“So distribution should undo excess,
    And each man have enough.”

At this juncture—­that is March, 1901—­Mr. Schwab told me Mr. Morgan had said to him he should really like to know if I wished to retire from business; if so he thought he could arrange it.  He also said he had consulted our partners and that they were disposed to sell, being attracted by the terms Mr. Morgan had offered.  I told Mr. Schwab that if my partners were desirous to sell I would concur, and we finally sold.

[Illustration:  CHARLES M. SCHWAB]

There had been so much deception by speculators buying old iron and steel mills and foisting them upon innocent purchasers at inflated values—­hundred-dollar shares in some cases selling for a trifle—­that I declined to take anything for the common stock.  Had I done so, it would have given me just about one hundred millions more of five per cent bonds, which Mr. Morgan said afterwards I could have obtained.  Such was the prosperity and such the money value of our steel business.  Events proved I should have been quite justified in asking the additional sum named, for the common stock has paid five per cent continuously since.[45] But I had enough, as has been proved, to keep me busier than ever before, trying to distribute it.

[Footnote 45:  The Carnegie Steel Company was bought by Mr. Morgan at Mr. Carnegie’s own price.  There was some talk at the time of his holding out for a higher price than he received, but testifying before a committee of the House of Representatives in January, 1912, Mr. Carnegie said:  “I considered what was fair:  and that is the option Morgan got.  Schwab went down and arranged it.  I never saw Morgan on the subject or any man connected with him.  Never a word passed between him and me.  I gave my memorandum and Morgan saw it was eminently fair.  I have been told many times since by insiders that I should have asked $100,000,000 more and could have got it easily.  Once for all, I want to put a stop to all this talk about Mr. Carnegie ’forcing high prices for anything.’”]

My first distribution was to the men in the mills.  The following letters and papers will explain the gift: 

     New York, N.Y., March 12, 1901

I make this first use of surplus wealth, four millions of first mortgage 5% Bonds, upon retiring from business, as an acknowledgment of the deep debt which I owe to the workmen who have contributed so greatly to my success.  It is designed to relieve those who may suffer from accidents, and provide small pensions for those needing help in old age.

     In addition I give one million dollars of such bonds, the
     proceeds thereof to be used to maintain the libraries and
     halls I have built for our workmen.

In return, the Homestead workmen presented the following address: 

     Munhall, Pa., Feb’y 23, 1903

     MR. ANDREW CARNEGIE
     New York, N.Y.