The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-07-20
SOME OF HIS EARLIER VENTURES FINANCED BY J. P. MORGAN.

vidinE the PROVISIONING justified. The
showing Of profits Of the NaShburn-Aipen
Company was q great disappointment.
When Morgan q Co. rejected TINS plan;
! picked ont about twelve OF the best and
most economically operated plants ana put
them together into what WAS known as
IN. American Steel and Wire Company "i
Illinois. with q capital stock Of SI.Np.HH-
In l&N. after the Federal Steel company
had gotten into operation. ! resigned as
president ~ The Illinois Steel company It
Wa several months before my resignation
WAS accepted. Then / again undertook To
put all the wire companies into one COM
many During the most Of December ana
January. "a" succeeded. either hy outright
purchase or 10y exchange Of securities. in
setting all Of the companies We desired con
S"AgdieI into what WAS known as the
American Steel ana Wire Company II New
Jersey. with "A capital stock OF SNlv1.0si /
was chairman Of The Illinois corporation
with N-i,wn"si. and the New Jersey Cprpor-
alton with Seoeslea.
FIRST Suggested the Steel Merger.
In talking with MI. James >. H!l one
evening IN January Of 1901, NJ informed ne
that ar. J. T.. Morgan was very much dis
IGT1tl over the iron and steel situation.
Inc tdIDtEle Company Was threatening 10
build "A large steel tube plant ana become
a competitor OF the National Tube Com
pai2- IN winch Morgan was largely inter
SStrr and Instrumental as a banker IN
Bringing out.
~AIter several hours talk with Mr.. Hil.
told him that, IN my opinion. there WAS
nLt one way To manage the iron and steel
H'aFAaaFE~ oA llAt 1AAAtA SaaAtS. ana ILAA
was 10y an actual consolidation and that. II
ar Morgan would 80 To work right. all
Ihr iron ana Steel companies 81 the United
Siy::s could be brought into one company.
Next dag Mr.. Morgan teleThuned me and
@sNgC NE 10 come down 10 the bank and
explain what l had said 10 Nh Hi.
II did 50, and outlined 10 Mr.. Morgan a
plan for the formation Of what was after
ward named the United States Steel Cor
por@tinu. ! told him about The lines and
general terms / thought would have To be
adopted tp obtain the Carnegie Steel Com
Iauy. wal"n. being the largest and most aC-
E'"sSlNg steel works in the world. was tho
bone ut contention among all the lion and
Ss.@ mauui7"rUTNS. ] assured ..M that
lN.I' as 'ut one way 4" accomplish tie
SoHEsn. with whom I Was NCrr well .e-
g-alHitl anu With whom 7 had talked
t..It me matter TanE times. tu acre. rD a
l.5'h '' -rsaEce aud submit that plan 10
~ 'IF-y-l' and EcJ hi. approval and then
20 ahead and cousummate the cnusoIila-
'Mr. Morgan requested mo Ia see A.r.
S"nHah ana arrange a meeting - his resi-
g"Eo- TINS ] did. having first pns-cE NIr.
Ss.hWah regarding my former talk with Mr..
.Gt tt-H. after several hours task. that
MT S'uNah thought 2Ir. carn--ie would
SE.y. iH, ana that strongly recommended
4-t'r many conferences with -hc ya~f-
-uS '.-gciES tatl nov form the Cnirad
St'i'~ Tieel Cooperation. namely the M
Gonsi Steel Company. the Amsriraa steel
a.op company. the American Steel and
NtiFe ComraE-. the Federal Steel CnmrarE-
me C%Tnesie Steel Company. the American
IN tate Company. the American Sheet
.NhiE,AF- together with tho II. e. Frick
r'he 'ompaHy. which. in reality. was a
'aEl,fs'e concern. the basis was made and
an 'hesc properties put together"