r important business undertakings
in which I was interested, required very little of my personal
attention, owing to my good fortune in having active, competent, and
thoroughly reliable representatives who assumed so largely the
responsibilities of administration. It gives me pleasure to state that
the confidence which I have freely given to business men with whom I
have been associated has been so fully justified.

SELLING TO THE STEEL COMPANY

The work went on uninterruptedly and prosperously until the formation
of the United States Steel Corporation. A representative of this
corporation came to see us about selling the land, the ore, and the
fleet of ships. The business was going on smoothly, and we had no
pressing need to 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 properties. After some negotiation, they made
an offer which we accepted, whereby the whole plant--mines, ships,
railway, etc.--should become a part of the United States Steel
Corporation. The price paid was, we felt, very moderate considering
the present and prospective value of the property.

This transaction bids fair to show a great profit to the Steel Company
for many years, and as our payment was largely in the securities of
the company we had the opportunity to participate in this prosperity.
And so, after a period of about seven years, I went out of all
association with the mining, the transporting, and the selling of iron
ore.

FOLLOW THE LAWS OF TRADE

Going over again in my mind the events connected with this ore
experience that grew out of investments that seemed at the time, to
say the least, 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 young man who has had the patience to follow these
Reminiscences so far, it will be a satisfaction to me and I hope it
may be a benefit to him.

The underlying, essential element of success in business affairs is to
follow the established laws of high-class dealing. Keep to broad and
sure lines, and study them to be certain that they are correct ones.
Watch the natural operations of trade, and keep within them. Don't
even think of temporary or sharp advantages. Don't waste