If there be any business that will not bear extension, the true policy is to invest the surplus in first-class securities which will yield a moderate but certain revenue if some other growing business cannot be found.

As for myself my decision was taken early.

I would concentrate upon the manufacture of iron and steel and be master in that.
My visits to Britain gave me excellent opportunities to renew and make acquaintance with those prominent in the iron and steel business--Bessemer in the front, Sir Lothian Bell, Sir Bernard Samuelson, Sir Windsor Richards, Edward Martin, Bingley, Evans, and the whole host of captains in that industry.

My election to the council, and finally to the presidency of the British Iron and Steel Institute soon followed, I being the first president who was not a British subject.

That honor was highly appreciated, although at first declined, because I feared that I could not give sufficient time to its duties, owing to my residence in America.
As we had been compelled to engage in the manufacture of wrought-iron in order to make bridges and other structures, so now we thought it desirable to manufacture our own pig iron.