the panic of October, 1907. I hesitate to speak on the subject, since I am not a prophet nor the son of a prophet; but as to the ultimate outcome there is

them realize the facts and act accordingly. One cannot successfully go against natural tendencies, and it is folly to fail to recognize them. It is not easy for so impre