Forgotten Facts About Andrew Carnegie

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The name of Andrew Carnegie shines above all as the first captain of industrialization. This Scottish-American industrialist brought about great changes in the American steel industry in the 19th century and was the greatest of philanthropists the world has even known.

Fact 1 His Early Life

Andrew Carnegie was born in 1835, 25th November in Dunfermline, Fife, Scotland. His father was a handloom weaver and so he did not have formal education. But his family always recognized the need for education and learning. He came to America when he was 13 years old with his family and started working in a factory in Pennsylvania from 1848. He then worked as a telegraph messenger and then a telegraph operator in 1851. While working under Thomas Scott at a Railroad in Pennsylvania in 1853, he learnt much about business and the railroad industry. He became the superintendant after 3 years. He was the first person to see the future of steel in the railroad industry.

Fact 2 Andrew Carnegie – The Steel Tycoon

Andrew Carnegie was an ambitious man who could assess the trends of various businesses and so by investing in quite a few factories and iron mills he earned a lot of money. By selling bonds and investing in oil, he got substantial returns. So he took more interest in business including Keystone Bridge Company and he established a steel rail company in 1873. The steel furnace that began to manufacture rails in 1874 was the first of its kinds in Braddock, Pennsylvania. He adopted strategies to beat his competitors and lowered the prices too. He discarded partners who were weak and inefficient. Thus, Carnegie Steel Company brought about a great change in the steel production in the U.S. The value of his company was $1.25 million in 1878.  He introduced new technology in the methods and manufacturing systems that increased production easily. His strategies and foresight in business earned him great wealth and he became one of the richest men in America. He came to be known as one of the “builders” of America as he helped in shaping the economy of the country. By 1889 Carnegie Steel Corporation was recognized as the largest steel corporation in the world.

Fact 3 His philanthropic nature

There was a sudden change in this great man’s life. He sold his business to the USA Steel Corporation in 1901 started by J.P. Morgan, the financier whose name is well known to the entire world till date. He earned $200 million and decided to live the rest of his life doing something for others. He was 65 years old at that time and he sold his great fortunes and spent them in building educational institutes, libraries, cultural and scientific research centers as well as technological institutions for the enhancement of education and knowledge among the masses.

Fact 4 His Gifts to the American People

He set up innumerable institutes and libraries.Some of the centers of learning set up by Andrew Carnegie are Carnegie Institute of Pittsburg in 1895, Carnegie Mellon University, Carnegie Institution of Washington in New York, Carnegie Hall in New York City, and the Foundation for the Advancement of Teaching to provide pensions for professors. To put an end to war and strife, he established the Endowment for International Peace. His total donations summed up to $350 millions.

Fact 5 A man of various talents

He was an avid reader and enjoyed traveling. He loved tom spend time in the company of great men like Mathew Arnold, William Gladstone, Mark Twain and also Roosevelt. He wrote a book named The Gospel of Wealth where he expressed that that wealth must be shared and distributed to help others. This great figure passed away in 1919 on August 11 near Lenox, Massachusetts

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