Selling to the Steel Company

Random Reminiscences of Men and Events, by John D. Rockefeller is part of the HackerNoon Books Series. You can jump to any chapter in this book here. Chapter V : SELLING TO THE STEEL COMPANY

Chapter V. SELLING TO THE STEEL COMPANY

The work went on uninterruptedly and prosperously until the formation of the United States Steel Corporation. A representative of this corporation came to see us about selling the land, the ore, and the fleet of ships. The business was going on smoothly, and we had no pressing need to sell, but as the organizer of the new company felt that our mines and railroads and ships were a necessary part of the scheme, we told him we would be pleased to facilitate the completion of the great undertaking.

They had, I think, already closed with Mr. Carnegie for his various properties. After some negotiation, they made an offer which we accepted, whereby the whole plant—mines, ships, railway, etc.—should become a part of the United States Steel Corporation. The price paid was, we felt, very moderate considering the present and prospective value of the property.

This transaction bids fair to show a great profit to the Steel Company for many years, and as our payment was largely in the securities of the company we had the opportunity to participate in this prosperity. And so, after a period of about seven years, I went out of all association with the mining, the transporting, and the selling of iron ore.

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This book is part of the public domain. John D. Rockefeller. (2005). Random Reminiscences of Men and Events. Urbana, Illinois: Project Gutenberg. Retrieved October 2022 from https://www.gutenberg.org/files/17090/17090-h/17090-h.htm

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