Andrew Carnegie was born today in market history – United States Steel (NYSE:X)

Benzinga takes a look at a notable market moment that occurred on this date.

What happened? steel magnate on November 25, 1835 Andrew Carnegie Was born

Where was the market: Carnegie predates both the S&P 500 and the Dow Jones Industrial Average.

What else in the world was going on? In 1835, the poet Edgar Allan Poe married his cousin, Virginia Clem, Rebel Texian settlers fought soldiers of the Mexican Army in the Battle of Gonzales, the first military engagement of the Texas Revolution. An American farm laborer earned about $9 plus board per month.

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 an early age. In addition, he raised money for American companies by selling bonds in Europe.

Carnegie built his first steel mill, the Edgar Thomson Steel Works, in 1872. After purchasing other nearby steel mills, Carnegie formed the Carnegie Steel Company in 1892.

Carnegie’s steel business made him the richest man in the world. He sold Carnegie Steel to JPMorgan’s newly formed company united states steel corporation X for $492 million, of which $226 million went directly to Carnegie.

After the sale, Carnegie devoted the rest 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 over $350 million, and his last $30 million was donated to foundations and charities after his death.

Photo via Shutterstock.

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