148 CHARLES M. SCHWAB 



over, invested the little he had in Adams Express company's 

 stock and a share in the famous Storey oil farm, so that when 

 the Cyclops Iron works, the primordial Carnegie enterprise, 

 was decided upon, the founder, reluctant to disturb these 

 small investments, was obliged to borrow his share ($1,250) 

 of the funds needed to finance the undertaking. 



The Cyclops company was formed October 14, 1864, to 

 establish an iron rolling mill to supply material to the Key- 

 stone Bridge company, which was organized six months later. 

 Mr. Carnegie resolved upon these ventures while in the service 

 of the Pennsylvania, as a result of successful experiments 

 the railroad company had made with an iron bridge. He 

 foresaw the great possibilities for the iron trade in this direc- 

 tion, and with the self reliant initiative which has ever char- 

 acterized his life set about to establish himself with others 

 in the business. The organization of the bridge company 

 marked an important epoch in the railroad development of 

 the country and the progress of the iron trade. It was pre- 

 cursory to the general substitution of metal for wood and 

 masonry in railway bridge construction and to the opening 

 of a new and prolific realm to the nascent iron industry. 



Associated with Mr. Carnegie in the foundation of the 

 Cyclops plant, which, as its name imported, was really a 

 prodigious enterprise for those uncertain days of civil strife, 

 were Aaron G. Shiffler, J. L. Piper, Thomas N. Miller, Thomas 

 Pyeatte, and John G. Matthews. The Keystone company 

 included Aaron G. Shiffler, John L. Piper, Walter Katte, and 

 James Stewart. About the same time the Union Mills, built 

 in 1861-2 by Kloman & Phipps, were acquired by a company 

 including Andrew Carnegie, Thomas N. Carnegie, Henry 

 Phipps, Jr., Andrew Kloman, Gustavus Praetsch, J. L. Piper, 

 Aaron G. Shiffler and Thomas N. Miller. Of these pioneers 

 Mr. Phipps alone remains to share with Mr. Carnegie the 

 fruits of the sapling which they planted four decades since. 

 The growth of that sapling has been phenomenal and inces- 

 sant, being comparable now only with the gigantic redwood 

 of the California coast ranges, a marvel of size and strength. 

 More fitting names than Cyclops, Keystone, and Union could 

 not have been given to the enterprises upon and around which 



