Bisbee daily review., 1911-11-03
GROWTH AND EXTENT
 OF STEEL CORPORATION

The United States Steel Corpora tion. the greatest combination Of capital in the world was organized iR 1901 under the financial manage ment of J. F. Morgan x Co.,, and began its corporate existence un- der the laws of New Jersey on April i Of that year.
 Charles Nj. Schwab. first presi- dent Of the corporation. is said to have first suggested the idea at dinner in New York.
 As consequence of this dinner. according to Mir Schwab, negotia- tions were opened between Mir. Morgan and different interests which controlled the leading steel concerns of the country.
 These concerns were the Carnegie company, Federal Steel company. National Tube company. American Bridge company, Lake Superior Consolidated Mines company. Ameri- can Steel and Wire company, Nat ional Steel company and the Ameri- can Sheet Metal company whose combined stock and bond capitali- zation amounted to S9l1,100,Oo0. Each of these concerns was in it. self a combination Of smaller com- panies representing as set forth m the report of the commissioner of corporations more than 200 original ly independent companies
 The National Steel company American Tin Plate company American Sheet Steel company and American Steel Hoop company were controlley by the William H. Moore interests. the American Steel and Wire company by John w Gates interests and the Lake Su- perior Consolidated Mines company by Rockefeller interests, while the Federal Steel. National Tube and American Bridge companies were known as the Morgan group.
 It was testified before the Stan icy committee that the Carnegie company was referred to as the thorn in the flesh of the steel industry" owing to the alleged policy of MT. Carnegie in refusing to stand by agreements, and it was Mir. Carnegie's methods ac- cording to some witnesses, that really precipitated the proposal Of c0mpinatlOn-
 In exchange for the stocks and bonds of these concerns there were issued stock and bonds Of the United States Steel Corporation aggregat- ing $1,2s7 POO. 900. Subsequently, in 1907 and 1902, there were taken in the Shelby Steel Tube company a combination of fourteen concerns, with a capitalization of 5000 .0O0: the Union Steel company. with capitalization of S45,000.00O, which had just absorbed the Sharon Steel company; the Clairton Steel com pany, a small concern. and in 1907 the Tennessee. Coal and Iron com pany, with a capitalization Of S30.- OOs, GOO.
 For his interest in the Carnegie Steel company Mir. Carnegie took in payment , per cent, first mort gage bonds Of the United States Steel Corporation. netting him sl6,- 100000 annually
 According Co the Herbert Knox Smiths report, the United States Steel Corporation has proved a profitable concern, having earned l2 per cent. on the actual invest ment. Its chief "monopOlistic fea- tuTe,' says the report. ifs in the control of the raw material" own ing 75 per centL it is stated. of the commercially available ore lands In the Lake Superior district.
 The corporations present capitali- zation consists of s5Os, ,00O. 900 con- mon stock. S36OO00,O0O preferred and s5s6,0O0.O0O first and second mortgage bonds including those of subsidiary companies, making a to- tai of s1464, 100000 It has paid I per cent. dividends on it's preferred stock since organization and s per cent on it's common stock since March Of last year.