Andrew Carnegie: Captain of Industry

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by sarahgunning
Last updated 4 years ago

Discipline:
Social Studies
Subject:
Historical biographies

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Andrew Carnegie: Captain of Industry

Andrew Carnegie: Captian of Industry

By: Sarah GunningPeriod 6

How did Carnegie become succsessful?

Was Carnegie a good person?

Was Carnegie brought up in a poor or wealthy family?

Andrew Carnegie was raised in an extremely poor family in Dunfermline, Scottland. Carnegie's story was genuinely a "rags to riches" story as some may call it. Carnegie got his first job in a textile mill at age 13 when the Carnegie family immigrated to America, paying $1.20 per week.

Carnegie was the richest man in the world in his day, however he gave away much of his wealth to universities and libraries which adds up to at least 350 million (billions in today’s wealth). Carnegie’s main focus was bettering the education in America. He proceeded to write later in the 1900s; "Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community."

While Carnegie was still young and working in a textile mill, over a matter of years he taught himself how to man a telegraph, and also started working on a railroad. Working on the railroad brought Carnegie to realize steel was his "niche," and also was noticed by Thomas Scott who hired him as his personal telegraph operator and secratary, getting paid $35 dollars per month. Afrer working for Scott for a while, Carnegie eventually got promoted, succeeding Scott and overseeing him. After this, Carnegie turned his attention and focused more on the "Keystone Bridge Company," and soon was making a yearly income of 50,000 dollars. Finally, Carnegie owned one of the largest steel companies in the nation, named "Carnegie's Steel Company," which he sold to J.P. Morgan in 1901 for 480 million dollars, thus leading him to be the richest man in the world at the time.

What makes Carnegie a Captian of Industry?

Other than being the richest man in the world in his day, Carnegie started off being dirt poor and eventually worked his way up to being a millionare and created many sources of education in America. Although Carnegie gained a large portion of his wealth from J.P. Morgan, he worked extremely hard to get where he ended up and was very generous with all the money he earned, creating a timeless and fantastic example for all business leaders.

Fun Facts

-Andrew Carnegie's nickname was "Patron Saint of Libraries."-Due to inflation, it is said to be Carnegie is the second richest person in the world, first being John D. Rockefeller.-Carnegie made a promise that he wouldn't marry until after his mom died because he wanted to be able to spend time taking care of her.-Died of pneumonia in August of 1919 in Lenox, MA

Carnegie working in a textile mill as a child.


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