By 1873, Carnegie had recognized America's need for steel and, concentrating on steel production, he began his acquisition of firms, which were later consolidated into the Carnegie Steel Company. His success was due in part to efficient business methods, to his able lieutenants, and to close alliances with railroads. Another factor was his partnership with Henry C. Frick . Carnegie, concentrating on production rather than stock-market manipulations, further expanded his plants and consolidated his hold in the depression of 1893–97. By 1900, the Carnegie Steel Company was producing one quarter of all the steel in the United States and controlled iron mines, coke ovens, ore ships, and railroads. It was in these circumstances that the U.S. Steel Corp. was formed to buy Carnegie out. He had long been willing to sell—at his own price—and in 1901 he transferred possession for $250 million in bonds and retired from business.
The Gospel of Wealth (1889) set forth his idea that rich men are
trustees of their wealth and should administer it for the good of the public. His benefactions (totaling about $350 million) included Carnegie Hall (1892) in New York City, the Carnegie Institution of Washington (1902), the Carnegie Hero Fund Commission (1904), the Carnegie Foundation for the Advancement of Teaching (1905), the Carnegie Endowment for International Peace (1910), and over 2,800 libraries. After 1887, Carnegie lived a large part of each year in Scotland on his great estate on Dornoch Firth.
See his autobiography (1920, repr. 1963) biographies by B. J. Hendrick (2 vol., 1932, repr. 1989), A. F. Harlow (1953), J. F. Wall (1970), and D. Nasaw (2006) study on Carnegie libraries by A. A. Van Slyck (1996).
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.
See more Encyclopedia articles on: Business Leaders
Browse By Subject
- Earth and the Environment +-
- History +-
- Literature and the Arts +-
- Medicine +-
- People +-
- Philosophy and Religion +-
- Places +-
- Australia and Oceania
- Britain, Ireland, France, and the Low Countries
- Commonwealth of Independent States and the Baltic Nations
- Germany, Scandinavia, and Central Europe
- Latin America and the Caribbean
- Oceans, Continents, and Polar Regions
- Spain, Portugal, Italy, Greece, and the Balkans
- United States, Canada, and Greenland
- Plants and Animals +-
- Science and Technology +-
- Social Sciences and the Law +-
- Sports and Everyday Life +-