Henry Phipps, Jr.
| Henry Phipps, Jr. | |
|---|---|
Henry Phipps in 1913
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| Born |
September 27, 1839 Philadelphia, Pennsylvania, United States |
| Died |
September 22, 1930 (aged 90) Great Neck, Long Island, New York, United States |
| Known for | Co-founder Carnegie Steel Co., Philanthropy |
| Net worth | USD $60 million at the time of his death (approximately 1/1,506th of US GNP) |
| Board member of | Carnegie Steel Co. United States Steel Corp. |
| Spouse(s) | Anne Childs Shaffer |
| Children | 5 |
| Relatives | Phipps family |
Henry Phipps, Jr. (September 27, 1839 – September 22, 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 who after selling his stock in Carnegie Steel, devoted a great deal of his time and money to philanthropic works.
Henry Phipps, Jr. was born on September 27, 1839 in Philadelphia, Pennsylvania. He was the son of English born Hannah Frank and Henry Phipps, an English shoemaker who emigrated to Philadelphia in the early part of the 19th century before settling in Pittsburgh in 1845. He was educated at public schools in Allegheny City, Pennsylvania. He had a brother, John Phipps, who was also friends with Carnegie and who died in youth.
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, and a partner in Kloman & Phipps, a small iron mill.
In 1865, he became a partner in childhood friend and neighbor's Andrew (1835–1919) and Thomas Carnegie's (1843–1886) Union Iron Mills, which was created from a merger between Phipps' Kloman & Phipps and Cyclops Iron Company, an iron company which the Carnegies had acquired an interest in. Kloman and Phipps at first refused, but Thomas made an offer of all the shares in Cyclops plus an additional payment of $50,000 (equivalent to $782,000 in 2016). Therefore, on May 1, 1865, the new Union Iron Mills Company was formed.
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