On This Day in History, March 11, 1901– The Launch of US Steel
1901 – U.S. Steel was formed when industrialist J.P. Morgan purchased Carnegie Steep Corp. The event made Andrew Carnegie the world’s richest man.
When founded in 1901, United States Steel Corporation was the largest business enterprise ever launched, with an authorized capitalization of $1.4 billion. Today, over a century after its founding, U. S. Steel remains the largest integrated steel producer headquartered in the United States. U. S. Steel had its origins in the dealings of some of America’s most legendary businessmen, including Andrew Carnegie, J.P. Morgan, and Charles Schwab. However, its principal architect was Elbert H. Gary, who also became U. S. Steel’s first chairman. At the turn of the century, a group headed by Gary and Morgan bought Carnegie’s steel company and combined it with their holdings in the Federal Steel Company. These two companies became the nucleus of U. S. Steel, which also included American Steel & Wire Co., National Tube Company, American Tin Plate Co., American Steel Hoop Co., and American Sheet Steel Co. In its first full year of operation, U. S. Steel made 67 percent of all the steel produced in the United States.
1302 – The characters Romeo and Juliet were married this day according to William Shakespeare.
1665 – A new legal code was approved for the Dutch and English towns, guaranteeing religious observances unhindered.
1702 – The Daily Courant, the first regular English newspaper was published.
1791 – Samuel Mulliken became the first person to receive more than one patent from the U.S. Patent Office.
1824 – The U.S. War Department created the Bureau of Indian Affairs.
1861 – A Confederate Convention was held in Montgomery, Alabama, where a new constitution was adopted.
1905 – The Parisian subway was officially inaugurated.
1907 – President Theodore Roosevelt had negotiated a “Gentlemen’s Agreement” with Japan, by which the Japanese agreed to forbid the emigration of laborers to the United States.
Roosevelt worked skillfully to douse the flames. He persuaded San Francisco to desegregate its schools, and in return in 1907 he negotiated a “gentlemen s agreement” with Japan to keep out agricultural laborers. Then, lest the Japanese government think he had acted through fear, he launched a spectacular naval demonstration. (385) This was the attitude with which Wilson and Bryan approached a new crisis with Japan which seriously threatened war in the spring of 1913. The California legislature was threatening to pass a law disqualifying aliens ineligible for citizenship (Japanese) from owning land. As jingo newspapers in Japan whipped up a froth of war excitement, Wilson and Bryan could do little with the Republican legislature and the Republican governor of California, Hiram Johnson, who signed the bill. Wilson was rather inept in his negotiations, both with the Californians and the Japanese, but fared better with the Japanese.
Alarmed at the uproar, President Theodore Roosevelt promised Japan that he would use his influence to get the order of the San Francisco school board changed. Then, in order to meet the objections of the Californians, Roosevelt obtained a “gentlemen’s agreement,” or informal understanding, with the Japanese government. Through this “gentlemen’s agreement,” the Japanese government promised to keep its laborers from migrating to the United States. Roosevelt, in turn, promised that he would not seek legislation prohibiting the Japanese from moving to the United States. While this agreement reduced hard feelings between the two nations, the United States and Japan remained suspicious of each other’s intentions.
1930 – Babe Ruth signed a two-year contract with the New York Yankees for the sum of $80,000.
1941 – U.S. President Franklin D. Roosevelt authorized the Lend-Lease Act, which authorized the act of providing war supplies to the Allies.
1969 – Levi-Strauss started selling bell-bottomed jeans.
1986 – Popsicle announced its plan to end the traditional twin-stick frozen treat for a one-stick model.
Sources: Onthisday.com; Bookmice.net; USSteel.com