Sold – Andrew Carnegie Believes That Controlling Iron Ore Production For His Steel Mills Will “Make us rich some day.”
Just two months after he began his philanthropic career of building libraries, Carnegie.
In 1868, Carnegie introduced the Bessemer steel-making process into the U.S., and in 1873 decided on a now famous gamble: he would stake his wealth on steel, or as he phrased it, "put all his eggs in one basket, and then watch the basket." He founded the Carnegie Steel Company, and one...
In 1868, Carnegie introduced the Bessemer steel-making process into the U.S., and in 1873 decided on a now famous gamble: he would stake his wealth on steel, or as he phrased it, "put all his eggs in one basket, and then watch the basket." He founded the Carnegie Steel Company, and one can plot the rise of the U.S. to industrial supremacy from that decision. By 1881 Carnegie was the principal owner of the Homestead & Edgar Thompson Steel Works, together with other large steel mills. And while Carnegie continued his business career, some of his personal goals were fulfilled, as the Carnegies, who were greatly interested in literature, made many friends in the literary and political worlds. These included authors Malcolm Arnold, Herbert Spencer, and notable writers of the time, as well as a number of U.S. Presidents and statesmen.
It was in 1881 that Carnegie began to feel the desire for philanthropy for which he remains famous. That summer he and his mother returned to their native town of Dumfermline, Scotland, and in July she laid the cornerstone for the world's first Carnegie Library. At that time, there were only a few public libraries in the world. Eventually Carnegie would donate 2,507 libraries.
Also in 1881, Carnegie opened the Scotia Iron Mines, the first large scale effort to mine iron ore. He then built a railroad to haul the ore, which was mined, washed and loaded on the trains for shipment to Carnegie's steel mills in Pittsburgh. For all his money, Carnegie's days of great success were yet ahead of him. He realized that, and felt that controlling his source of supply of ore would really make him rich.
Autograph Letter Signed, Cresson, Pa., Friday eve, September 30, 1881, to Mrs. Edward Y. Townsend, wife of the owner of the Cambria Iron Company. "Here is the duplicate. Now if looking at it could only give you even a faint idea of the happiness derived from it, I should be pleased. I was with your good husband at a meeting one day…recently, & let me tell you he never appeared to such good advantage, ditto prompt, clear and determined. Whether it was the effect of Cresson weather, or that his views were mine, I haven't decided. We are off tomorrow moving for a few days at our new ore mines which we expect to make us rich some day. Mother sends regards." It is likely that Carnegie discussed the ore operation with Townsend, and that the latter approved. We obtained this letter directly from the Townsend descendants and it has never before been offered for sale or published.
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