ANDREW CARNEGIE Biography - Bussiness people and enterpreneurs

 
 

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ANDREW CARNEGIE

Andrew Carnegie (November 25, 1835ľAugust 11, 1919) was an American   
businessman and philanthropist of Scottish birth.                     
                                                                       
He was born in Dunfermline, Scotland.                                 
                                                                       
Carnegie's Birth Place and Museumand emigrated to America in 1848.     
Carnegie was a social Darwinist who wrote The Gospel of Wealth, in     
which he stated his belief that the rich should use their wealth to   
help enrich society, rather than wasting it on those who do not have   
wealth. Early in life, Carnegie worked for meager pay as a bobbin     
boy in a textile factory. His life was a classic "rags to riches"     
story.                                                                 
                                                                       
Carnegie was destined to become the richest man in the world as the   
head of the American steel industry, particularly Carnegie Steel.     
However, today Carnegie is remembered for his donations to the arts   
and institutions (many named after him). For example, the Carnegie     
Institute of Technology was founded in Pittsburgh, PA. (CIT is now     
Carnegie Mellon University.) He owned Carnegie Hall in New York City   
from its construction in 1890 until his widow sold it in 1924.         
Andrew Carnegie also funded almost 3,000 Carnegie libraries, in       
every U.S. state but Rhode Island, as well as Britain, Ireland,       
Canada, Australia, New Zealand, the West Indies and Fiji.             
                                                                       
In an era in which financial capital was consolidated in New York     
City, Carnegie famously stayed aloof from the city, preferring to     
live near his factories in western Pennsylvania and at Skibo Castle,   
Scotland, which he bought and refurbished.                             
                                                                       
The following is taken from one of Carnegie's memos to himself:       
                                                                       
"Man does not live by bread alone." I have known millionaires         
starving for lack of the nutriment which alone can sustain all that   
is human in man, and I know workmen, and many so-called poor men,     
who revel in luxuries beyond the power of those millionaires to       
reach. It is the mind that makes the body rich. There is no class so   
pitiably wretched as that which possesses money and nothing else.     
Money can only be the useful drudge of things immeasurably higher     
than itself. Exalted beyond this, as it sometimes is, it remains       
Caliban still and still plays the beast. My aspirations take a         
higher flight. Mine be it to have contributed to the enlightenment     
and the joys of the mind, to the things of the spirit, to all that     
tends to bring into the lives of the toilers of Pittsburgh sweetness   
and light. I hold this the noblest possible use of wealth."           
Carnegie also believed that achievement of financial success could     
be reduced to a simple formula which could be duplicated by the       
average person. In 1908, he commissioned Napoleon Hill, then a         
newspaper reporter, to interview over 500 millionaires to find out     
the common threads of their success. Hill eventually became his       
advisor and their work was published in 1928, after Carnegie's         
death, in Hill's book The Law of Success.                             
                                                                       
By the time he died in Lenox, Massachusetts, Carnegie had given away   
$350,695,653. At his death, the last $30,000,000 was likewise given   
away to foundations, charities and to pensioners.                     
                                                                       
He is interred in Sleepy Hollow Cemetery in Tarrytown, New York.       
                                                                       
Career as industrialist                                               
Carnegie made his fortune in the steel industry. His great             
innovation was in the cheap and efficient mass production of steel     
rails for railroad lines. In 1901, he sold his steel holdings to a     
group of New York-based financiers led by J.P. Morgan for $250         
million. The buyout, which was negotiated in secret by Charles M.     
Schwab, was the largest such industrial takeover in the United         
States at the time. His former holdings were consolidated as U.S.     
Steel.                                                                 
                                                                       
Besides steel, Carnegie's companies were involved in other areas of   
the railroad industry. His company Pittsburgh Locomotive and Car       
Works was noted for its building of large locomotives at the turn of   
the 20th century.