But I did
this also when reading that "Every man must stand on his own bottom."]
Mr. Phipps had been head of the commercial department of the mills,
but when our business was enlarged, he was required for the steel
business. Another young man, William L. Abbott, took his place. Mr.
Abbott's history is somewhat akin to Borntraeger's. He came to us as a
clerk upon a small salary and was soon assigned to the front in charge
of the business of the iron mills. He was no less successful than was
William. He became a partner with an interest equal to William's, and
finally was promoted to the presidency of the company.
Mr. Curry had distinguished himself by this time in his management of
the Lucy Furnaces, and he took his place among the partners, sharing
equally with the others. There is no way of making a business
successful that can vie with the policy of promoting those who render
exceptional service. We finally converted the firm of Carnegie,
McCandless & Co. into the Edgar Thomson Steel Company, and included my
brother and Mr. Phipps, both of whom had declined at first to go into
the steel business with their too enterprising senior. But when I
showed them the earnings for the first year and told them if they did
not get into steel they would find themselves in the wrong boat, they
both reconsidered and came with us.
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