August 11: On This Day in World History … briefly
During his lifetime he set aside $350 million for philanthropic purposes and foundations such as the Carnegie Corporation of New York vowed that he would never be forgotten.
1919: Steel man’s gold heart
Andrew Carnegie, the steel baron with a heart of gold, died at his home in Lennox, Massachussetts, at the age of 84. The Carnegie family moved from Scotland to the US in 1848.
Andrew joined the Penn Railway Co. and worked his way up to Superintendent. He first struck oil on his own land and in business invested in iron manufactures. By the turn of the century 25 percent of steel output in the USA was produced by Carnegie-owned companies.
During the last 18 years of his life, he gave away about $350 million (conservatively $5.15 billion in 2019 dollars) to charities, foundations, and universities – almost 90 percent of his fortune. Carnegie retired in 1901.
Most notable historic snippets or facts extracted from the book ‘On This Day’ first published in 1992 by Octopus Publishing Group Ltd, London, as well as additional supplementary information extracted from Wikipedia.
HAVE YOUR SAY
Like the South Coast Herald’s Facebook page, follow us on Twitter and Instagram
To receive our FREE email newsletter, click HERE
