Americans by adoption : $b Brief biographies of great citizens born in foreign landsHusband, Joseph
History
Americans by adoption : $b Brief biographies of great citizens born in foreign lands
Husband, Joseph
United States -- Biography
To protect the supply of coal which his vast steel manufacture now
required, in 1889 Carnegie joined forces with Henry C. Frick, who
dominated the coke-making industry. As a result, his companies
soon “owned and controlled mines producing 6,000,000 tons of ore
annually; 40,000 acres of coal land, and 12,000 coke ovens; steamship
lines for transporting ore to Lake Erie ports; docks for handling ore
and coal, and a railroad from Lake Erie to Pittsburgh; 70,000 acres
of natural-gas territory, with 200 miles of pipe-line; nineteen blast
furnaces and five steel mills, producing and finishing 3,250,000 tons
of steel annually. The pay-roll of the year exceeded $18,000,000.”
Gradually consolidating his interests, Carnegie formed in 1890,
the Carnegie Company, with a paid up capital of $160,000,000, and
in 1899 his interests were merged into the Carnegie Steel Company.
Although still as active in affairs as ever, Carnegie now determined
to retire from active business. In an address delivered at Pittsburgh
he gave his reasons. “An opportunity to retire from business came
to me unsought, which I considered it my duty to accept. My resolve
was made in youth to retire before old age. From what I have seen
around me, I cannot doubt the wisdom of this course, although the
change is great, even serious, and seldom brings happiness. But this
is because so many, having abundance to retire upon, have so little
to retire to. I have always felt that old age should be spent, not
as the Scotch say, in ‘making mickle mair,’ but in making good use
of what has been acquired; and I hope my friends will approve of my
action in retiring while still in full health and vigor, and I can
reasonably expect many years of usefulness in fields which have other
than personal aims.”
The “opportunity” to which Carnegie referred was the merging, in
1901, of the Carnegie Steel Company into the United States Steel
Corporation. For his personal interest Carnegie received $420,000,000.
Freed from business, the iron-master turned to follow the paths to
which his idealism had constantly called him. Always a reader and a
student of books, he now found himself able to make, through public
libraries, books everywhere available, and in various cities and
towns he contributed for library buildings more than $60,000,000.
Still further to advance education and bring its advantages to all
who sought it, he made other gifts, consisting of $24,000,000 to the
Institute at Pittsburgh, $22,000,000 to the Carnegie Institute in
Washington, and $10,000,000 to the Universities of Scotland. At the
time of his death in 1919, it was estimated that he had given away to
education and other worthy causes over $350,000,000.
Public-domain text, read in full here on John Shaqi.
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