1835 - 1919

Young Andrew soon found a job as a bobbin boy in a cotton factory; later he worked as a steam engine operator. At fifteen he took a job as a messenger boy for a telegraph company. It was heaven compared to his job down in the dark cellar of the steam engine room. In his next job, at seventeen, he became a telegrapher, making good money, $25 per month. He had high hopes and knew that his hard work would one day pay off.

Carnegie saved his money and made his first investment of $500. He cherished the idea of being able to generate revenue from capital rather from the sweat of his brow. Later he invested in a one-eighth interest in a company that built sleeping cars for the railroads. At 24, he became the company’s superintendent and was paid a sizable salary of $1500 per year. With his knowledge of railroads, Andrew was then called to Washington to help President Lincoln with the railroad transport of soldiers during the Civil War.

As the Civil War was nearing its close, he went back to work building the Pittsburgh Locomotive Works. He also invested in Pennsylvania oil wells. After that, he would never again work for a salary.

In 1873, Carnegie founded a company that manufactured steel rails using the new Bessemer process. He attributed his tremendous success to his ability to find the excellence in men who worked for him.

The year 1886 was a tough one for Andrew. Both his mother and brother died within a few days of each other. He was left alone. The very next year, he married Louise Whitfield of New York. In 1897, their only child, Margaret was born.

Consolidation of resources became key to Carnegie’s success. He bought up the iron fields, railroads, steamships, oil sources, and the manufacturing outlets to fully monopolize the steel industry. In the next decade his fortune tripled.

In 1901, The Carnegie Steel Company was sold to John Pierpont Morgan for an astronomical price in that day of $400 million.
For the remainder of his life, Carnegie focused on his belief that all personal wealth beyond that required to supply the needs of one’s family should be regarded as a trust fund to be administered for the benefit of the community.

By the time he died in 1919, he had given away over $350 million. Seven philanthropic and educational organizations were set up in the United States alone. We may most remember Carnegie for his lifelong interest in helping build over 2,500 libraries throughout the English-speaking world. Today, Carnegie Corporation of New York has assets of over $1.4 billion and distributes nearly $60 million per year.

Andrew Carnegie’s strongest belief was that education is life’s key to success.