Carnegie Estate (Cumberland Island, Ga.)

In February 1901 the sources of income for financier Andrew Carnegie changed when he concluded the sale, together with his partners, of the Carnegie Steel Company in Pittsburgh, PA, to J.P. Morgan and partners in New York. Part of the sale agreement stipulated payment in bonds in the United States Steel Corporation. Carnegie also stipulated that these agreements should apply to the holdings of his sister-in-law, Lucy C. Carnegie, who had been somewhat shortchanged by her original settlement after Thomas Morrison Carnegie, Sr.'s death.

Upon transfer of bonds in the United States Steel Corporation, newly established by J.P. Morgan in a syndicate, to safekeeping in the Hudson Trust Company in Hoboken, NJ (Andrew Carnegie's private bank), Lucy C. Carnegie's previous bookkeeper at the Carnegie Steel Company, James J. Campbell, suggested that she centralize her bookkeeping procedures, to be executed at her residence, Dungeness, on Cumberland Island.

As manager of Dungeness, William E. Page slowly developed a complicated record keeping system, in some cases maintaining two or three variations of the same figures so that the Hudson Trust Company, he, and Mrs. Carnegie could all keep abreast of her financial situation. In a letter (May 18, 1903) to Atkinson and Dunwody, their lawyers, Page commented that two years before they had cleaned out "most of our old correspondence," so preparations for his new position must have been extensive.

The sale of Carnegie Steel Company not only resulted in the move of Lucy's account but also in her increasing her children's allowances, large purchases such as North Point Camp and the Perrine Citrus Grove, and a new lease for the Carnegie Office Building with the United States Steel Corporation as a tenant. This lease was for 100 years at a rental of five percent of its cost.

Cumberland Island was now Mrs. Carnegie's most permanent residence although she still traveled north for the hottest months. As she grew older, her sons became more involved in her finances; as a result of their wishes, an auditor acquaintance set up a new accounting system for Page to use in 1913, and a professional accountant, Fred E. Rankin was hired on a part-time basis. Finally, her health required that she be hospitalized in Massachusetts near her son Andrew II and his family. Her death, January 16, 1916, brought a 30-year era of opulence at Dungeness to an end.