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Henry Phipps Jr.
Henry Phipps Jr. ( 27 September 1839 – 22 September 1930) was an American entrepreneur known for his business relationship with Andrew Carnegie and involvement with the Carnegie Steel Company. He was also a successful real estate investor. After selling his stock in Carnegie Steel, he devoted a great deal of his time and money to philanthropic works.
Henry Phipps Jr. was born on 27 September 1839, in Philadelphia, Pennsylvania. His English parents, Henry Phipps, a shoemaker, and Hannah (née Franks), were married at Wolverhampton in 1824 and had at least one son born while they were still in England. William Henry Phipps was born on 27 March 1825 and baptized at Wellington, Shropshire, England, on 18 August 1830.
The family emigrated to Philadelphia by 1839. They later moved to Pittsburgh in 1845.
Phipps was educated at public schools in Allegheny City, Pennsylvania. He had two older brothers: William Henry Phipps (1825-1902), and John Phipps (1833-1860); and a younger sister, Amelia Phipps (Mrs. John Walker; 1846-1887), and who was also friends with Carnegie and who died young.
Phipps began working as a young man as an office boy and later a bookkeeper with Dillworth & Bidwell. In 1861, he became a partner in Bidwell & Phipps, which was an agent for the Du Pont Powder Company. He was also a partner in Kloman & Phipps, a small iron mill.
In 1865, Phipps became a partner with childhood friends and neighbors Andrew (1835–1919) and Thomas Carnegie's (1843–1886) Union Iron Mills.
This was created by a merger between Phipps' Kloman & Phipps and Cyclops Iron Company, an iron company in which the Carnegies had acquired an interest. Kloman and Phipps at first refused, but Thomas Carnegie made an offer of all the shares in Cyclops plus an additional payment of $50,000 (equivalent to $1,027,000 in 2024). Therefore, on May 1, 1865, the new Union Iron Mills Company was formed.
For the next year, Phipps and Carnegie went to Europe on tour, and when they returned in 1866, went to work. Phipps toiled for the next 20 years and proved a capable financier, becoming Carnegie's business partner in Carnegie Steel Company, founded in 1892. He became a very wealthy man as the company's second-largest shareholder.
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Henry Phipps Jr.
Henry Phipps Jr. ( 27 September 1839 – 22 September 1930) was an American entrepreneur known for his business relationship with Andrew Carnegie and involvement with the Carnegie Steel Company. He was also a successful real estate investor. After selling his stock in Carnegie Steel, he devoted a great deal of his time and money to philanthropic works.
Henry Phipps Jr. was born on 27 September 1839, in Philadelphia, Pennsylvania. His English parents, Henry Phipps, a shoemaker, and Hannah (née Franks), were married at Wolverhampton in 1824 and had at least one son born while they were still in England. William Henry Phipps was born on 27 March 1825 and baptized at Wellington, Shropshire, England, on 18 August 1830.
The family emigrated to Philadelphia by 1839. They later moved to Pittsburgh in 1845.
Phipps was educated at public schools in Allegheny City, Pennsylvania. He had two older brothers: William Henry Phipps (1825-1902), and John Phipps (1833-1860); and a younger sister, Amelia Phipps (Mrs. John Walker; 1846-1887), and who was also friends with Carnegie and who died young.
Phipps began working as a young man as an office boy and later a bookkeeper with Dillworth & Bidwell. In 1861, he became a partner in Bidwell & Phipps, which was an agent for the Du Pont Powder Company. He was also a partner in Kloman & Phipps, a small iron mill.
In 1865, Phipps became a partner with childhood friends and neighbors Andrew (1835–1919) and Thomas Carnegie's (1843–1886) Union Iron Mills.
This was created by a merger between Phipps' Kloman & Phipps and Cyclops Iron Company, an iron company in which the Carnegies had acquired an interest. Kloman and Phipps at first refused, but Thomas Carnegie made an offer of all the shares in Cyclops plus an additional payment of $50,000 (equivalent to $1,027,000 in 2024). Therefore, on May 1, 1865, the new Union Iron Mills Company was formed.
For the next year, Phipps and Carnegie went to Europe on tour, and when they returned in 1866, went to work. Phipps toiled for the next 20 years and proved a capable financier, becoming Carnegie's business partner in Carnegie Steel Company, founded in 1892. He became a very wealthy man as the company's second-largest shareholder.
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