we gm af ra Ey 5 $ An edition of 100 of which this is No._ ay To This volume is a combination of a series of booklets published by the First National Bank at Pittsburgh, in exposition of our city’s progress in business and culture. It is fitting that this record be dedicated to the memory of the late beloved president of the First National Bank, Mr. Lawrence E. Sands, whose vision and work has made a very deep impression upon the general welfare of this community. May we hope that this volume will be worthy of a place in your library, not only for your own pleasure and information, but also for any inspiration it may furnish for a future generation to maintain and enhance the fine traditions of the City of Pittsburgh, Pennsylvania. Tae FIrsT NaTioNAL BANK aT PITTSBURGH, PirTssurcH, Pa. 4 EI RI Le ee SEE IES EIA ETT RT MO HA HEHE SA METIS PO TEES TITAS HS SB Liat OH a ODES DESSERTS HIM AS The Story of PITTSBURGH Volume One Number Two IRON AND STEEL First National Bank at Pittsburgh September, 1919 Ww IE CHR TR 0 A RPA E30 STAM mt The Story of Pittsburgh Iron and Steel HE recent death of Andrew Carnegie was perhaps a greater loss to Pittsburgh than to any other city in the World. ANDREW CARNEGIE Pittsburgh's Greatest Philanthropist "DREW CARNEGIE has aptly been described as “the steel king,” and it must be acknowledged that if a citizen of a republic ever deserves a monarchical appellation, Mr. Carnegie did, judging by his achievements of industrial conquest, and the vast interests over which he ruled. His life will also be an incentive to action on the part of young men, for he fought his way up through innumerable obstacles, met with brilliant success, accumulated one of the largest fortunes of any age of the world, and set an excellent example for other opulent men, in his varied philanthropies and altruistic enterprises. Mr. Carnegie was born in Scotland, November 25, 1835, and died at his summer home in Lenox, Mass., August 11, 1919. He was 13 years of age when he came to Pittsburgh, with his parents. His first work was as a weaver’s assistant in a cotton factory in Allegheny, and his second job, undertaken when he was between 15 and 16 years of age, was that of tele- graph messenger boy in the Pittsburgh office of the Ohio Telegraph Co. Then he learned telegraphy, became an operator, and was among the first who learned to read “Morse” by sound. He received several promotions until he became superintendent of the Pittsburgh division. His first important step in manufacturing was forming a connection with Mr. Woodruff, the inventor of the sleep- ing car, in organizing the Woodruff Sleeping Car Co., gaining through this connection the nucleus of his fortune, which was increased by careful investments in oil lands. During the Civil War, Mr. Carnegie served as superin- tendent of military railways and Government telegraph lines in the East. After the war he went into the iron business, establishing the Keystone Bridge Works and Union Iron Works at Pittsburgh. A few years later he was the principal owner of the Homestead and Edgar Thomson Steel Works, and was the ‘head of the firms of Carnegie, Phipps & Co., and Carnegie Brothers & Co. These interests were consolidated in 1899 in the Carnegie Steel Co., which became merged with the United States Steel Corporation in 1901. On this date Mr. Carnegie retired from business. He sold his interest in the Carnegie Steel Co. for $303,450,000 in bonds of the United States Steel Corporation, besides receiving a large block of stock. Mr. Carnegie was not only an indefatigable worker himself, but he was quick to discern ability in others, and possessed a peculiar facility for attracting to himself promising voung men of ability. He was always ready to give full credit to the work of his assistants. Not long before his death he remarked: “I have always been able to find men who could do some things better than I could do them.” It is not known exactly the amount of Mr. Carnegie's fortune, at the time of his death, but his benefactions during his lifetime were