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.