I told him that we could not exact what he asked, as their larger interest assured them control, but I would speak to them.

When the subject was broached, Mr.Carnegie promptly said that if he could not carry Mr.Kloman or myself with his brother in any improvements he would not wish them made.

Other matters were arranged by courtesy during our partnership in the same manner." _Question:_ "What you have told me suggests the question, why did Mr.
Kloman leave the firm ?" _Answer:_ "During the great depression which followed the panic of 1873, Mr.Kloman, through an unfortunate partnership in the Escanaba Furnace Company, lost his means, and his interest in our firm had to be disposed of.

We bought it at book value at a time when manufacturing properties were selling at ruinous prices, often as low as one third or one half their cost.
"After the settlement had been made with the creditors of the Escanaba Company, Mr.Kloman was offered an interest by Mr.Carnegie of $100,000 in our firm, to be paid only from future profits.

This Mr.
Kloman declined, as he did not feel like taking an interest which formerly had been much larger.