more than $300,000,000. His will disposed of between $25,000,000 and $30,000,000, but provision had previously been made for his wife and daughter. The first of the long list of Carnegie Libraries was the one given to Allegheny. These institutions are now dotted all over this country and there are many in Great Britain, there being more than 8000 municipal buildings in use as Carnegie libraries. He gave $24,000,000 to the Carnegie Institute of Pittsburgh and $22,000,000 to the Carnegie Institute of Washington. The Carnegie Corporation of New York with a foundation of $125,000,000, was formed to carry on various works in which he had been engaged. He gave $5,000,000 to a fund for the benefit of employes of the Carnegie Steel Company; $5,200,000 to establish branch libraries in the city of New York, $1,000,000 to the St. Louis Public Library, and $10,000,000 to Scotch univers- ities. The various Hero funds, set apart for the reward of those who act on the impulse to help others at their own risk, is headed by $5,000,000 to the Carnegie Hero Fund Commission of Pittsburgh, and there are funds of this character for numerous European countries, ranging from $125,000 for Norway to $1,150,000 for Great Britain. Then there is the Carnegie Dunfermline Trust, with $3,500,000; the Hague Peace Temple, with $1,500,000, and $16,250,000 for the Foundation for the Advancement of Teaching in the United States, Canada and Newfound- land. The Carnegie Institute of Technology, in Pittsburgh, was founded by Mr. Carnegie in 1900 and incorporated in 1912. The site for the buildings, in Schenley Park, was given by the City of Pittsburgh. The founder's original gift was $1,000,000, but the demand for instruction made frequent extensions necessary, and Mr. Carnegie increased his original gift from time to time until at the beginning of 1914, he had given $4,000,000 for buildings and $7.000,000 as an endowment fund. Statistics regarding the Carnegie Steel Company are impressive in their magnitude. They include the following: Acreage covered by manufacturing properties and accessories. ......... .... Number of employes. . ........ . .. Average monthly payroll... ......... ... | Gross tons of ore consumed per 24-hour Gross tons of coke consumed per 24-hour Gross tons of coal consumed per 24-hour day (including By-Products Coke Ovens). . . .. Gross tons of limestone consumed per 24-hour Cubic feet of natural gas consumed per 24- hour day........ Ce Miles of standard gauge railroad track... .. Steam horse-power produced per 24-hour Electric horse-power hours per 24-hour day... Total production in gross tons for 24-hour day... Gross tons of finished materials produced per 24-hour day. ...... . A Gross tons of shipping capacity per 24-hour Annual capacity of blast furnaces in gross tons of 2240 pounds Pigiron...................... .... Spiegeleisen, Ferro-Manganese, ete. . Bessemer Ingots... ..... Basic open hearth ingols. . 45,000 8,896,000 108,000 3.476.000 6,355,000 HOMESTEA} STEEL WORKS This plant covers 188.8 acres, and is situated on le Monongahela River, at Munhall, eight miles from Pittsburgh. Its annual capacity of Ingots 2,418,000 tons, and of Pig Iron 1,184,000 tons. Other products of this plant are Universand Sheared Plates, Beams, Channels, Angles, Steel Railroad Ties, Steel Whe Axles, Armor Plate, Castings, etc. Blooms, Billets and Slabs... ............ .. Flue Dust Briquettes............... .. ... By-Product Coke (net tons) ............ . By-Products from Coke Plant. in gallons Tar............ Ammonia... ..... Sulphate of Ammonia... Benzol....... Toluol. . , Solvent Naphtha. ... Xvlol. 