The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1906-08-21
MEN WHO Think IN BILLIONS
ARE BUILDING The Town OF GARY
the
Cradle
b History the Territory
More than Kingdom

The companies which were primar-
lily considered for the merger were
the Carnegie Steel company, the Fed
eral Steel. the National Tube and
the American Steel and Wire. but
Morgan knew of four others he had /
decided had to be in the new consoli-
dation, and so were added. the
National Steel, The American Tin
Plate, The American Steel Hoop and |
the American Sheet Steel companies |
In order to insure against outside
chance of great capital developing
competitive power, he bought all of
Rockefeller's valuable ore tracts. The !
United States Steel corporation be-
came financial, even more than a
manufacturing, organization. The
motto might well have been, First
for money and second for steel"
***
Morgan was in everything fair
and square-g giving every one his
chance and his due. His intellect is
deep and acute; the wonderful di-
rectness and incision of his thoughts
often enables him to reach conclus-
ions before an ordinary proposition
is really stated. He is a good Judge
of the value of his own services and
of the influence of his absolutely
unique power and position in the fl
nancial world, and ii Is not his habit.
to waste either his own time or that
of others over a proposition in busi-
ness, no matter how many millions
it may involve. Gary declares that
no other man or set of men could
have formed the United States Steel
.corporation.
To those who are fond of figures
and comparisons. the following may
be of vast interest:
The United States Steel corpora
ton owns as much land as is com
prised in the three states of Massa-
chusetts, Vermont and Rhode ISL
and.
1t employs one hundred and eighty
thousand workmen. (18O,OOO).
More than one million persons
(Which equals the population of Ne
braska and Connecticut) depend upon
it for their living.
1t paid out in wages last year one
hundred and twenty-eight million
dollars ($128, ,00O,OOO) which is more
than the U. S. paid for her army and
navy.
1t owns railroad tracks which
would extend from New York to Gal.
weston.
1t owns thirty thousand cars and
seven hundred locomotives.
It has ninety-three blast furnaces
which run night and day, and fifty
; great iron mines.
It makes more steel than Grea-
: Britain and Germany.
> 1t burns ten million tons of Goa
. a year, eleven million tons of COX,
: and fifteen billion cubic feet of nat
i ural gas.
a It's supply of fuel would last sixt,
n years.
i The United States Steel corpora
ton manufactures everything fror
carpet tacks to steel rails; tin can
] to armor plate; wire nail or a.
h Eiffel tower.
: It's total responsibilities in stock
9 and bonds is one billion three hun
n dred and eighty-four million, six hun
i dred and eighty-one thousand tw
! hundred and ninety-seyen dollar,
h ($1, ,297) and behind it a
i stands Morgan with Carnegie an
) Rockefeller.
) The new company was well recei,
s ed by the American public. Carnegt
/ called Morgan the worst bargain
/ maker he had ever known. That a
r excessive price had been paid for tt
d. plants everyone knew. Capitalism
was exorbitant. but dividends wei
ic paid and prices were lower in 19C
ID than in 1900. The corporation bega
De under the difficulty of the lack
al ready money owing TO the heavy co
iof organization, but Morgan had b