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Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On Nov. 25, 1835, steel magnate Andrew Carnegie was born.
Where The Market Was: Carnegie’s birth predates both the S&P 500 and the Dow Jones Industrial Average.
What Else Was Going On In The World? In 1835, poet Edgar Allan Poe married his cousin, Virginia Clemm. Rebellious Texian settlers fought off Mexican army troops in the Battle of Gonzales, the first military engagement of the Texas Revolution. A U.S. farm laborer earned about $9 per month plus board.
Carnegie’s Legacy: Carnegie was born in Scotland and his family immigrated to the United States when he was 12 years old. His first job was as a telegrapher, but Carnegie began investing in railroads, railroad sleeping cars, bridges and oil derricks at a young age. In addition, he raised money for American companies by selling bonds in Europe.
Carnegie built the Edgar Thomson Steel Works, his first steel mill, in 1872. After buying out other nearby steel mills, Carnegie created the Carnegie Steel Company in 1892.
Carnegie’s steel business made him the wealthiest person in the world. He sold Carnegie Steel to J.P. Morgan’s newly formed United States Steel Corporation X for $492 million, $226 million of which went directly to Carnegie himself.
Following the sale, Carnegie devoted the remainder of his life to philanthropy. Carnegie was particularly fond of libraries and education, and his philanthropic efforts in those areas earned him the nickname the “Patron Saint of Libraries.”
By the time Carnegie died in 1919, he had already given away more than $350 million, and his last $30 million was donated to foundations and charities after his death.
Photo via Shutterstock.
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Image and article originally from www.benzinga.com. Read the original article here.