THE STEEL TRUST.
HOW IT WAS FORMED.
By Tclesrapa— Press Association—Copyrleht New York, May 28.
Giving evidence at Washington before the committee which is investigating matters in connection with the sveel industry, Mr. John W. Gates, who organised tho American Steel and Wire Company (now part of the United States Steel Corporation), referring to the United States Steel Corporation's operations, declared that millions had been lost and created almost in a breath. The Carnegie mills, which had been appraised as worth one hundred and sixty million dollars, were reorganised as worth three hundred and twenty million dollars, which sum Mr. Carnegio lincl received in tho shape of corporation securities.
He admitted that the combination liad been formed with the object of throttling competition, and that when Mr. John D. Rockefeller sought to enter tho steel business a deal had been made which had forced him (Mr. Gates) to sell out at forty cents on the dollar. He claimed that •the idea of a corporation had been conceived by himself, Mr. C. M. Schwab, and Mr. Pierpont Morgan.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/DOM19110530.2.42
Bibliographic details
Ngā taipitopito pukapuka
Dominion, Volume 4, Issue 1140, 30 May 1911, Page 5
Word count
Tapeke kupu
177THE STEEL TRUST. Dominion, Volume 4, Issue 1140, 30 May 1911, Page 5
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in