“rags to riches” scottish immigrant supported unionization verbally invested in bessemer process...

•“Rags to Riches” Scottish immigrant

•Supported unionization verbally

•Invested in Bessemer Process

•Established over 2,500 public libraries

•Donated $350 million

•Supported higher learning

•Focused on low costs

•Long hours and poor conditions

•Pinkerton episode

•Sold Carnegie steel for $480 million

•Invested in oil drilling and refining

•Negotiated rebates and special deals with railroads

•Organized plan to eliminate all small oil businesses through consolidation

•Tried to eliminate all economic waste

•Used vertical integration

•Worked with Cleveland banks

•Born to a wealthy family

•Bought stock in railroad companies (owned one sixth)

•Horizontal integration for railroads and steel

•Donated artwork to the Metropolitan Museum of Art

•Invested money in Edison

•Controlled Wall Street

•Led to reduction in competitive rail rates

•Wage cuts and worker strikes

•Gave U.S. government gold for bonds

•Sold bonds for profit

•Took US deposits during Wall Street Crisis

•Unfair monopoly investigation 1912

•Bought Carnegie Steel to form U.S. Steel

•1901 billion dollar industry

•Lower steamboat rates to beat competitors- drove them out

•Expanded from NY south and west

•Competitors bought him out and paid him not to do business

•Bought existing railroads

•Panic of 1873- construction of Grand Central Terminal in NYC

•City paid half of the cost

•Offered comfortable accommodations

•Expanded down the east coast

•Shorter route to San Francisco

•Saw value of rail travel

•Merged controlled railroads into New York Central Railroad

•Donated $1 mil to Central University in Nashville

•Born to Irish immigrants

•Moving assembly line

•Provided affordable cars

•Opposed labor organizations

•Donated to charity

•Increased employee pay

•Decreased work hours for employees

•Went on a peace trip during WWI

•Ford foundation grants

•Interchangeable parts