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Carnegie founds Keystone Bridge Company
The Keystone Bridge Company became an important American bridge-building firm, holding numerous patents. It is best known for building the Eads Bridge in St. Louis, completed in 1874. -
Carnegie pledges to resign from business
Carnegie writes himself a letter which outlines his plans for the future. He determines to resign from business at age 35 and live on an income of $50,000 per year, devoting the remainder of his money to philanthropic causes, and most of his time to his education -
Carnegie Visited Bessemer
Andrew Carnegie traveled to England so he could witness Henry Bessemer's expedited steel production process in action. He then returned to the United States and incorporated the Bessemer Process into his own factories. -
Edgar Thomson Works opens.
Carnegie opens his first steel plant, the Edgar Thomson Works, in Braddock, Pennsylvania. The plant is named for the president of the Pennsylvania Railroad. -
Carnegie Purchased the Homestead Iron Works
Carnegie demonstrated his mastery of the horizontal integration concept by buying out his competitors' companies, as exhibited with this event. -
Carnegie Supported Unions
In Forum Magazine, Andrew Carnegie published an article which defended the workers' right to unionize and celebrates open capitalism and democracy. -
Gospel of Wealth Published
Carnegie's book urged the fabulously wealthy to donate their many riches to philanthropic ventures as a way to "repay" society for their gains and successes. -
The Homestead Strike
Following an economic decline that lowered his employees' wages, a union at Carnegie's Homestead Mill struck. Henry Frick was trusted to dismantle the effort but his harsh tactics and cruelty in doing so corrupted Carnegie's name. -
Carnegie Bought Out
Banker JP Morgan purchased Andrew Carnegie's interests in Carnegie Steel for a whopping $480 million, almost 50% went directly into Carnegie's pocket for his philanthropic ventures. -
Carnegie Corporation Founded
Carnegie established his largest charitable organization and endowed it with $125 million for use to help educational facilities in New York.
