Help The Poor! (“The man who dies thus rich dies disgraced” said Andrew Carnegie!)

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He is now remembered almost exclusively for his munificence, rather than the route he took to attaining wealth: reputation management or laundering par excellence.

11 Great Quotes on Money From Andrew Carnegie's 'The Gospel of Wealth'

They have been at it ever since; they are at it now. Anyone who is anyone is at Davos , or the secretive Bilderberg conferences , or at a society wedding in the English countryside, preferably with a junior royal in tow. Social success is all but guaranteed. The new elite merges with the established one.

Old money was new money once. In some societies, particularly Islamic ones, the wealthy bestow their largesse on religious foundations. It is said that Mansa Musa bestowed so much gold on his Hajj that the price remained depressed for a decade. On that pilgrimage to Mecca, he ordered a mosque built wherever his procession stopped en route.

Centuries later, Suleiman the Magnificent funded religious schools. Present day rulers in the Gulf follow in that line. In the US, many a wealthy individual will fund a church. Education philanthropy is another sure route to respectability.

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Russians and Chinese are dispensing their largesse to British private boarding schools. Harvard is spoilt for choice for opportunities to name its buildings. Most of the action, however, is in art. Nothing beats a gallery opening for the wealthy to feel wanted. From John Paul Getty to Roman Abramovich , for decades they are have been scouring the auction houses to snap up any old master or contemporary work of note.

Once that is secured, they need to build their own galleries to house them. The market leader is Qatar. The woman at the heart of its giant acquisitions programme, Sheikha al Mayassa bint Hamad bin Khalifa al-Thani the sister of the Emir , has a brief to purchase, sponsor and create new palaces of culture in the sand.

Just as wealth moves east so inexorably is hard power — and soft power. Status and reputation have always followed money. In the complex psychology of the super-rich, victimhood is a natural concomitant to entitlement. By the same token, a sense of innate superiority is the flip side to the desperate yearning for reputation. Like the robber barons, billionaire philanthropists such as Warren Buffett and Gates have come to believe that they are best placed to spend the money that might otherwise have gone into state budgets from taxation.

It is no coincides that Buffett gave his buddy Gates the copy of a small book. It is less a book, more a long essay, but to the super-rich of the modern day it is the bible. The Gospel of Wealth helps to explain why some great men become rich, and why most rich men become great. It is written in , at the height of the Gilded Age, by Andrew Carnegie, who made his fortune by carving up the steel mills, railroads and banks with the likes of John D Rockefeller. Having made his money, Carnegie set his sights elsewhere, endowing libraries and other education institutions across the US and in his native Scotland.

Carnegie sets out the standard mantra for wealth creation of flexible labour markets, low taxation and soft regulation. It had an operating plant consisting of 10, ovens with a possible daily output of 20, tons. Every day a line of railway trucks five miles long con- veyed the product to the various foundries of the firm. It possessed a special fleet of steamers for the transport of the ore from the mines on Lake Superior to Cleveland on Lake Erie, a distance of over miles, and had laid its own private railway to take the ore from Cleveland down to its various works round Pittsburgh.

The company possessed a large extent of natural gas bearing land, from which the gas was conveyed in pipes to the furnaces. It had a private telegraph system, and its wires ran to all the important industrial centres of the country. The productions of all the Carnegie properties have largely increased since.

The plant of the Carnegie works was capable of pro- ducing an annual output in steel alone of 3,, tons, of which about two-thirds would be open-hearth steel. This Titanic concern was held together by the most perfect organization, in which the highest degree of skill was employed.


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Here are a few facts to illustrate the wonderful administration of this vast industry. It was possible to transport ore from the shores of Lake Superior to Pittsburgh, nearly a thousand miles away, and convert it into steel in ten days, despite the fact that three separate shipments have to be made! Some of the open mines at Lake Superior were capable of special treatment, and for digging the ore in these steam shovels were used. One of these shovels could load a 2 5 -ton car in two and one-half minutes. The shovel picked up five tons of earth at every stroke, and filled the car in five operations.

At Duluth, the western head of Lake Superior, there were two loading jetties, each 2, feet long, and rows of ore bins built into these, each holding from to tons. At these docks ore was shipped at the rate of 1, to 1, tons per vessel per hour. A 6,ton vessel, equal to the capacity of 8-ton cars, could be loaded with ore in six hours or less. From the Lake Superior district 17,, tons were shipped in The railway traffic from the ore-receiving ports to the smelting furnaces, in some cases extending to miles, was carried on by mammoth locomotives, some weighing tons each, hauling 1, tons of ore in thirty cars — great steel trucks specially built to carry about fifty tons apiece.

At the mills the blast-furnaces were served by a hoisting engine controlled by a single indi- vidual. Here also the Wellman-Seaver electrical charging machines were used. This is the latest mechanical triumph of its kind, relieving human sinew and muscle of the strain and tension of heavy work amid the terrible heat of the smelting furnaces. It traveled on rails past the rows of furnaces, and the attendant, comfortably seated, merely moved an electrical switch which actuated a powerful arm of steel.

This took charge of pig-iron, scrap and ore, which it deposited inside the furnaces. The machine fed furnace after furnace with their requirements of half a ton at a time in a few seconds each.

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Andrew Carnegie

The doors of the furnaces were opened and closed by water power. Such a magnificent aggregation of industrial power has never before been under the dominion of a single man. This vast organization, with its army of skilled workmen, was the great stumbling-block to the pro- moters when they first schemed to create a Steel Trust of such magnitude as would enable them to dominate the markets of the world. The properties under Mr. Carnegie's control were too great and the value of them too fully realized to allow of easy adjustment of owner- ship. The amounts offered Mr. Carnegie by the Trust organizers were entirely out of proportion to the value of the property and the negotiations fell through for the time.

He also decided to build up another steel mill which should surpass in capacity any- thing in existence. As for the Trust's control of the railways, he boldly declared that he would construct his own services. The absolute necessity became evident that they must be included in the combination, and an offer was made Mr. Carnegie for his interests which, though so great as to be almost inconceivable, is believed to be in proper proportion to their value. Carnegie sold out on his own terms. In an address to the people of Pittsburgh, Mr.

Carnegie explained the reasons that had prompted him to retire from business, as follows : "An opportunity to retire from business came to me unsought, which I con- sidered it my duty to accept. My resolve was made in youth to retire before old age.


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From what I have seen around me, I cannot doubt the wisdom of this course, although the change is great, even serious, and seldom brings the happiness expected.

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