7,595,000 108,000 450.000 3,960,000 2,385,000 1,000,000 660,000 180,000 180,000 60.000 The Carnegie Steel Company formed the nucleus of the United States Steel Corporation, incorporated in 1901. The center illustration of this circular gives a panoramic view of the Homestead Steel Works, at Munhall, just outside the city limits of Pittsburgh. Other very large plants are the Edgar Thomson Steel Works, at Braddock, and the Duquesne Steel Works, at Duquesne. It is the opinion of experts that 659%, of the iron and steel tonnage of the United States is produced in the metropolitan area of Pittsburgh. In the year 1918, the United States Steel Corporation shipped 13,849,483 tons of finished steel, employed 268,710 persons, and paid out $452,663,524 in wages. Pittsburgh plants are estimated to have made an increase of fully one-third of their capacity during the war, and at present have over 1009, of pre-war productive capacity. At the present time it is estimated that the Carnegie mills are operating at about 909, of their capacity, and independent producers are averaging about the same. The United States Steel Corporation has an authorized capital of $550,000,000 in common stock, of which $508,- 302,500 is outstanding, and $400,000,000 in 79, preferred stock, of which $360,281,100 is outstanding. It is impossible to enumerate all the corporations and companies engaged in the iron and steel business, or say how much capital is employed therein, but some of the other large concerns in the Pittsburgh district are the following: The Jones & Laughlin Steel Company has a capital stock of $30,000,000, and controls many corpora- tions through stock ownership, including the Jones & Laughlin Ore Co., the Interstate Iron Co., and the Monon- gahela Connecting Railway. This company’s plants are said to be worth $200,000,000. The Crucible Steel Company of America, is capitalized at $25,000,000 in common stock and $25,000,000 preferred, and controls, among other corporations, the Pittsburgh Crucible Steel Co., with $5,000,000 capital. The Pittsburgh Steel Company is capitalized at $7,- 000,000 in common and $10,500,000 in preferred stock. The Carbon Steel Company has a capital stock of $3,000,000 common, $1,500,000 69, second preferred and $500,000 89 first preferred. The Pittsburgh Rolls Corporation has $2,500,000 common and $500,000 79, preferred. The Pressed Steel Car Co. has a capitalization of $25,000,000, equally divided between common and pre- ferred stock. The Republic Iron and Steel Co., whose chief works are at Youngstown, O., in the Pittsburgh district, repre- sents an investment of $30,000,000 in common and $25. 000,000 in preferred stock. It is appropriate in this connection to note the fluctua- tions in the production of pig iron and steel during the war period, and how the steelmakers of the United States re- sponded to the needs of the Nation when it entered on the great struggle. The American production of pig iron in 1918, was 80,966,152 tons. It was reduced during the following year to 28,322,244 tons, for the war, which broke out in August, 1914, at first paralyzed industries in this country. When the foreign demand for metal began to make itself felt, however, the production rose to 29,916,213 tons in 1915, and to 89,434,797 tons in 1916. In 1917, the production was 38,647,397, and in 1918 the output of pig iron was 38,500,000. It was in steel that the vigor of the American producers was most manifest. Steel production in 1913 was 32,321,618 tons, and this declined in 1914 to 24,206,276. In 1915, there was a jump to 32,151,086 tons, in 1916 another leap to 42,773,680 tons, in 1917 to 48,500,- 000 tons, while in 1918 the production reached the vast output of 44,700,000 tons. It is figured that during the period this country was -at war, from April 6, 1917, to November 30, 1918, a period of approximately 20 months, the capacity of the rolling mills of the nation was, 68,000,- DOO tons of iron and steel. The steel works and blast furnaces of the Pittsburgh district give employment to approximately 90,000 men, and it is estimated that the total payroll of Pittsburgh is about $2,000,000 a day or more. Exports of iron and steel, as well as other manufactures and commodities, are facilitated by the Foreign Exchange Department of the First National Bank at Pittsburgh. This institution has established direct banking con- nections in all parts of the World, which are a great con- venience in the handling of documents pertaining