issued new bonds at a lower interest rate, assessed the stockholders for more capitol and eliminated all waste. Secondly, he would try to consolidate lines whenever possible. Third, Morgan and his associates would always charge enormous fees for their services. Pierpont, when questioned about his large compensation, said "I am not in Wall Street for my health." Morgan's reputation most likely grows from his role in the emergence of many modern companies. Morgan, through his innate business sense, helped launch some of America's largest corporations. Morgan was now known throughout the land for reorganizing the railroad system. He was able to invest and help foundling companies in need of his monetary support and guidance. Morgan was one of the earliest of Thomas Edison. Morgan allowed Edison to work in is office building and continue his experimentation, which caused several problems along the way. Morgan continued to support the growing company by acquiring many stock shares and facilitating the company's merger with the Thomson-Houston Electrical Company. This merger created the General Electric company, one of the most prominent companies in the modern world. Morgan went on to help create the Federal Steel Company, the National Tube Company and the American Bridge Company. One of Morgan's most famous business deals was the formation of the United States Steel Corporation in 1901. Morgan collaborated with Elbert Gary and John Gates to consolidate different steel companies to form a "supercombination." The U.S Steel Corporation was organized and acquired the outstanding bonds and stocks of the Carnegie Company. The company also bought the preferred stocks of Federal Steel, National Steel, National Tube, American Steel & Wire, American Tin Plate, American Steel Hoop, American Sheet Steel, Lake Superior Consolidated Iron Mines and American Bridge Company. The new company controlled over three-fifths of the steel business in the entire...
