The Age of Big Business: A Chronicle of the Captains of IndustryHendrick, Burton Jesse
History
The Age of Big Business: A Chronicle of the Captains of Industry
Hendrick, Burton Jesse
Big business -- United States -- History; Industries -- United States -- History
Carnegie works the captain at the head was never satisfied. As each
month's output surpassed that which had gone before, Carnegie always
came back with the same cry of "More." "We broke all records for
making steel last week!" a delighted superintendent once wired him and
immediately he received his answer, "Congratulations. Why not do it
every week?" This spirit explains the success of the Carnegie Company
in outdistancing all its competitors and gaining a worldwide preeminence
for the Pittsburgh district. But Carnegie did not make the mistake of
capitalizing all this prosperity for himself; his real greatness as an
American business man consists in the fact that he liberally shared the
profits with his associates. Ruthless he might be in appropriating their
last ounce of energy, yet he rewarded the successful men with golden
partnerships. Nothing delighted Carnegie more than to see the man whom
he had lifted from a puddler's furnace develop into a millionaire.
Henry Phipps, still living at the age of seventy-eight, was the only one
of Carnegie's early associates who remained with him to the end. Like
many of the others, Phipps had been Carnegie's playmate as a boy, so far
as any of them, in those early days, had opportunity to play; like all
his contemporaries also, Phipps had been wretchedly poor, his earliest
business opening having been as messenger boy for a jeweler. Phipps
had none of the dash and sparkle of Carnegie. He was the plodder, the
bookkeeper, the economizer, the man who had an eye for microscopic
details. "What we most admired in young Phipps," a Pittsburgh banker
once remarked, "is the way in which he could keep a check in the air
for three or four days." His abilities consisted mainly in keeping the
bankers complaisant, in smoothing the ruffled feelings of creditors, in
cutting out unnecessary expenditures, and in shaving prices.
Carnegie's other two more celebrated associates, Henry C. Frick and
Charles M. Schwab, were younger men. Frick was cold and masterful, as
hard, unyielding, and effective as the steel that formed the staple
of his existence. Schwab was enthusiastic, warm-hearted, and
happy-go-lucky; a man who ruled his employees and obtained his results
by appealing to their sympathies. The men of the steel yards feared
Frick as much as they loved "Charlie" Schwab. The earliest glimpses
which we get of these remarkable men suggest certain permanent
characteristics: Frick is pictured as the sober, industrious bookkeeper
in his grandfather's distillery; Schwab as the rollicking, whistling
driver of a stage between Loretto and Cresson. Frick came into the
steel business as a matter of deliberate choice, whereas Schwab became
associated with the Pittsburgh group more or less by accident.
Public-domain text, read in full here on John Shaqi.
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