Andrew Carnegie (1835-1919) – Business Magnate & Philanthropist
Carnegie was born in Scotland and emigrated to the U.S. with his parents in 1848. In the 1870s, he founded Pittsburgh’s Carnegie Steel Company, which cemented his name as one of the “Captains of Industry.” By the 1890s, the company was the largest and most profitable industrial enterprise in the world. Carnegie sold it in 1901 for $480 million to J.P. Morgan who created U.S. Steel. From 1901 forward, he devoted his time to philanthropic endeavors. For example, he established public libraries throughout the United States, the United Kingdom, and other English-speaking countries. He founded the Carnegie Institute of Technology (CIT) at Pittsburgh in 1901 and at Washington, D.C. in 1902. CIT is now part of Carnegie Mellon University. In 1901 he also established large pension funds for his former employees at Homestead and, in 1905, for American college professors. His interest in music led him to fund construction of 7,000 church organs. He built and owned the renowned Carnegie Hall in New York City.
We honor Mr. Carnegie because he is clearly a Legacy Champ. If you want to be a Legacy Champ in your own special way, then contact The Mendel Law Firm, L.P., for a free initial consultation on estate planning, trust planning, and/or probate issues.
- Thought of the Day - May 31, 2023
- Thought of the Day - May 24, 2023
- Thought of the Day - May 17, 2023
