The inside history of the Carnegie Steel Company, a romance of millions . e later. Thus wasstarted the great enterprise which afterwards became famous asthe Edgar Thomson Steel Works. In 1874 the legislature of Pennsylvania, prompted by thewidespread ruin of the panic, passed an act authorizing theformation of limited liability companies; and Klomans failurehaving brought home to the other members of his firm thedanger of partnership agreements, they took advantage of thenew law, and on October 12th, 1874, the firm of Carnegie, Mc-Candless & Co. was dissolved, and the Edgar Thomson SteelCompan
The inside history of the Carnegie Steel Company, a romance of millions . e later. Thus wasstarted the great enterprise which afterwards became famous asthe Edgar Thomson Steel Works. In 1874 the legislature of Pennsylvania, prompted by thewidespread ruin of the panic, passed an act authorizing theformation of limited liability companies; and Klomans failurehaving brought home to the other members of his firm thedanger of partnership agreements, they took advantage of thenew law, and on October 12th, 1874, the firm of Carnegie, Mc-Candless & Co. was dissolved, and the Edgar Thomson SteelCompany, Limited, was incorporated with a capital of $1,000,-000 to take its place. On October 31st the unfinished worksat Braddock were transferred to the latter corporation, the con- oy Tin: IliRC]-. 01 disasti-r 77 sideration being $631,, subject to a mortgage nowamounting to ;S20i,ooo. The works were laid out under the supervision of A. , the well-known Bessemer engineer, who offered a guar-antee that the plant would have a capacity of seventy-five thou-. A. L. HOLLEV, Builder of the principal Bessemer Steel Works in America. sand tons of ingots a year. Ground was broken on April 13th,1873. Before the work was more than well started, however,the panic involved the firm in great financial difficulty; and butfor the high standing of McCandless, Stewart, and Scott, theinfant industry would have suffered an early death. As it was,an issue of bonds was found necessary. These conferred on yS THE STEEL BUSIXESS holders the right to exchange them within three years for paid-up stock in the company. J. Edgar Thomson took a hundredof these bonds; and Colonel Scott, true to his traditional help-fulness, took fifty. This gave the firm $i 50,000 at a time whenit was worth double that amount; and Gardiner McCandless,son of the chairman of the company, bought about ;^70,ooo ofthe bonds for himself and friends. Besides tiding it over aperiod of difficulty and danger, this bond issue
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