FRENZIED FINANCE.
MILLIONS LOST AND MADE. HOW THINGS ARE DONE IN AMERICA. By Cable—Press Association—Copyright New York, May 28.. Giving evidence before the committee of investigation into the steel industry at Washington, John W. Gates, referring to the operations of the United States Steel Corporation, declared that millions were lost and created almost in a breath. The Carnegie mills, which were appraised as worth 100,000,000 dollars, were reorganised as worth 320,000,000 dollars, which sum Mr. Carnegie received in the shape of corporation securities. He admitted that the combination was formed with the object of throttling competition, and when Rockefeller sought to enter the steel business a deal was made which forced him to sell out at forty cents on the dollar. He claimed that the corporation was conceived by himself, C. M. Schwab, and Pierpont Morgan.
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Taranaki Daily News, Volume LIII, Issue 314, 30 May 1911, Page 5
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136FRENZIED FINANCE. Taranaki Daily News, Volume LIII, Issue 314, 30 May 1911, Page 5
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