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1912, make the following showing: "Total capitalization, $1,512,305,073, consisting of $869,175,142 stocks (common and preferred) and $643,129,931 bonds; number of employes, 221,025; pay-roll, $189,351,602 ; net earnings for year, or profits, $108,174,673."

Andrew Carnegie 's dominant position in the steel and iron industry, his comprehensive grasp of the situation, and his masterful character made successful competition almost impossible in the trade. He must be bought out and retired. The more powerful competitors induced J. Pierpont Morgan to approach the great ironmaster. Mr. Carnegie named his price. The master of money considered the terms excessive and retired; the master of the iron situation smiled grimly and waited. The men met again. Mr. Morgan had reconsidered the matter; but so had Mr. Carnegie. The latter raised his price. The big banker had met his match, and he knew it : he ended by accepting everything.

Mr. Carnegie received for his interest $250,000,000 of bonds on the Trust's properties (capitalized at $1,100,000,000), bearing interest at the rate of five per cent per annum. These terms were better than cash, for the security was ample, and he was in position to see that it remained so.

In an address delivered at Pittsburgh, he gave his reasons for retiring from business in the following words: "An opportunity to retire from business came to me unsought, which I considered it my duty to accept My resolve was made in youth to retire before old age. From what I have seen around me, I cannot doubt the wisdom of this course, although the change is great, even serious, and seldom brings happiness. But this is because so many, having abundance to retire upon, have so little to retire to. I have always felt that old age should be spent, not as the Scotch say, in 'makin' mickle mair', but in making good use of what has been acquired, and I hope my friends at Pittsburgh will approve of my action in retiring while still in full health and vigor, and I can reasonably expect many years of usefulness in fields which have other than personal aims."

As a big manufacturer, Carnegie believed in concentration