Buffalo Mining Co.
Colby Iron Mining Co.
Crystal Falls Iron Mining Co.
Cuyahoga Mining Co.
Dunn Iron Mining Co.
Great Western Iron Mining Co.
Lincoln Iron Mining Co.
Pence Ore Co.
Queen Iron Mining Co.
St. Paul Iron Mining Co.
Stevenson Iron Mining Co.
Sunday Lake Iron Mining Co.
Winnifred Iron Mining Co.
N. G. Taylor & Co.
Newton Steel
Corrigan, McKinney & Co. was an iron orewholesaler, iron mine owner and operator, and pig iron producer based in Cleveland, Ohio.Its majority stockholder was founder James C. Corrigan, and the silent partner was Cleveland railroad magnate Stevenson Burke.It emerged in March 1894 after the bankruptcy of Corrigan, Ives & Co., with Burke's son-in-law, Price McKinney, becoming the second largest stockholder.Gogebic, Marquette, Mesabi, Menominee iron ranges in Michigan, Minnesota, and Wisconsin, where for many years it was second only to U.S. Steel in terms of annual tonnage mined.It owned pig iron smelters in New York, Ohio, and Pennsylvania, as well as limestone quarries and coal fields in New York and Pennsylvania.
The company went into shipping business in 1896 and owned one of the most influential iron ore shipping fleets on the Great Lakes. It formed a subsidiary, Corrigan, McKinney Steel (later known as McKinney Steel before reverting to its original name), in 1907. Its four blast furnaces, steel furnaces, coking operation, rolling mills, and finishing mills on the Cuyahoga River were the largest in Cleveland and some of the most efficient in the United States.
In 1919, Corrigan, McKinney & Co. purchased and operated coal fields in Kentucky to ensure a steady supply of coal and coke for its steel mill.
Stevenson Burke's death in 1904 left his shares under the control of his widow, son, and daughter. The 1908 death of James C. Corrigan left his shares in the hands of his son, James W. Corrigan. He later purchased the shares of Burke's son. Price McKinney's suicide transferred his shares to his widow. After James W. Corrigan's untimely death in 1928, the shares passed to his widow, Laura Mae Corrigan.
Now known as Corrigan McKinney Steel, the company having renamed itself, the four women in control of the firm sold their shares to Cleveland-Cliffs Iron Co. in 1930.Cleveland-Cliffs borrowed heavily to purchase the shares, and was nearly driven to bankruptcy as its financial situation became imperiled by the Great Depression.Cleveland-Cliffs sold Corrigan McKinney Steel in 1934 to Republic Steel at a significant loss, and wound up a holding company that once controlled Corrigan McKinney Steel.
The sale to Republic Steel ended Corrigan McKinney's corporate existence.
Creation of Corrigan, McKinney and Co.
James C. Corrigan
James Corrigan was a Canadian American who had engaged in petroleum refining in Cleveland from 1871 to 1887.[1] He purchased his first shipping schooner in 1887, and became highly influential in Great Lakes shipping circles.[2] He was a millionaire by 1889.[3]
Having engaged in the transportation of coal and iron ore for some years, Corrigan decided to begin mining operations on his own. With co-investor and Standard Oil co-founder Stephen V. Harkness, he incorporated an iron mining company in March 1887 and leased the Iron Belt Mine on section 11 of the Gogebic Range (near Iron Belt, Wisconsin).[4]
Corrigan, McKinney & Co.'s early mining activities
1894 to 1908
Corrigan, Ives & Co. was reorganized as Corrigan, McKinney & Co. on March 15, 1894.[30][31] Franklin T. Ives left the firm, and Price McKinney joined as a partner.[30]
Six days after its organization, Corrigan, McKinney, & Co. incorporated the Queen Iron Mining Co. and the Sunday Lake Mining Co. to operate mines on its behalf.[32] The company soon leased the Dunn Mine[33] and the Dunn Mining Co. to operate it.[34]
Gold and copper mining activities
Concheno gold mine, Mexico
In April 1895, bankrupt Wisconsin mine owner Ferdinand Schlesinger was forced to sell most of his properties. He sold his El Concheno gold and silver mine in the Mexican state of Chihuahua to Corrigan, McKinney & Co.[79][80] The new owner funded the construction of a railroad spur to the mine, and added crushers and a mill.
Corrigan, McKinney & Co. sold the mine in December 1906 for $1.25 ($0 in dollars) to Greene Gold-Silver, a mining firm owned by William Cornell Greene.[79][82] Greene Gold-Silver defaulted on its payments in December 1908, and Corrigan, McKinney repossessed the property.[83]
1903 death of Stevenson Burke
In the 1894 reorganization of Corrigan, McKinney & Co., James C. Corrigan owned 40% of the stock. Initially, Stevenson Burke owned 30%, and Price McKinney the remaining 30%.[95]
Burke died in April 1904,[96] and his stock was divided among his heirs: 13.75% went to his grandson, E. Stevenson Burke Jr.;[97] 8.75% went to his granddaughter, Parthenia Burke Ross; and 7.5% went to his wife, Ella Burke.All three could vote and sell their shares.[100]
Shipping fleet
Corrigan, McKinney & Co. began building its shipping fleet with the steel barge Polynesia, which launched in June 1897.[101] Two others, then both the largest steel barges on the Great Lakes,[102] Amazon[103] Australia,[104] followed.In 1899, Corrigan, McKinney rapidly expanded its shipping fleet, purchasing 17 more boats.[105] It made the Corrigan, McKinney fleet one of the largest on the Great Lakes.[106] Two more vessels were added in 1900,[107]
Involvement in pig iron production
By 1905, Corrigan, McKinney & Co. owned one of the largest group of blast furnaces in the country.[119] Even though the company was the second largest shipper of iron ore (only U.S. Steel was larger), it still had to purchase ore from other mines and dealers to keep its furnaces going.[120]
Corrigan, McKinney & Co. moved into the manufacture of pig iron in 1894, leasing the River Furnace in Cleveland.[121] The company incorporated the River Furnace and Dock Co. in March 1895[122] to operate the River Furnace.[123] In February 1900, CM&C leased 1200 ft of waterfront to provide additional dock and storage space for the smelter.[124]
Going into steel production
Planning a Cleveland blast furnace
Corrigan, McKinney & Co. made public its decision not to renew its lease on Cleveland's River Furnace in December 1906.[125][150]
James Corrigan and Price McKinney intended to build one or two new furnaces somewhere along the Cuyahoga River in Cleveland. In January 1907, their company began negotiating with the state of Ohio for a lease on 3 acre at the Weigh Lock, where the Ohio and Erie Canal began on the east bank of the Cuyahoga River.[157] The state leased only 2 acre to the company,[163] so Corrigan, McKinney purchased another 40 acre south of the state land in January and February 1907.[164]
