STEEL INDUSTRY
NEW YORK, May 28
Giving evidence before the Committee which is investigating the steel industry at Washington, Mr John W. Gates, referring to the United States Steel Corporation's operations, declared that millions were lost and created almost in a breath. The Carnegie mills, which were appraised to be worth 160,000,000d0l (£32,000,000) were reorganised as worth 320,000,0C0d0l £64,000,000), of which sum Mr Carnegie received his share in corporation securities. He admitted that the combination was formed with the object of throttling competition, and when Mr Rockefeller sought to. enter the steel business a deal was made which forced him to sell out at 40 cents on the dollar. Mc Gates claimed that the corporation was conceived by himself, Mr C. M. Schwab, and Mr Pierpont Morgan.
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Otago Witness, Issue 2985, 31 May 1911, Page 31
Word Count
127STEEL INDUSTRY Otago Witness, Issue 2985, 31 May 1911, Page 31
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