U.S. History 1877-Present 3: Andew Carnegie

Steel yourself. That big rich guy who paid for Carnegie Hall, Carnegie Mellon University, and hundreds of libraries all around the country...used own a steel mill. Eh? Eh? Oh and before that he was so poor he couldn't even afford books. Maybe we should have mentioned that first.

LanguageEnglish Language
U.S. HistoryU.S. History 1877-Present

Transcript

00:27

first arrived in Pennsylvania he went to work in a cotton mill like any other

00:30

poor kid would do but andc did not end his days making $1 a week like most

00:36

other factory workers a dollar a week since back then hitting up the mcdonald [Man wearing crown]

00:40

dollar menus would have been decadent well he moved up the ladder to be a

00:44

messenger boy for a telegraph company sweet and then he became a telegraph

00:48

operator for a railroad even sweeter and then he worked his way up to be a

00:53

manager sweeter still and when the Civil War began

00:56

Carnegie ended up being the guy in charge of the huge and complicated [Carnegie surrounded by books and papers]

01:00

logistics process of transporting Union soldiers across the country sickeningly

01:06

sweet all right well in 1864 Carnegie took some cash and invested it in a

01:11

steel mill and then things got real after the war he focused his mad skills [Carnegie watering plants]

01:15

on creating the biggest steel company in the world

01:18

the Carnegie steel company instead of focusing on just one part of the steel

01:22

making process chronica dominated the entire process by owning it meaning he

01:28

bought the mines that produce the iron ore he bought the railroads that took [Carnegie with property of Andrew sign at rail roads]

01:32

the iron to the steel mills and then took the steel beams out to play yeah

01:36

kind of fun if it looked like steel acted like steel or smelled like steel

01:40

well then Carnegie owned it he also adopted and fine-tuned the Bessemer

01:45

process that's when process was a way of making steel that was stronger than the

01:49

norm that would have given Carnegie an edge all by itself but the Bessemer

01:53

process was also cheaper than the old way of doing things and with that [Men stood in line for unemployment]

01:56

Carnegie made his competitors weeps and sent them tissues but tissues were made

02:01

of steel so they kind of hurt blew into us well Carnegie made some

02:04

serious money after the war obviously the u.s. was all about building then

02:08

skyscrapers bridges libraries schools railroads and everything was filled with [Buildings appear in skyline]

02:13

feel Carnegie had the cheapest strongest steel it was the most available and so

02:19

well he became the go-to guy whenever anybody wanted to build and pretty much

02:22

anything well the 1901 Carnegie was ready to

02:25

retire so he sold Carnegie steel to banker JP Morgan who turned it into an [Carnegie hands paper to JP Morgan]

02:30

even more gargantuan corporation called yes US Steel well it was the first

02:35

corporation to be valued at over a billion dollars Carnegie was out of the

02:40

steel business with only the half billion dollars Morgan paid him to keep

02:43

warm of course with a half a billion dollars Carnegie could have literally [Carnegie sat beside fire]

02:46

thrown the money into fireplaces and will kiss warm for a while but he didn't

02:51

do that at least 350 million dollars of that fortune went to charity [Carnegie with giant check hands it to homeless man]

02:55

well Carnegie was kind of like Scrooge at the end of Christmas Carol he'd

02:59

relied on the kindness of strangers who lent him books and he was a poor factory

03:04

kid so in his rich old age he funded the construction and stocking of 3,000

03:09

libraries across the country he also famously funded Carnegie Hall the

03:14

concert hall in New York City and he funded the creation of Carnegie Mellon [Carnegie statue appears]

03:17

University that's why it was named after him well you know and a melon

03:22

that's melon with 2 L's well that's another rich guy's last name anyway in a latter

03:26

years Carnegie did not start talking to fruit.... [Carnegie appears behind statue with fruit]