Death of James C. Corrigan
In late December 1908, Corrigan was diagnosed with appendicitis.[168] He underwent an appendectomy on December 24, but there were complications from the surgery[169][170] and he died on December 24, 1908.[171][172]
Corrigan's will left his shares in Corrigan, McKinney & Co. to his son, James W. Corrigan (known as Jimmie).[99][173]
Corrigan, McKinney under Price McKinney
Building Cleveland's largest steel plant
Corrigan, McKinney & Co. declared that the death of James C. Corrigan would have no impact on its decision to build two blast furnaces on the west bank of the Cuyahoga River between Clark and Houston avenues.[178] A contract for the first, $100,000 furnace was let at the end of March 1909,[179] but by April the company said its first furnace would be much larger and cost $300,000.[180] Corrigan, McKinney originally said it would begin construction on the second furnace in 1910.[179] By September 1900, however, the company's plans had grown: It now said it would rush construction on the second stack, and build four furnaces at a total cost of $3 million .[181]
Creation of McKinney Steel Holding
By the end of 1924, McKinney Steel Co. had net tangible assets worth $65.5 million and net assets worth $8.8 million, Average annual earnings after taxes for the past eight years was $1.8 million a year. The average annual dividend over the past eight years was $2,375,000, although in 1923 it was $1 million. The company had no debt (or, at least, no public debt),[243] and until the creation of preferred stock in 1925 had put all earnings back into the company.[243]
The McKinney Steel plant in Cleveland was widely considered the most efficient steel plant in the nation,[244] and had more coke ovens than any other steel plant in Ohio.[243][244]
Set-up of McKinney Steel Holding
James W. Corrigan era
McKinney Steel in 1925
Mining activities under James W. Corrigan were limited. In Michigan, the company was only operating the Ironton, Ira Odgers, and Tobin mines near Crystal Falls.[264] A drift about 1 mi long was constructed underground to link the Ira Odgers and Tobin mines.[265] In Minnesota, it operated only the Commodore, St. Paul, and Stevenson[264] after permanently closing the St. James in January and abandoning the property in March.[266] The company was mining so little ore in 1925 that it finally closed its Pittsburgh offices in September 1925.[268] Still, it shipped 1117435 ST of iron ore in 1925.[269]
1928 death of James W. Corrigan
James W. Corrigan lived only 15 months longer than Price McKinney. On January 23, 1928, he died of a heart attack while entering the Cleveland Athletic Club.[173][292]
He left behind an estate valued at about $9.8 million. Just under $8.5 million was stock in Corrigan, McKinney Steel.[293] Corrigan's will specified that his shares in Corrigan, McKinney Steel were to be placed in a trust,[100] with John H. Watson one trustee and the other appointed by the Union Trust Bank Co.[294] Laura Mae Corrigan could sell her shares but not vote them.[100] The trustees could not sell the shares without her consent, but they had full authority to vote the shares.
Corrigan, McKinney Steel under John H. Watson
Status of the business at the time of Corrigan's death
Unknown except to executives within the company, Corrigan, McKinney Steel had accumulated $12 million in debt at the time of Jimmie Corrigan's death. The company already had $10 million in outstanding bank loans at the end of 1926, and incurred another $2 million in 1927.[297] Finance & Industry, a Cleveland area business magazine, called Corrigan, McKinney's debt-to-asset ratio of 13.9% relatively low, especially when compared to other steel firms.[297] Company insiders felt differently; John H. Watson believed Corrigan, McKinney was heavily in debt. Laura Mae Corrigan and Parthenia Burke Ross seemed to agree that the company was not in solid financial shape.
Laura Mae Corrigan expressed her desire to sell her shares,[298] but John H. Watson told her that he knew of no potential buyers.[297]
1930 Cleveland-Cliffs purchase of Corrigan, McKinney Steel
The two-year period established by Laura Mae Corrigan and Parthenia Burke Ross for seeking a sale of Corrigan, McKinney Steel was up in February 1930. According to Laura Mae Corrigan, the individuals most responsible for the corporation's governance during the two-year period were her trustees, John H. Watson and Joseph R. Nutt.[314] The legal firm of M.B. and H.H. Johnson had also helped to a small degree.
The timing is unclear, but a short time before March 1930, another steel company made a cash offer for all common stock of McKinney Steel Holding. The estate trustees ascertained that the buyer would move management control of the company to another city. Out of a desire to keep management local, civic pride, and other factors, Corrigan's trustees sought to find either a local buyer or a company who would keep management control in Cleveland.
Either shortly before or after March 5, Parthenia Burke Ross authorized the Union Trust Co. to represent her in the sale of her Corrigan, McKinney Steel common shares as well.
Laura Mae Corrigan returned to Cleveland from London on March 13. It was her first visit to the city since her husband's death in 1928.[314] Although her private secretary said she had come back only to visit her husband's grave,[315]
Financial stress on Cleveland-Cliffs
Financing the merger with Cleveland-Cliffs
To finance the deal, Cleveland-Cliffs paid $5 million ($0 in dollars) in cash and borrowed $25 million ($0 in dollars) from eight banks and individuals. Banks providing financing were: Bankers Trust ($4 million), Continental Illinois Bank & Trust ($3.5 million), the Union Trust Co. ($3,387,500), the Guardian Trust Co. of Cleveland ($1.5 million), First National Bank of Chicago ($1 million), Central United National Bank of Cleveland ($500,000), and the Cleveland Trust Co. ($300,000). William G. Mather personally loaned Cleveland-Cliffs another $200,000 to complete the deal.
Inability to dispose of Corrigan, McKinney assets
Cleveland-Cliffs did not intend to get into the steel business, but rather intended to sell the blast furnaces and steel mill to Eaton.[332]
Although the Great Depression had begun in late October 1929, Greene and other Cleveland-Cliffs directors and officers believed the economy had only entered a short-term recession.
