John W. Gates.
The Carnegie Steel Company long remained independent. Determined not to
enter a "combine," Andrew Carnegie sought to fortify his position. He
obtained a fleet of ships upon the lakes, purchased mines, undertook to
construct tube works at Conneaut, Ohio, and planned for railroads. A
battle of the giants, with loss and possible ruin for one side or the
other, impended. Carnegie was finally willing to sell. Hence, the United
States Steel Corporation capitalized for a billion dollars. Carnegie and
his partners were said to receive about $300,000,000 in bonds of the new
corporation, while the other trusts and the promoters absorbed the stock