to Foreign Commercial Transactions. All branches of International Banking are completely covered by our facilities. We issue drafts and make payments in all parts of the World. We handle Trade and Bankers’ Acceptances. All languages are spoken in this department. Officers of this institution are trained bankers with a wide experience, and its directors are successful men in a large variety of enterprises, affording a broad scope of business knowledge. Capital . Surplus . } Resources, over 5 4,000,000.00 1,400,000.00 45,000,000.00 OFFICERS Lawrence E. Saxps. . ..... President Fraxk F. Brooks. .... .. Vice President Crype C. TaYLOR. cevieo.... Cashier Tuos. B. Hupsox ... Assistant Cashier Oscar WILSON. . coo... . Assistant Cashier Wa. J. FRaNk. ............. _... Manager Foreign Department P. W. DAHINDEN.... ......... Assistant Manager Foreign Department J. Paur Forp Assistant Manager Foreign Department COUNSEL McKee. MircHELL & ALTER DIRECTORS Joux A. BECK. ..... President Big Four Oil & Gas Co., Pittsburgh, Pu. F. F. Brooks.......... «+ ....Vice President Wu. L. Curry... cio... Manufacturer, Pittsburgh, Pa. Joux A. DONALDSON. ........ Vice President Pittsburgh Coal Company J. Rocenrs FLANNERY. . ... President Flannery Bolt Co., Pittsburgh, Pa. Wai. H. HEARNE. ....... Director La Belle Iron Works, Steubenville, O. J. H. HiLLmax, JR. President J. H. Hillman & Sons Co., Pittsburgh, Pa. D. T. Layman, Jr.. ........Henry Phipps Esiale Hox. H. Warton MITCHELL. ...Judge of Orphans Court A. M. MORELAND. . ........ ciieenen....Capitalist P. W. MORGAN.............. President East Pittsburgh National Bank Wu. A. RENSHAW ....Jokn A. Renshaw & Co., Pittsburgh, Pq. LawrENCE E. Sanps. . President SEE I TH eas agen ane AS DFT PSR TERIA ET RTI EEO DINE OS AO 4 4 § qb gut { Haw $ 5 FIFTH AVENUE AND WOOD STREET CONVENIENT FOR YOU EOC ALI SDI SELEOSIAGA 0 TsO FINO DRESS T4130 BREESE OES BCCI IER A 12 fo gt 3 : EX ; f ity EE f o : N jor 0 R o tn » th N el “y- a »)) hoe O 0 oo £2) oO N -] — 0 —-l w ~~ > olf Q 00 | stock of $30,000,000, and controls many corpora- tions through stock ownership, including the Jones & Laughlin Ore Co., the Interstate Iron Co., and the Monon- gahela Connecting Railway. This company’s plants are said to be worth $200,000,000. The Crucible Steel Company of America, is capitalized at $25,000,000 in common stock and $25,000,000 preferred, and controls, among other corporations, the Pittsburgh Crucible Steel Co., with $5,000,000 capital. The Pittsburgh Steel Company is capitalized at $7, 000,000 in common and $10,500,000 in preferred stock. The Carbon Steel Company has a capital stock of $3,000,000 common, $1,500,000 69, second preferred and $500,000 89 first preferred. The Pittsburgh Rolls Corporation has $2,500,000 common and $500,000 79, preferred. The Pressed Steel Car Co. has a capitalization of $25,000,000, equally divided between common and pre- ferred stock. The Republic Iron and Steel Co., whose chief works are at Youngstown, O., in the Pittsburgh district, repre- sents an investment of $30,000,000 in common and $25,- 000,000 in preferred stock. It is appropriate in this connection to note the fluctua- tions in the production of pig iron and steel during the war period, and how the steelmakers of the United States re- sponded to the needs of the Nation when it entered on the great struggle. The American production of pig iron in 1913, was 30,966,152 tons. It was reduced during the following year to 23,322,244 tons, for the war, which broke out in August, 1914, at first paralyzed industries in this country. When the foreign demand for metal began to make itself felt, however, the production rose to 29,916,213 tons in 1915, and to 39,434,797 tons in 1916. In 1917, the production was 38,647,397, and in 1918 the output of pig iron was 38,500,000. It was in steel that the vigor of the American producers was most manifest. Steel production in 1913 was 82,321,618 tons, and this declined in 1914 to 24,206,276. In 1915, there was a jump to 32,151,036 tons. | 3 i ~ 0 = 2 oo A wp ~~ CQ © 0 ry