Corrigan, McKinney's 1932 purchase of Newton Steel
Newton Steel was a maker of finished steel based in Newton, Ohio,[339] which finalized completion on a new finished steel mill plant near Monroe, Michigan, in February 1930.[340] It built the Monroe plant using a $3 million bond issue, which came due on January 1, 1932.[341] Newton Steel did not manufacture basic steel, as Corrigan, McKinney did.[342] Corrigan, McKinney supplied nearly all the steel bars used by Newton Steel,[343] and Newton Steel was Corrigan, McKinney's most important client.[344] With the depression, Corrigan, McKinney very much needed to secure a reliable customer for its semi-finished steel,
Republic Steel purchase of Corrigan, McKinney Steel
Cleveland-Cliffs loses control of Corrigan, McKinney
By the end of January 1933, dividends on McKinney Steel Holding preferred stock had not been paid for more than six months. On February 16, 1933,[356] this triggered the voting provisions in the articles of incorporation that transferred voting rights from McKinney Steel Holding common to preferred stock.[357]
Cleveland-Cliffs owned only 88 of the 72,500 shares of McKinney Steel Holding preferred.[249] Trusts, banks, a few businesses, and more than 1,000 members of the public owned the remaining shares.[358] The largest block of preferred stock was held by the Union Trust Co. It had 23,324 shares[359]
Dissolution of McKinney Steel Holding
With the sale of Corrigan, McKinney to Republic Steel, McKinney Steel Holding no longer had any purpose. The first step in winding up the company would be to redeem all outstanding preferred shares.[396] This would also help Cox liquidate the Union Trust by converting the shares it owned into cash.[358] Dissolution of McKinney Steel Holding would also allow Cleveland-Cliffs to take ownership of the 335,937 shares of Republic Steel common stock McKinney Steel Holding held.[397][398]
In October 1935, preferred shareholders approved a plan that allowed McKinney Steel Holding to redeem up to 10,000 preferred shares a year by liquidating the Republic Steel securities it held.[358] The number of shares redeemed depended on obtaining a good price for the Republic Steel bonds the holding company held.At a minimum, Cox estimated, it would take three to seven-and-a-half years to redeem all the preferred stock.[396]
Dalliba, Hussey & Co. was founded in January 1887 by James H. Dalliba (a veteran mine operator), Horace P. Hussey (of the stock brokerage firm Hussey, Hoyt & Co.), and the firm of Moore, Benjamin & Co. (a developer of iron mines on the Gogebic Range). It purchased the output of iron mines on the Gogebic, Marquette, and Menominee ranges, and sold it to various foundries.[6] All the mines were owned or controlled by Moore, Benjamin & Co.[7]
Dalliba, Hussey was under financial strain, however. Needing a wealthier investor, Moore, Benjamin & Co. sold its interest in Dalliba, Hussey & Co. to James Corrigan in August 1887.[8][7] Moore, Benjamin & Co. failed in November 1887,[9] and Dalliba, Hussey & Co. went into liquidation in February 1888.[7]
Corrigan formed a new company in March 1888 to take up the business of the old, operating under the name Dalliba, Corrigan & Co.[7][10] Stevenson Burke was a silent investor in the new partnership, which by agreement was to last three years.[7]
Corrigan, Ives and Co.
Dalliba, Corrigan & Co. dissolved in 1891, and James Corrigan formed a new iron dealership with Stevenson Burke and Franklin T. Ives[11] after James Dalliba pulled out.[12] The name of the new partnership was Corrigan, Ives & Co.[7] Corrigan, Ives & Co. quickly became one of the nation's leading iron ore and pig iron dealers,[11][13] and James Corrigan made a million dollars.[14]
The Panic of 1893 began in February 1893.In early July 1893, Stevenson Burke asked an Ohio state court to appoint a receiver for Corrigan, Ives & Co.[15] The court agreed, and appointed Price McKinney (Burke's son-in-law)[16] receiver on July 8.[15][17]
On the whole, Corrigan, Ives & Co. was solvent and making money during the receivership. The court permitted Corrigan, Ives & Co. to reorganize under McKinney, rather than force a liquidation.[18]
While in receivership, the company purchased the leases on the Buffalo, Prince of Wales, Queen, and South Buffalo mines on Michigan's Marquette Range for $400,000 in January 1894,[19] and purchased the Sunday Lake Mine in February 1894.[27] Corrigan, McKinney & Co. obtained ownership of the bankrupt Buffalo Mining Co., reorganized it, and assigned it as the operator of the Buffalo Mine.[29]
In 1895 and 1896, Corrigan, McKinney & Co. leased or purchased nine mines on the Mesabi Range,[34][35][36][37][38][39] two mines on the Gogebic Range,[40] and one mine each on the Marquette[41] and Menominee ranges.[42]
Some retrenchment occurred in 1897 and 1898, as it closed four mines on the Gogebic,[43] three mines on the Mesabi,[44][45] and one mine on the Marquette.[20][46] It added only a single new mine, on the Gogebic Range, during this same period.[47]
Becoming the third largest iron ore producer in America
In 1898 and 1899, Corrigan, McKinney & Co. purchased or leased nine mines on the Menominee Range,[48] four mines on the Gogebic,[49] and one mine on the Marquette.[50] It also closed four mines on the Marquette Range.[51] The company also leased or purchased thousands of acres of land for ore exploration.[52][53][54][55][56]
In this initial four-year period, Corrigan, McKinney & Co. organized seven new subsidiary companies to operate its mines.[57][58][59]
Despite the purchase or lease of nearly 40 iron mines and ore-bearing properties throughout the Midwest after 1894, many of these properties were not producing. By March 1900, Corrigan, McKinney & Co. was only operating three mines on the Mesabi, five on the Gogebic, and eight on the Menominee.[60] Even so, by the end of the year, Corrigan, McKinney & Co. was one of the top three independent producers of iron ore, along with Cleveland Cliffs Iron and John D. Rockefeller's Lake Superior Mining Co. (U.S. Steel was far and away the largest producer of iron ore in the Great Lakes region.)[61] It also left CM&C with the third most extensive iron ore holdings in Midwest; only U.S. Steel and the Rockefeller trust controlled more.[62][63][64][65][66]
From 1901 to 1908, Corrigan, McKinney & Co. purchased or leased five mines on the Menominee,[67] and four mines on the Mesabi.[68] It incorporated two new subsidiaries to operate them.[69] It sold or closed four mines on the Menominee,[70] two on the Mesabi,[71] and one mine each on the Gogebic[72] and Marquette ranges.[73] It also leased much land for exploration.[74]
Corrigan, McKinney was the third-largest producer of iron ore in the United States in 1901,[75]The Plain Dealer newspaper called Corrigan, McKinney's influence over the iron ore trade "enormous" in May 1902.With U.S. Steel using the output of its mines solely for its own benefit, CM&C set the price for iron ore sold by independent companies in the U.S., due to its large mines on the Gogebic, Menominee, and Mesabi ranges.[76] It retained that title through 1906.[77] By the end of 1908, Corrigan, McKinney & Co. was still one of the top four independent iron ore producers in the world.(The others were Cleveland Cliffs, M.A. Hanna, and Pickands Mather.)[78]
In January 1903, Corrigan, McKinney & Co. purchased the long unworked Ropes Gold Mine at the west end of Deer Lake in Marquette County, Michigan.[85] The purchase price was $12,500 for the mine,[86][87] and $2,600 for the plant and machinery.[88]
Abandoned on the site was $25,000 worth of machinery in good condition.[87] The former owners had also abandoned amalgamating plates on which $30,000[86][89] to $50,000[88][90] in gold was found ( to ).The discarded mine tailings contained another $90,000[88] to $200,000 in gold[87] ( to ).The company finished extracting what it could from the Ropes mine in 1914, and sold the machinery and buildings.[91]
San Rafael and Rio Tinto copper mines, Mexico
In August 1907, Corrigan, McKinney & Co. purchased the San Rafael copper mine for $50,000 .[92] In September 1908, it purchased the nearby Rio Tinto copper mine for $187,000.This property included a smelter.[93] Both properties were located about 25 mi north of Chihuahua City.[93]
In December 1912, during the Yaqui Wars, members of the Yaqui First Peoples tribe attacked the San Rafael mine, but were repelled by cavalry of the Mexican Army.[94]
bringing the firm's expenditure on shipping boats to $3 million in building its fleet.
