The plant of the United States Steel Corporation, located between the Grand Calumet River and the Lake, have the most complete system of steel mills west of Pittsburgh. Within the first ten years after the founding of Gary the Steel Corporation had spent $85,000,000 in building furnaces, ovens, various foundries and shops, pumping stations, electric power plants, benzol plants, Portland cement works, and ore docks. Since that time the Steel Corporation's investment here has practically been doubled, and a number of subsidiary companies have built up great industries in Gary. The Universal Portland Cement here, for example, is said to be the largest plant of its kind in the world (daily capacity 30,000 barrels). The United States Steel Corporation, organized in 1901 with a capitalization of about $1,400,000, was an amalgamation of ten independent companies, of which the Carnegie Steel Co. and the Federal Steel Co. (of which Elbert H. Gary was president) were perhaps the most important. The consolidation was effected under the auspices of the late J. Pierpont Morgan, who negotiated the purchase of Andrew Carnegie's properties for $303,450,000 in 5 per cent steel corporation bonds and $188,556,160 in common and preferred stock. "The Value of the Carnegie Steel Co.," says A. Cotter in _The Authentic History of the U.S. Steel Corporation_, "was $75,000,000, though as a going concern it was worth $250,000,000. Its earnings in a single year had been as much as $40,000,000." Mr. Carnegie thereupon retired from business. On Jan. 1, 1920, the corporation had a surplus of $493,048,000, and the book value of the tangible assets was $1,917,730,000. There were then outstanding $568,728,000 in bonds and $868,583,000 in common and preferred stock. In 1919 strikes and other causes reduced the production of finished steel to about 75 per cent of capacity, and at the beginning of 1920 the corporation had unfilled orders amounting to more than 8,000,000 tons. The gross business of the corporation amounted to $1,448,557,835 in 1919 as against $1,744,312,163 the year before. The corporation's income for 1919, less operating expenses and taxes, was in the neighborhood of $150,000,000. Statistics of production for 1918 and 1919 are given below: Production in Tons 1919 1918 Iron ore mined 25,423,000 28,332,000 Coal 28,893,000 31,748,000 Pig iron 13,481,738 15,700,561 Steel ingots 17,200,000 19,583,000 Finished steel 11,997,000 13,849,483 Cement 9,112,000 7,287,000 No. of employees 252,106 268,710 Total wages $479,548,040 $452,663,524