Andrew Carnegie had invested forty thousand dollars…

Andrew Carnegie had invested forty thousand dollars in Story Farm on Oil Creek in Venango County, Pennsylvania, in 1864.

In one year, the farm has yielded over one million dollars in cash dividends, and petroleum from oil wells on the property has sold profitably.

The demand for iron products, such as armor for gunboats, cannon, and shells, as well as a hundred other industrial products, have made Pittsburgh a center of wartime production.

Carnegie has worked with others in establishing a steel rolling mill and steel production and control of industry becomes the source of his fortune.

Carnegie had had some investments in the iron industry before the war.

After the war, Carnegie leaves the railroads to devote all his energies to the ironworks trade.

Carnegie works 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 remains closely connected to its management, namely Thomas A. Scott and J. Edgar Thomson.

He uses his connection to the two men to acquire contracts for his Keystone Bridge Company and the rails produced by his ironworks.

He also gives stock to Scott and Thomson in his businesses, and the Pennsylvania is his best customer.

When he builds his first steel plant, he will make a point of naming it after Thomson.

As well as having good business sense, Carnegie possesses charm and literary knowledge.

He is invited to many important social functions—functions that Carnegie exploits to his own advantage.

Carnegie believes in using his fortune for others and doing more than making money.

He writes: I propose to take an income no greater than $50,000 per annum! Beyond this I need ever earn, make no effort to increase my fortune, but spend the surplus each year for benevolent purposes! Let us cast aside business forever, except for others. Let us settle in Oxford and I shall get a thorough education, making the acquaintance of literary men. I figure that this will take three years active work. I shall pay especial attention to speaking in public. We can settle in London and I can purchase a controlling interest in some newspaper or live review and give the general management of it attention, taking part in public matters, especially those connected with education and improvement of the poorer classes. Man must have no idol and the amassing of wealth is one of the worst species of idolatry! No idol is more debasing than the worship of money! Whatever I engage in I must push inordinately; therefore should I be careful to choose that life which will be the most elevating in its character. To continue much longer overwhelmed by business cares and with most of my thoughts wholly upon the way to make more money in the shortest time, must degrade me beyond hope of permanent recovery. I will resign business at thirty-five, but during these ensuing two years I wish to spend the afternoons in receiving instruction and in reading systematically!