Corrigan, McKinney fleet lost three ships in 1900,[108] two in 1901,[109] two in 1902,[110] two in 1903,[111] and two in 1904.[112] At the end of 1905, having sold two ships[113] and losing two more,[114] Corrigan, McKinney & Co. decided to gradually wind down its shipping business.[115]
In 1906 and 1907, the company sold four more ships.[116] This left it with just its three original steel barges.[117] Corrigan, McKinney & Co. sold these last three vessels in February 1915.[118]
Corrigan, McKinney & Co. relinquished the lease on the River Furnace in August 1907.
Corrigan, McKinney & Co. obtained its second blast furnace, the Charlotte Furnace in Scottdale, Pennsylvania, in May 1895.[126] Corrigan, McKinney incorporated a subsidiary, the Scottdale Furnace Company, in 1905 to operate the furnace.[127][128] After a major explosion in February 1908,[129] Corrigan, McKinney razed the existing structure,[130] and built a new furnace at a cost of $250,000 ($0 in dollars).[131] The Charlotte Furnace was idled from 1920 to 1922,[132] and shut down permanently in 1925.[133] Corrigan, McKinney surrendered its lease on January 10, 1026.[134]
Corrigan, McKinney & Co. obtained the Douglas Furnace of Sharpsville, Pennsylvania, its third blast furnace, in 1896 after winning a judgement against the firm that owned it.[135][136] The Carnegie Steel Company purchased the Douglas Furnace in 1895.When Corrigan, McKinney's lease expired on May 7, 1898, Carnegie Steel declined to renew it and took over the Douglas Furnace itself.[136]
Corrigan, McKinney & Co.'s fourth blast was the Genesee Furnace of Charlotte, New York, which it purchased in June 1902.[137] About $100,000 ($0 in dollars) was spent repairing and improving it.[138] The company also purchased a limestone quarry near Le Roy, New York,[139] and another at Gouverneur, New York,[140] to provide limestone for smelting.Corrigan, McKinney incorporated the Genesee Furnace Company to operate the furnace in 1903.[141] More improvements followed in 1903,[142] in 1904,[143] and in 1905.[144] The cost of these three improvements was $566,000 ($0 in dollars).[139][144] A major reconstruction occurred in 1908.[140] The furnace closed in 1924.It reopened in August 1926, but only to use up the coal, iron ore, and limestone at the site and to melt down any obsolete machinery.[143][145] The Genesee Furnace was permanently closed in April 1927.[145]
Difficulties in obtaining a reliable supply of coke for its furnaces led Corrigan, McKinney to set up its own coking facility.In February 1903, it purchased between 4000 acre to 6000 acre[146][147] of coal-bearing land in Pennsylvania.Corrigan and McKinney decided to build a blast furnace at nearby Bell's Mills in Indiana County, Pennsylvania.[119] The company began construction[119] on 165 new houses for its workers and managers.[146] The new town was named Josephine, after the wife of Corrigan, McKinney stockholder Edward Burke.[148] The Josephine Furnace was the first modern, coke-fired blast furnace in Western Pennsylvania.The Josephine Furnace Co. was incorporated by the company to run the coking facility.[149] A second blast furnace, to cost $1 million ($0 in dollars),[150] was erected there in April 1907.[151] It built an ingot mill at the Josephine site in 1915.[152] The Josephine Furnace Co. was dissolved in January 1918 when Corrigan, McKinney changed its name to the McKinney Steel Co.[153] The plant shut down in mid 1912 and did not resume production again until January 1923.[154] Limited repairs were made in December 1925,[155] but both furnaces were shut down again in 1927 and never restarted.The Josephine Furnace was sold in June 1936.[156]
Decision to build a small steel mill
Some time later in 1907, Corrigan, McKinney & Co. executives decided that a larger blast furnace complex was needed.[165]
The firm now began negotiating with landowners on the west side of the Cuyahoga River between Houston Street on the north and Clark Avenue on the south,[165] and by early August 1908 had secured 40 acre[150][166] of land, from the Cuyahoga River west to the Wheeling and Lake Erie Railroad and the Newburgh and South Shore Railroad.[150]
On July 31, 1908, the company announced that it would build a much larger facility consisting of at least two pig iron blast furnaces[150] and a steel plate mill[167] capable of producing 200000 ST a year.[150] The cost of the plant would be at least $2.5 million ($0 in dollars).[150][167] Ground clearance and grading on the western 40 acres began on August 1, 1908.[150]
Jimmie had shown little interest in the firm for years,
The trust effectively put Price McKinney in control of Corrigan, McKinney & Co.
In December 1909, Corrigan, McKinney & Co. incorporated a subsidiary,[185] the River Terminal Railway.This was a shortline railroad to link the ore docks at the mouth of the Cuyahoga River to its furnaces.[186]
Corrigan, McKinney's first blast furnace was blown in at the end of May 1910,[187] and the second furnace was nearing completion.[188] (It was blown in on June 20, 1912.)[189]
The company decided to expand its presence on the east side of the Cuyahoga River probably in the spring or summer of 1910. Its first move came in October and November 1911, when it purchased 40 acre of property.[190] Just two weeks after the last of these land acquisitions, Corrigan, McKinney & Co. announced it would spend $1.5 million to erect a steel mill consisting of eight open-hearth furnaces capable of producing more than 1000 ST of semi-finished billets, sheet bar, and slabs.[191] The company decided to double the size of this steel mill in February 1912,[192] Between October 1912 and February 1913, it purchased 118 acre on the east side of the Cuyahoga River from Dille Avenue south to Pershing Avenue, and east roughly to Colorado Street.[193]
To connect its east and west side facilities, Corrigan, McKinney & Co. built the River Terminal Railway lift bridge over the Cuyahoga River in 1913.[197]
Construction on the steel mill began in July 1913.[198] To power the four blast furnaces and the steel mill, the company built a power house on the west bank of the Cuyahoga River in 1915.[199] Construction on the final two blast furnaces and the steel mill progressed slowly throughout 1915 due to poor demand for steel, which curtailed Corrigan, McKinney's revenue,[200] but the mill finally began making steel on January 20, 1915.[201]
All told, Corrigan, McKinney built two 350 ST pig iron blast furnaces, two 500 ST pig iron blast furnaces, 14 80 ST open-hearth steel furnaces, 204 coke ovens, a blooming mill that produced 40 in wide ingots, and a bar mill that produced both 18 in and 21 in billet, slabs, and sheet bar.[189] The third blast furnace was blown in on May 13, 1916, and the fourth on December 30, 1916.
