jan 17, 1901 - Morgan buys Carnegie Steel & est. US Steel Corporation (1901)

Description:

Morgan went into steel pipe tubing manufacturing; After lots of haggling → Morgan buys out Carnegie for $480 mill; Carnegie spent rest of life giving away $350 mill for philanthropic causes;

Morgan expanded new industrial empire too quickly, Took Carnegie holdings, added other holdings, “watered” the stock, (1901) launched United States Steel Corporation, United States Steel Corporation - valued at $1.4 bill, 1st Amer billion-dollar corporation; Larger sum than total wealth of nation in 1800

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