A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 3 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Encyclopedia of American Wealth > Profiles of wealthy Americans [ A-C ] [ D-H ] [ I-M ] [ N-Z ]

 Carnegie Family

 Andrew Carnegie ( 1835-1919 ) , Pittsburgh, Pennsylvania

 Parents :  William Carnegie and  Margaret Morrison
 Married :  Louise Whitfield (1857-1946)
 Children :     Margaret (Carnegie) Miller (1897-1990)

 Fortune :
  2,000,000,000   F  $

  2000 

  240,000,000   F  $

  1975 

  350,000,000   F  $

  1950 

  200,000,000   F  $

  1925 

 26,300,000   E  $

 1919 

  200,000,000     $

  1918 

 220,000,000     $

 1901 

  175,000,000     $

  1900 

  1,000,000     $

  1875 

 Activity : Steel
 Main property : Carnegie Steel -> (1901) US Steel Corp [1st Morgage Bonds]

Biographical sketch :

When he came to America at age 13, Andrew Carnegie was but one of many Scottish immigrants who lived the American Dream, getting from rags to riches by hard work, thriftiness and a good portion of luck. Yet when he died in 1919, he had passed through the stage of richest man in America and had given away most of his large fortune. Carnegie’s business career started when he became the telegraph operator and later assistant of Thomas Alexander Scott, then district superintendent of the Pennsylvania Railroad at Pittsburgh. Under Scott’s protection the young man rose in the management ranks of America’s best organized railroad and was presented with lucrative investment opportunities, such as Adams Express, Woodruff Sleeping Car and Keystone Telegraph. Like many men in Pennsylvania, Andrew Carnegie also profited from the oil boom, as he put 11'000 $ into the Columbia Oil Company, an investment which eventually yielded one million dollars. In 1865, Andrew Carnegie left the Pennsylvania Railroad and started his way to become a steel tycoon as a leading partner of the Keystone Bridge Company. By that time he already owned shares in the Cyclops Iron Company and his younger brother Thomas Morrison Carnegie was a partner in Kloman-Phipps & Co. By merging these two companies into the Union Iron Mills, the Carnegies were soon in control of the combined entity. In 1870, the Carnegies and their partners expanded their operations by Lucy Furnaces, which were later followed by the Carrie Furnaces. Adopting the Bessemer process for steel making, Andrew Carnegie, with new partners William Coleman and David McCandless, hired Bessemer pioneer Alexander Holley to build the Edgar Thomson Works on the Braddock battlefield. Andrew Carnegie was not the first to use the Bessemer process to make steel in America, but through close cost controls and continuous technical improvements, his steel works became the most competitive in an industry he eventually dominated. Carnegie’s main skill was to recognize and further talented managers. Among the men, Andrew Carnegie handpicked and promoted were Captain Bill Jones, Henry Clay Frick and Charles Michael Schwab. Frick, who had already built his own industrial empire in Connellsville coke properties, became the operative head of Carnegie Steel and Andrew Carnegie started to think of retiring. After writing the “Gospels of Wealth” in 1889, Andrew Carnegie was more and more convinced that wealth had to be redistributed for philanthropic purposes. Thus when John Pierpont Morgan proposed to absorb Carnegie Steel into his United States Steel Corporation, Andrew Carnegie asked for 480'000'000 $, sold out and retired. With his share of $ 220 million in 5% US Steel first mortgage bonds, Andrew Carnegie now had ample means to devote his life to philanthropy, which he did, endowing 2'811 libraries and offering 7'689 pipe organs to churches all around the country. Carnegie philanthropies differed from those of most of his contemporaries, in that he supported common schooling and churches, rather than the prestigious educational institutions. In 1911, Andrew Carnegie established the Carnegie Corporation, with a capital of 125'000'000 $, the first of the great private foundations, and the largest until the Ford Foundation was established in 1947.

Links :

>> Autobiography of Andrew Carnegie.
Online Book at the Digital Research Library of the University of Pittsburgh

>> Biography of Andrew Carnegie
at Carnegie Corporation of New York

>> The Autobiography of Andrew Carnegie
Online version available at wordowner.com

Books :

 Carnegie 
 
Author        : Peter Krass
 Publisher    :
John Wiley & Sons Inc, 2002

Carnegie: The Richest Man in the World  Carnegie: The Richest Man in the World 
 
Author        : Raymond Lamont-Brown
 Publisher    :
Sutton Publishing NY, 2005
The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy  The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy 
 
Author        : Charles R. Morris
 Publisher    :
Times Books, 2005
Andrew Carnegie  Andrew Carnegie (Hardcover, 896pp) 
 
Author        : David Nasaw
 Publisher    :
Penguin Group (USA), 2006
Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Transformed America  Meet You in Hell : Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Transformed America 
 
Author        : Les Standiford
 Publisher    :
Crown Publishing Group, 2005

 Andrew Carnegie (paperback textbook 2nd ed) 
 
Author        : Joseph Frazier Wall
 Publisher    :
University of Pittsburgh Press, 1989

 The Inside History of the Carnegie Steel Company - a Romance of Millions 
 
Author        : James Howard Bridge
 Publisher    :
University of Pittsburgh Press, 1991

  Search at BN : Out of Print, Used & Rare 

 Autobiography of Andrew Carnegie 
 
Author        : Andrew Carnegie
 Publisher    :
, 1920

  Search at BN : Out of Print, Used & Rare 

 The Tycoons 
 
Author        : The Pages of Fortune
 Publisher    :
Time Inc, 1978

  Search at BN : Out of Print, Used & Rare 

 The Vital Few - The Entrepreneur and American Economic Progress 
 
Author        : Jonathan Hughes
 Publisher    :
Oxford University Press, 1986

  Search at BN : Out of Print, Used & Rare 

 Biographical Dictionary of American Business Leaders (4 volumes) 
 
Author        : John N. Ingham
 Publisher    :
Greenwood Press, 1983

  Search at BN : Out of Print, Used & Rare 

 Encyclopedia of American Business History and Biography : Iron and Steel in the Nineteenth Century 
 
Author        : Paul F. Paskoff
 Publisher    :
Bruccoli Clark Layman Inc, 1989

  Search at BN : Out of Print, Used & Rare 

 

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