By early 1925, the company was building a finishing mill intended to bring annual capacity to 1000000 ST a year.
Mining under McKinney
From 1909 to 1919, Corrigan, McKinney & Co. closed seven mines,[203] leased one new mine, and incorporated a new mining subsidiary.[204] It also leased land for exploration.[205]
About June 1917, Corrigan, McKinney & Co. leased a large amount of coal=bearing land in the Eastern Kentucky Coalfield.[206] By 1904, the firm controlled 130000 acre of coal-bearing land in the state.[207] By 1911, the company controlled only 100000 acre,[208] and by 1916 this had shrunk to 49000 acre.[209] These holdings may have dropped to 41500 acre by the end of 1916, due to the sale of 3000 acre[210] and the loss of 5900 acre due to a legal dispute over title.[211]
McKinney Steel (as the company was called after January 1, 1918) broke ground on the Wolfpit Mine,[212] located near the confluence of Marrowbone Creek and the Left Fork of Wolfpit Branch, in September 1917.[213] By May 1919, McKinney Steel had opened a second mine in Kentucky on nearby Greasy Creek.[214] It closed the Greasy Creek mine in March 1928,[215] and the Wolfpit Mine in September 1928.[216]
The post-war recession of 1920–1921 was steep, and McKinney Steel closed all its iron ore mines beginning in January 1921.[217] Mine workers were only rehired in October 1921 after the recession eased.[218] By May 1922, all of McKinney Steel's iron mines had reopened, except for the Colby.[219]
Change of name: McKinney Steel
According to The Plain Dealer newspaper in Cleveland, Price McKinney's salary was $200,000 ($0 in dollars) in 1917. That year, Corrigan, McKinney & Co. had gross revenue of $60 million ($0 in dollars), and a gross profit of $16 million ($0 in dollars).[95]
For reasons never made public, Price McKinney decided to change the name of the firm to McKinney Steel Company. The alteration occurred on January 1, 1918,[220] and was first reported on January 5.[221] The partnership of Corrigan, McKinney & Co. was dissolved, and all of its assets were turned over to the new McKinney Steel.The percentage of shares owned by Jimmie Corrigan, Price McKinney, E. Stevenson Burke Jr., Parthenia Burke Ross, and Ella Burke remained identical to their ownership shares in the old partnership.[220][222]
Dissolution of the Corrigan trust
In the fall of 1918, James W. "Jimmie" Corrigan requested a report on the financial status of the trust holding his shares of McKinney Steel. His father's will provided $1,200 ($0 in dollars) a month to cover expenses incurred by the trustees, but the report showed that Price McKinney alone had charged the trust $200,000 a year ($0 in dollars).[177]
In December 1918, Jimmie Corrigan filed suit in Lake County probate court to have the trust dissolved.[176] Corrigan was upset that the firm's name had been changed,[177] and felt Price McKinney was trying to freeze him out of all management decisions.[176] He believed McKinney disapproved of his December 1916 marriage to Chicago divorcée Laura Mae MacMartin, and that McKinney was upset that Corrigan had disinherited McKinney's children in favor of his new wife.[177]
In his lawsuit, Corrigan accused the trustees of charging excessive management fees,[177] argued that J.E. Ferris was not an independent trustee but rather acted as a rubber-stamp for Price McKinney,[176] and that Price McKinney had embezzled $100,000 ($0 in dollars) from the trust.[229] McKinney countered that Jimmie Corrigan had approved the withdrawal of $100,000 as a loan.[229] The lawsuit was settled out of court, with McKinney and Ferris voluntarily relinquishing their administration of the trust.With the initial 10-year period having lapsed, James W. Corrigan now came into full possession of his $25 million ($0 in dollars) inheritance and full control over his majority shares in McKinney Steel on January 24, 1919.[230]
Jimmie Corrigan had no intention of becoming involved in McKinney Steel. He and his wife left Cleveland shortly thereafter and spent the next six years traveling in Europe.[175] Under Price McKinney's leadership, the company was doing very well.Revenue in 1918 was up 170% to $100 million ($0 in dollars), and gross profit had risen to $17 million ($0 in dollars).[95]
Steel and coal strikes of 1919
By fall of 1919, McKinney Steel employed about 4,000 men in Cleveland. About 500 to 600 of them were working the four blast furnaces, while another 800 operated the company's 204 coke ovens. The remainder worked in the steel mill, operating the open hearth furnaces and rolling mills.[231]
Between April 1917 (when the United States entered World War I) and April 1918, more than 3,500 strikes had occurred, disrupting the war effort.In April 1918, President Woodrow Wilson established the National War Labor Board to mediate disputes and bring an end to strikes and lockouts. The board lacked legal enforcement powers, and relied on public opinion and the president to enforce its orders.
After the war ended in November 1918, most American employers sought to return to the antebellum status quo of a nonunion workforce. Businesses with large workforces adopted an organized push to de-unionize. As the post-war recession worsened, union members and supporters were targeted for dismissal. Angry workers sought to push back against the de-unionization effort. The American Federation of Labor (AFL) tried to use worker unrest to build momentum for an organizing drive in the steel industry, but prohibited any strikes. Steelworkers became disillusioned. Seeing the chance for membership gains slipping away, the AFL and its member unions involved in the steel industry agreed to strike in August.
The 1919 general strike in steel began on September 22, 1919, and hit McKinney Steel among hundreds of iron and steel manufacturers.[232] The company shut down its four Cleveland blast furnaces[233] but none of its iron mines.[234] McKinney Steel locked out its employees.[235] But the strike began to wane by the second week of October,[234] and the company ended the lockout by October 18.[235] The AFL's primary steelworkers union, the Amalgamated Association of Iron and Steel Workers, claimed that none of its men went back to work,[236] but the company reported that enough men had returned to work to put its mills back into partial operation.[235]
By October 22, McKinney Steel had one blast furnace, two open hearth furnaces, and a battery of coke ovens operating.[237]
A national coal miners' strike hit on November 1.Railroads started hoarding coal for their own use, citing "government necessity", and even McKinney Steel was short of coal.[238] The company limited its steel operations due to lack of coal on December 7,[239] but continued to operate its iron mines at full capacity.[240]
By early January 1920, McKinney Steel was operating almost at full capacity again. Despite the ongoing national coal shortage created by the strike, the company was somehow able to divert coal from other essential industries to its own steel mill in Cleveland.[241] All its coke ovens, blast furnaces, and open hearth furnaces were fully operating.About 90 percent of its workforce returned to work, with only common laborers staying away.[242]
In 1925, Joseph R. Nutt was president of the Union Trust Company,[245] a Cleveland-based trust bank and one of the largest banks in the nation outside of New York City.[246]
According to Nutt, in February 1925 E. Stevenson Burke Jr. approached Nutt and said he wished to sell his 13.75 percent of the stock of McKinney Steel. Nutt agreed to find a buyer, but told Burke that he represented James W. Corrigan on the steel company's board of directors. Therefore, the only person Nutt could contact was Corrigan. Corrigan told Nutt he was interested in buying more stock, but had no ready cash. Any purchase would have to be financed. Corrigan returned to the United Kingdom, so his attorney, John H. Watson, came up with the idea for financing the purchased. Corrigan approved the idea in early May 1925, and Watson and Nutt set it up.
