Andrew carnegie and monopoly

When Carnegie was thirteen, his father had fallen on very hard times as a handloom weaver; making matters worse, the country was in starvation. His mother helped support the family by assisting her brother a cobblerand by selling potted meats at her "sweetie shop", leaving her as the primary breadwinner.

Andrew carnegie and monopoly

Biography[ edit ] Birthplace of Andrew Carnegie in DunfermlineScotland Andrew Carnegie was born to Margaret Morrison Carnegie and William Carnegie in Dunfermline, Scotland inin a typical weaver's cottage with only one main room, consisting of half the ground floor which was shared with the neighboring weaver's family.

Lauder's son, also named George Laudergrew up with Carnegie and would become his business partner. When Carnegie Andrew carnegie and monopoly thirteen, his father had fallen on very hard times as a handloom weaver; making matters worse, the country was in starvation.

His mother helped support the family by assisting her brother a cobblerand by selling potted meats at her "sweetie shop", leaving her as the primary breadwinner. Allegheny was rapidly populating in the s, growing from around 10, to 21, residents. The "Made in Allegheny" label used on these and other diversified products was becoming more and more popular.

Dealers were not interested in selling his product, and he himself struggled to sell it on his own. Carnegie's first job in was as a bobbin boychanging spools of thread in a cotton mill 12 hours a day, 6 days a week in a Pittsburgh cotton factory.

Andrew carnegie and monopoly

Soon after this Mr. John Hay, a fellow-Scotch manufacturer of bobbins in Allegheny City, needed a boy, and asked whether I would not go into his service.

I went, and received two dollars per week; but at first the work was even more irksome than the factory. I had to run a small steam-engine and to fire the boiler in the cellar of the bobbin factory.

It was too much for me. I found myself night after night, sitting up in bed trying the steam gauges, fearing at one time that the steam was too low and that the workers above would complain that they had not power enough, and at another time that the steam was too high and that the boiler might burst.

He was a very hard worker and would memorize all of the locations of Pittsburgh's businesses and the faces of important men. He made many connections this way.

He also paid close attention to his work, and quickly learned to distinguish the differing sounds the incoming telegraph signals produced. He developed the ability to translate signals by ear, without using the paper slip, [21] and within a year was promoted to operator.

Carnegie's education and passion for reading was given a great boost by Colonel James Anderson, who opened his personal library of volumes to working boys each Saturday night. He was so grateful to Colonel Anderson for the use of his library that he "resolved, if ever wealth came to me, [to see to it] that other poor boys might receive opportunities similar to those for which we were indebted to the noble man".

Starting inwhen Carnegie was around 18 years old, Thomas A. Carnegie accepted this job with the railroad as he saw more prospects for career growth and experience with the railroad than with the telegraph company.

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Carnegie then hired his sixteen-year-old brother, Tom, to be his personal secretary and telegraph operator. Not only did Carnegie hire his brother, but he also hired his cousin, Maria Hogan, who became the first female telegraph operator in the country.

The railroads were the first big businesses in America, and the Pennsylvania was one of the largest of them all.

Andrew carnegie and monopoly

Carnegie learned much about management and cost control during these years, and from Scott in particular. Many of these were part of the corruption indulged in by Scott and the Pennsylvania's president, John Edgar Thomsonwhich consisted of inside trading in companies that the railroad did business with, or payoffs made by contracting parties "as part of a quid pro quo ".

Reinvesting his returns in such inside investments in railroad-related industries: Throughout his later career, he made use of his close connections to Thomson and Scott, as he established businesses that supplied rails and bridges to the railroad, offering the two men a stake in his enterprises.

The investment proved a great success and a source of profit for Woodruff and Carnegie. The young Carnegie continued to work for the Pennsylvania's Tom Scott, and introduced several improvements in the service.

Carnegie helped open the rail lines into Washington D. Following the defeat of Union forces at Bull Runhe personally supervised the transportation of the defeated forces. Under his organization, the telegraph service rendered efficient service to the Union cause and significantly assisted in the eventual victory.

Carnegie later joked that he was "the first casualty of the war" when he gained a scar on his cheek from freeing a trapped telegraph wire. Defeat of the Confederacy required vast supplies of munitionsas well as railroads and telegraph lines to deliver the goods. The war demonstrated how integral the industries were to American success.

The demand for iron products, such as armor for gunboats, cannons, and shells, as well as a hundred other industrial products, made Pittsburgh a center of wartime production. Carnegie worked with others in establishing a steel rolling milland steel production and control of industry became the source of his fortune.

Carnegie had some investments in the iron industry before the war. After the war, Carnegie left the railroads to devote all his energies to the ironworks trade. Carnegie worked to develop several iron works, eventually forming the Keystone Bridge Works and the Union Ironworks, in Pittsburgh.

Although he had left the Pennsylvania Railroad Company, he remained closely connected to its management, namely Thomas A. He used his connection to the two men to acquire contracts for his Keystone Bridge Company and the rails produced by his ironworks.

Nov 09,  · Watch video · Andrew Carnegie, whose life became a rags-to-riches story, was born into modest circumstances on November 25, , in Dunfermline, Scotland, the second of two sons of Will, a handloom weaver, and. Carnegie Steel Company was a steel producing company primarily created by Andrew Carnegie and several close associates, to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century. Carnegie was born in Dunfermline, Scotland in the attic of a small house on November 25th, He was named after his grandfather, Andrew Carnegie, who was a popular man in the district, being the head of the lively ones of his day and the chief of their club, “Patiemuir College.”2 He grew up having little formal education, but his.

He also gave stock to Scott and Thomson in his businesses, and the Pennsylvania was his best customer.Carnegie Steel Company was a steel producing company primarily created by Andrew Carnegie and several close associates, to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century.

Nov 09,  · Watch video · Andrew Carnegie, whose life became a rags-to-riches story, was born into modest circumstances on November 25, , in Dunfermline, Scotland, the second of two sons of Will, a handloom weaver, and.

The New Tycoons: Andrew Carnegie. By the time he died in , Carnegie had given away $,, At his death, the last $30,, was likewise given away to foundations, charities and to pensioners. Oil was not the only commodity in great demand during . The Steel Business Andrew Carnegie made his fortune in steel, turning the industrial world on its ear in the process.

The Benefits of a Monopoly

He was possessed by technology and efficiency in a way no businessman before. A monopoly can be defined in many ways. According to the research that I have done, a monopoly in my own words is a company or a group that owns all or almost all of the market for only a given type of product or service.

The Steel Business Andrew Carnegie made his fortune in steel, turning the industrial world on its ear in the process. He was possessed by technology and efficiency in a way no businessman before.

A History Of U.S. Monopolies