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.

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