After more negotiation, on May 1, Corrigan and Burke agreed on a price of $99.50 a share, or $7,250,000 ($0 in dollars).
A holding company, McKinney Steel Holding (MSH), was organized with capital of $8,500,000.MSH issued 72,500 shares of preferred stock[249] at a par value of $100, which paid 6% dividends annually guaranteed. All the preferred stock was turned over to E. Stevenson Burke Jr. MSH also issued 10,000 shares of common stock, all of which was turned over to Jimmie Corrigan. Corrigan turned over his new 53.75% ownership interest in McKinney Steel to the Union Trust Co. as collateral, until such time as all preferred stock was repurchased by Corrigan. The call price of the preferred stock was $105.
There were several critical parts of the agreement. Preferred stock was non-voting, unless the company was six months in arrears on dividends. In that case, holders of preferred stock obtained exclusive voting power.[250][251] Preferred dividends were cumulative if not paid, and accrued with interest. In the event MSH was dissolved or liquidated, all accrued preferred dividends were to be paid first. Then the preferred stock had to be redeemed at $105. The holders of MSH common could not approve a sale or merger of McKinney Steel until it had the approval of two-thirds of all preferred stock.[251][252] Even then, in order to go ahead with any plan, MSH would have to redeem all preferred shares at $105 first.[251][252]
Burke authorized the sale of his McKinney Steel stock on May 6. MSH transferred the 72,500 shares of MSH preferred to Burke on May 13, finalizing the deal.
Burke's sale of preferred stock
E. Stevenson Burke Jr. wished to sell his shares of MHS preferred immediately for cash. Burke advised Nutt of his intentions during the negotiation process, and asked him to find a buyer. The Union Trust Co. itself agreed to buy all of Burke's MSH preferred for $6.5 million (at $89.655 a share). Burke received his cash on May 16, finalizing the transaction. According to Nutt, Jimmie Corrigan was fully aware of Burke's intention to sell his preferred stock to the bank, and both Corrigan and Burke were pleased with the final outcomes.
The bank began slowly selling shares to the public, at $100 a share.[253]
Jimmie Corrigan becomes president of McKinney Steel
On May 18, McKinney Steel Holding held its organization meeting and adopted a constitution and bylaws.[244] James W. Corrigan was elected president of the holding company, and Price McKinney was named president of McKinney Steel.[251]
Two days after the MHS organizing meeting, the board of directors of McKinney Steel asked for the resignation of Price McKinney as president of McKinney Steel. McKinney complied, although he retained his MSH board seat. Corrigan was then named president of McKinney Steel.[252] The board appointed Henry T. Harrison, designer of the steel mill and its chief engineer,[258] as the plant's new general operating manager.[252] After the meeting, Corrigan said he would make no changes to the corporate strategy or operating procedures established by Price McKinney.[259]
Corrigan's ascension to the presidency of McKinney Steel sparked widespread speculation that the company would soon merge with one or more independent steel makers.[251]Middletown-based American Rolling Mills, Cleveland-based Otis Steel, and Warren-based Trumbull Steel were considered among the most likely merger partners.[260][261] Sheet and strip steel makers like Ashtabula Steel, Chicago-based Central Steel, Mansfield Sheet and Tin Plate, and Warren-based Newton Steel, as well as rolling mills like Cleveland-based Bourne-Fuller,[261]Elyria-based Steel and Tubes, Inc.,[261]Springfield-based Falcon Steel, Mahoning Valley Steel, and Warren-based Thomas Sheet Steel, were also considered likely partners.[262]
Corrigan, McKinney Steel reported net earnings for 1925 of $2.2 million ($0 in dollars). It paid $1.2 million ($0 in dollars) in dividends.[270]
1926 suicide of Price McKinney and corporate renaming
By the end of 1925, Price McKinney had ceased all active participation in McKinney Steel.[271]
On the afternoon of April 13, 1926, Price McKinney shot himself in the head in the bathroom of his home in Wickliffe, Ohio.[272][273][274]
McKinney left an estate worth $15 million ,[275] about a quarter less than most people believed he was worth.[273] Most of the estate ($9 million) was locked up in shares of McKinney Steel and the Continental & Commercial National Bank of Chicago ($2.7 million).[276] The estate was placed in a trust to benefit his widow, Lucy, and three children (Regan, age 18; Elizabeth, age 17; and Price Jr., age 11). Lucy McKinney could only draw on the income generated by 33.3% of the estate. Trustees Harry Coulby and Andrew Squire could spend the income on the remaining 66.6% of the estate on the children, or could let it accumulate.[275]
Ella Burke and Parthenia Burke Ross had given McKinney power of attorney in late summer 1925 to vote their shares in McKinney Steel.[97] His death put control of the shares back into the hands of the two women.
McKinney's suicide encouraged new rumors that McKinney Steel would merge another independent. Central Alloy Steel, Mansfield Sheet & Tin Plate, and Trumbull Steel were said to be the others involved.[278]
Renamed Corrigan, McKinney Steel
Jimmie Corrigan renamed the company Corrigan, McKinney Steel on September 23, 1926.[279]
A mild recession occurred in the United States in 1926, and by the end of the year the company's steel plant was operating at only 50% capacity.[280] Beginning in January 1926,[281] the company began work on two finishing mills, which cost $5 million.[282] The 10-inch rolling mill opened in early November 1926,[283] while the 12-inch rolling mill opened in February 1927.[284] The company also added a new 22.5-inch by 18-inch continuous sheet bar mill in 1926, and added two mill stands capable of handling 12-inch sheet bars to the billet mill.[285] The cost of the new sheet bar mill and billet mill improvements was not made public.
In 1926, despite only working five mines, the company shipped 1500862 ST of iron ore.[269] It had fallen to sixth place among all U.S. iron producers.[287]
The company made no public report of its earnings or profits in 1926. Privately, it paid out $1.2 million ($0 in dollars) in dividends.
McKinney Steel surrendered its lease on the Richards Mine in July 1927,[288] and took over the much-worked Tilden Mine near Ishpeming, Michigan, in March 1928.[289] It shipped 1127534 ST of ore in 1927.[290]
By the end of 1927, Corrigan, McKinney Steel was the tenth largest steel manufacturer in the United States (by production),[100] producing 1000000 ST of steel ingots a year.[291] The company made no public report of its earnings or profits in 1927. Privately, it paid out another $1.2 million ($0 in dollars) in dividends.
Corrigan's death, and the trust provisions placed on his estate, led to renewed speculation that Corrigan, McKinney Steel would merge with one or more other companies.[295][296] There were even rumors that James W. Corrigan himself had been about to sell his shares in the company, but his death prevented it.[295]
The Union Trust Co. said it was not interested in buying the company, either.
To improve the market for their shares, Corrigan and Ross expressed their desire to get the company into financial shape as soon as possible. Both definitely wanted to sell their shares within two years.
Election of John H. Watson as president
Corrigan's trustees felt the best course was to elect John H. Watson president of McKinney Steel. While Watson worked to pay down debt and improve finances, Corrigan and her trustees agreed they would not entertain any sale or consolidation. Once Watson was convinced profits could no longer be reasonably improved, then Corrigan and her trustees agreed they would try to sell her shares.
Watson was unanimously elected president on January 20, 1928.[294][299] Publicly, Watson said he had no intention of changing the corporate strategy laid out by James W. Corrigan in the past year.[297] Privately, Watson made a number of changes in corporate leadership.[297]
Mining and steel operations under Watson
In Watson's first year as president, Corrigan, McKinney Steel shipped 1281140 ST of iron ore. Half the ore came from the Ironton Mine on the Gogebic range, and 38% came from the St. Paul Mine on the Mesabi range.[290] In 1928, it shipped 1343699 ST of ore, with 40% of it coming from the Ironton.[300]
At the start of 1928, the company's steel mill was operating only two blast furnaces, the other two undergoing repair. Ten of its 14 open-hearth furnaces were in operation.[301] Blast furnace repairs were completed in late May,[302] and by mid June the mill was operating at 100% capacity.[303] Corrigan, McKinney Steel did not, however, make public its 1928 revenue or earnings,[304] although it was later reported that it paid out $4.8 million in dividends ($480 per share) at the end of 1928.[305]
Corrigan, McKinney continued to operate at 100% capacity at the start of 1929.[306]
Merger rumors swirled all year.[307] The general consensus was that Corrigan, McKinney Steel would be included in any merger, primarily because it was the only independent with an all-water route for shipping steel to Detroit automakers.[308]
In late November 1929, Corrigan, McKinney purchased the N. & G. Taylor Co., which operated a tinplate plant at Cumberland, Maryland.The purchase price was not disclosed, but Corrigan, McKinney paid 45% of the price in cash and the rest in preferred stock in its new subsidiary, which retained the original company's name.[309] To pay for the deal, Corrigan, McKinney obtained a $2 million loan, most likely from the Union Trust Co., payable on December 31, 1935.[310]
Corrigan, McKinney once more did not reveal its earnings or dividends at the end of 1929. However, the press later reported that the company had $65 million in sales that year[312] and again paid out $4.8 million in dividends ($480 per share).[305]
One change was made in the ownership structure of Corrigan, McKinney Steel. Laura Mae Corrigan convinced her trustees to vote to increase the number of MHS preferred shares by 100. These were then turned over on February 28, 1929,[313] to attorneys M.B. and H.H. Johnson in payment for legal fees rendered over the past several years.
the
Cleveland Press
newspaper observed that she had a full schedule of conferences with her trustees and legal advisors over the next few days.
Rumors that Corrigan, McKinney Steel would be sold swept through business circles as soon as she arrived in Cleveland, with U.S. Steel seen as the most likely bidder.[316][317][318][319] The rationale was that U.S. Steel needed a steel bar plant on the lower lakes.[318] The other potential bidder was believed to be Cyrus Eaton's Republic Steel.[316][317][318][319] Mrs. Corrigan initially refused all comment,[316][317] but on March 15 admitted she might sell her stake in McKinney Steel Holding.[318]
On Monday, March 17, Nutt spoke with William G. Mather, president of Cleveland-Cliffs Iron Co., and suggested that his company purchase a controlling interest of McKinney Steel Holding common.[320] Mather was due to depart for New York City that evening and sail to Morocco on Thursday, March 20, for an extended vacation.He delayed his departure for the coast until March 18 in order to discuss the purchase with Cleveland-Cliffs board members and executives.[320] Mather telephoned Nutt from New York City on March 19 and said his company would buy all of Corrigan, McKinney Steel's common shares.[320]
Cleveland-Cliffs leadership negotiating the sale were William G. Mather, S. Livingston Mather, George Garretson Wade,[321] and Edward B. Greene.[322]
Terms of the deal
Laura Mae Corrigan and Parthenia Burke Ross agreed to the sale of their shares on March 19, 1930, and S. Livingston Mather, vice president of Cleveland-Cliffs Iron,[323] approved his company's purchase on March 21.
The agreement required the purchaser to buy all the McKinney Steel Holding common stock owned by Laura Mae Corrigan for $24,152,500 ($0 in dollars). The purchaser also had to buy the 8.75% share of Corrigan, McKinney Steel common owned by Parthenia Burke Ross for $5,060,000 ($0 in dollars). Cleveland-Cliffs also agreed to pay $500,000 ($0 in dollars) to John H. Watson, and $50,000 ($0 in dollars) each to vice president of iron mining Donald H. Gillies, vice president of sales Henry T. Harrison, and superintendent of sales J.S. McKesson. Another $25,000 ($0 in dollars) to was paid to treasurer Edward G. Resch.
The purchaser also agreed to pay Laura Mae Corrigan $7,250,000 so that she could redeem the 72,500 shares of McKinney Steel Holding preferred at the call price of $105 per share.
The deal was made public on Friday, March 21.[321][324][325] At a special meeting of the board of directors of Corrigan, McKinney Steel that day, four of the six directors resigned and Edward B. Greene (a director of Cleveland-Cliffs, and a director and member of the board of the Union Trust Co.), J.E. Ferris, Henry A. Raymond (director of ore sales for Cleveland-Cliffs), and Andrew Squire (chief legal counsel for Cleveland-Cliffs) were elected in their place.[321] All the officers of Corrigan, McKinney Steel resigned as well, although Henry T. Harrison, Donald Gilles, and J.S. McKesson were reelected as vice presidents. New officers included William G. Mather, president; S. Livingston Mather, vice president; and David T. Croxton, secretary. Edward G. Resch was reelected as treasurer, and added the title of assistant secretary to his duties.[321]
It was not widely known as the time that the sale price included bonuses for several people. According to Laura Mae Corrigan, her husband had promised to pay Parthenia Burke Ross a bonus for agreeing to sell her shares. He had also promised to pay a bonus to Laura Mae's trustees when her stock was sold. After James W. Corrigan's death, Laura Mae said she reaffirmed these promises. Immediately after the sale was announced, the Union Trust Co. paid $489,198 to the trustees and $190,000 to Parthenia Burke Ross.
