Immediately on the return of the two steel directors to New York the purchase was completed, Moore & Schley turning over to the Corporation 157,700 shares of common stock of the Tennessee Coal, Iron & Railroad Co. and receiving therefor $18,774,000 in second mortgage bonds of the Corporation, it having been agreed that the stock was to be paid for at par, in bonds at a market value of 84. Other common stockholders of the Tennessee company were offered the same terms, and the Corporation has since acquired all but $68,092.50 of the outstanding common stock of the southern company; $72,500 preferred stock and $123,100 guaranteed preferred is still held outside the Corporation. George G. Crawford, manager of the plants of the National Tube Co. at McKeesport, was appointed president of the Tennessee Coal, Iron & Railroad Co. under the new management. Crawford accepted somewhat hesitatingly at first, knowing that a great deal of money was required before it would be possible to put the company on a satisfactory earning basis. Indeed, he had previously refused to consider an offer of the position of manager under the former control. Under his guidance the company did rather better than expected and by about the end of its second year as a “Steel Trust” subsidiary was showing a small profit. All earnings, however, were put back into extensions and betterments, as was also a large amount of cash supplied by the controlling Corporation, and it was not until the year 1914 that the first dividend on the common stock, 1 per cent., was declared. By that time the expenditures made by the Corporation in extending the Tennessee properties and enhancing their earning power had begun to show visible results, and when the enormous war demand for steel started to make itself felt early in 1915, the southern company was in a position to take full advantage of it and to reap large profits therefrom. The Corporation does not make public the operating results of its separate subsidiaries, hence it is impossible to more than guess at the probable earning power of the Tennessee company. But there is reason to believe that its future operations will justify the expenditures of the Corporation, both for purchasing and improving its plants--that the investment will prove a paying one. CHAPTER V MEN WHO MADE UNITED STATES STEEL ELBERT H. GARY A year or so before these words were written the big office buildings and apartment houses of New York City were tied up by a strike of elevator operators. The Empire Building, at 71 Broadway, purchased shortly before the strike by the Steel Corporation, however, was not affected. Every man was at his post. And it was perhaps the only big building in the city that showed no sign of the strike. A newspaper man, visiting the building, asked one of the starters the reason, and he was told: