Andrew Carnegie

Andrew Carnegie. (November 23, 1835 - August 11, 1919). Although Andrew Carnegie's family lacked material wealth, he grew up among an abundance of cultural and political enlightenment. Largely self-educated, Carnegie loved learning which was encouraged by his family. From modest beginnings as a factory worker and telegraph operator, he gradually built investments in railroad-related industries into a world-dominating empire based on steel. By the 1860's he was wealthy; by the 1870's, he built Carnegie Steel, a company he later sold for $480 million, which is comparable to $120 billion in the 21st century. In his later years, his focus turned to philanthropy. The many educational and cultural institutions which bear his name are a testament to his lifeline commitment to learning and culture., 1848 , Scottish-born Carnegie and his family immigrated to the United States. Just 13 years old, he worked six days a week in a cotton mill, changing spools of thread 12 hours a day., 1849 , As a messenger boy for the Ohio Telegraph Company, Carnegie delivered telegrams to theaters and often talked his way into the audience., 1853 , Carnegie became a secretary and telegraph operator for the Pennsylvania Railroad and advanced quickly through the railroad to become superintendent of the Pittsburg Division., 1855 , Without even $50 to his name, Carnegie made his first investment when his mother mortgaged $500 out of their $700 home so he could buy ten shares of the Adams Express Company., 1861 , During the Civil War, Carnegie excelled as superintendent of the Military Railways and the Union's eastern telegraph lines, managing the successful military transportation and communication networks. After the war, he focused on the iron industry., 1887 , Carnegie married Louise Whitfield. During the late 1880s, Carnegie Steel was the world's largest manufacturer of pig iron and iron products., Watershed Moment , 1901 , Andrew Carnegie amassed a fortune in the steel industry through vertical integration, a method in which he controlled the manufacturing process from raw materials through distribution. At the height of his business career, he was the second richest man in the United States. He sold his steel interests in 1901 to J.P. Morgan for a sum of $480 million, making him the richest man in the world. $480 million in 1901 is equal to $120 billion by early 21st century standards. This acquired wealth funded his philanthropic interests in building and supporting libraries and educational and cultural institutions across the nation.