120 Years Ago, 1906 transcribed as originally published in the Youngstown Vindicator:

“Billion dollar merger now being arranged. U.S. Steel Corporation to absorb all its competitors. Gigantic deal. Expected to be closed not later than July first. Big ore control. John W. Gates’ holdings will be turned over to the United States Steel.”

“Information was received from conservative sources yesterday to the effect that the United States Steel corporation was arranging a stupendous deal by which it will take over the largest steel and iron interests in the country — a deal which will prove to be as gigantic a merger as was that which gave the corporation its inception. The plan, as outlined, readily explains why the Republic Iron-La Belle-Tennessee Coal & Iron deal has not been permitted to reach full culmination, and why the Great Northern ore deal has not as yet been officially announced as completed says the Pittsburgh Gazette.

“It was reported from a source worthy of the highest consideration that John W. Gates in his plans for the absorption of the Republic, Tennessee, La Belle and Sloss-Sheffield companies is acting for no other interest than the United States Steel corporation. Aside from Mr. Gates’ fitness to gain control of these properties, it is further pointed out that he would be one of the last active promoters suspected as representing the United States Steel interests….

“The Great Northern ore lands on the Mesabi range, better known as the J.J. Hill properties, represent ore deposits of 300,000,000 tons. The terms of this pending deal provide that the Steel corporation will pay 70 cents a ton for ore mined and 80 cents a ton for carrying the ore to Duluth. Five cents a ton is to be added each year until the mining price reaches $1 a ton. Another stipulation is that 10,000,000 tons be mined annually….

“A party of important steel officials will leave for the west within the next 48 hours to inspect a number of the more important steel, iron and tin plate properties upon which appraisers have been at work. This party will be gone possibly a month and will probably round up such deals as might be deemed advisable to take into the general pool. It is reported from authoritative sources that the whole merger and absorption will not take place until July 1, as some delays are certain to be experienced in gathering in all the desirable properties.

“It is emphatically announced that the United States Steel corporation will only absorb such properties as are on a well paying basis and will not assume any plants which might in any way impair its own strong position by their individual weakness. The independents, it is said, show a willingness to sell their holdings during this era of prosperity.

“With the enormous ore holdings of the Mesabi range, the Tennessee Coal & Iron company, together with its own great holdings, the United States Steel corporation expects to find itself in a stronger position than fondest expectations ever before realized. The public announcement of the acquirement of these great ore properties has done much toward inducing the independent manufacturers to offer their properties for sale at reasonable prices at this time.

“With indications of profits of $135,000,000 during the current year, and with immense surpluses in the hands of underlying and the parent company, the United States Steel corporation officials think the time opportune for firmly entrenching the corporation as the principal and strongest factor in the iron and steel world.”

• Compiled by Dante Bernard, museum educator at the Mahoning Valley Historical Society