By Kenneth Warren
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Extra info for Big Steel: The First Century of the United States Steel Corporation, 1901-2001
It was the natural leader in prices, and the levels that ruled during its early years were steadier but generally higher than in the last decade of relatively unfettered competition. In addition to an understandable wish for greater profits, there was another important reason for this. According to estimates made a decade later by the Bureau of Corporations, "water" accounted for about half the original nominal capital of the Corporation, or roughly as much as the whole common stock. Clearly US Steel had every incentive to set prices at a level that would enable net earnings to cover this excess.
Another mill would be transferred from Girard to Greenville. where it would operate as a "boom" plantthat is. working only when other mills were over stretched. Dinkey reported that Greenville "is on the line of the Bessemer road and is the only one of the isolated plants that I think we should keep up. By these changes. we shall abandon all the plants I imagine we want to abandon. except Duncansville. I think when that plant shuts down next time. it should be scrapped. " The Warren. Girard. and Duncansville mills were all written off at this time; Greenville was last worked in 1918.
Pennsylvania Steel and its offshoot Maryland Steel of Sparrows Point were reorganizing. It was recognized that if these last two companies had had sufficient are and coking-coal resources of their own. they could have saved. as compared with open market purchases. 9 million in 1901 and $1. 3 7 million the following year. Ne~~~~~stead Braddock Mingo Junction. McKeesport Columbus. Bellaire. Duquesne Ben Oed .. North ) o US Steel Integrated Works in the Northeast. 5 24 The Gary Era January 1901, E.
Big Steel: The First Century of the United States Steel Corporation, 1901-2001 by Kenneth Warren