Outcome of the merger
Cleveland-Cliffs purchased 62.5% of Corrigan, McKinney Steel common stock.[324] The acquisition seemed to make sense: Corrigan, McKinney was a ready customer for Cleveland-Cliffs ore, and the steel firm owned several iron mines in Michigan. It also ensured that iron ore mined by Corrigan, McKinney Steel and steel manufactured by Corrigan, McKinney Steel would travel on the 23 ships owned by Cleveland-Cliffs.
The purchase of Corrigan, McKinney Steel by Cleveland-Cliffs was a major coup for industrialist Cyrus Eaton, the moving force in steel industry consolidations in the 1920s. He purchased Trumbull Steel Co. in 1925; United Alloy Steel, the Central Steel Co., and the United Furnace Co. in 1926; Republic Iron and Steel and Sheet & Tubes, Inc. in 1928; Interstate Iron & Steel, Donner Steel[327] and Witherow Steel in 1929; and Union Drawn Steel in 1930.He also owned a substantial interest in Youngstown Sheet & Tube, which he had obtained in 1927 and which he probably intended to fold it into Republic Iron and Steel at some future time.
On May 1, 1929, Cleveland-Cliffs Iron Co. had created the Cliffs Corporation, a holding company.[328] To capitalize it, Cleveland-Cliffs invested all 400,000 shares of its common stock,[329]
They were disabused of that idea by early 1931.
As early as January 1931, and continuing for several months thereafter, Cleveland-Cliffs was rumored to be trying to sell Corrigan, McKinney to Republic Steel.[333] The company tried in 1931 to pay off the high-interest, short-term loans used to finance the Corrigan, McKinney Steel purchase by selling long-term, low-interest bonds, but found no buyers.
Corrigan, McKinney Steel paid out $4.8 million in dividends ($480 per share) at the end of fiscal 1930.[305] Its earnings/losses for the fiscal year ending April 30, 1931, were not reported, but the firm was widely believed to be operating at a loss.
Corrigan, McKinney's financial problems
Corrigan, McKinney stopped paying dividends on its preferred stock in 1931, and Cleveland-Cliffs—on its way to breaking even in 1931[334]—took out a loan to pay them.The dividend situation so alarmed the Union Trust Co., however, that in January 1932 it asked J.P. Morgan & Co. if it would buy its Corrigan, McKinney stock for $3.4 million. J.P. Morgan declined to do so.
Corrigan, McKinney lost nearly $1.9 million ($0 in dollars) in the fiscal year ending April 30, 1932.[335] Cleveland-Cliffs stopped paying dividends on Corrigan, McKinney's preferred stock in March 1932.[336]
Cleveland-Cliffs's financial problems
Cleveland-Cliffs was able to refinance its short-term notes with one-year notes in 1932. The first of these was a loan of $3.5 million ($0 in dollars), which it received on March 29, 1932, from Union Trust Co. These funds were used to pay off debt to other banks.
The $3.4 million Cleveland-Cliffs had borrowed from Union Trust in 1930 came due on July 1, 1932. The loan was renewed by Union Trust on June 23, 1932, but only for three months. Union Trust renewed it again on September 23, 1932. Although it routinely paid interest on its loans,[337] Cleveland-Cliffs paid down none of the principal.
By December 1932, Cleveland-Cliffs had lost $2.5 million. It was in such financial extremity that Cyrus Eaton organized a group of banks to loan roughly $575,000 ($0 in dollars) to the company to keep it afloat. Cleveland-Cliffs had to put up all of its own stock as well as that of all of its subsidiaries as collateral for the loan. Mather personally loaned $1.5 million ($0 in dollars) to the company as well. He obtained these funds from banks by mortgaging all his personal tangible assets.
Corrigan, McKinney lost nearly $1.5 million ($0 in dollars) before EBIDTA in the fiscal year ending April 30, 1933.[338][311]
Merger talks between Corrigan, McKinney and Newton Steel began in January 1930,[348] but broke off at the end of the year.[349][350]
Newton Steel proposed to redeem the 1929 bonds by swapping them for $3 million in 7% bonds due on January 1, 1935.[351]
The Union Trust Co. of Cleveland (through its subsidiary, Union Cleveland Corp.) and the Midland Bank of Cleveland (through its subsidiary, Midland Corp.) agreed to underwrite the bond sale.[351] It was an abuse for personal gain: The Union Trust Co. held a majority of the preferred shares in McKinney Steel Holding[336] and effectively controlled it. When some Newton Steel bondholders balked at the swap, Corrigan, McKinney agreed to purchase $129,000 worth of 6% bonds from investors who had refused to exchange them. It guaranteed payment on $25,000 worth of 7% bonds in order to get another bondholder to agree to the swap.[352]
The two sides reached agreement on June 30, 1932,[354] It was financed by issuing new shares of Corrigan, McKinney stock: Shareholders of Corrigan, McKinney Steel received 1,015,000 voting and 235,000 nonvoting shares in exchange for their existing common stock. Holders of the 25,850 shares of Newton Steel preferred received 25,850 voting shares of Corrigan, McKinney common stock. Holders of the 264,000 common shares of Newton Steel received 105,000 voting shares and 52,250 non-voting shares of Corrigan, McKinney common stock. Corrigan, McKinney retained 66,300 unissued non-voting common shares.
Newton Steel's shareholders approved the deal on August 16, 1932,[354][355] and Corrigan, McKinney Steel's shareholders approved the issuance of 1,500,000 shares of common stock on August 29.
(worth $2,417,000 on February 27, 1933 []), or about a third of the total.
The Union Trust Co. became insolvent on February 27, 1933,[361] Veteran California banker Oscar L. Cox was named conservator of the Union Trust Co. on April 6.[364]
Union Trust's conservator makes changes
Through its preferred shares, the Union Trust Co. effectively controlled McKinney Steel Holding.[336][358] Cox ousted the three McKinney Steel Holding board members supported by Cleveland-Cliffs and installed three of his own.Greene and Mather were the only two board members re-elected.[365]
In August 1933, having lost the confidence of the company's lenders, 75-year-old William G. Mather resigned as president of Cleveland-Cliffs. Edward B. Greene was appointed the new president by the board of MSH, overseeing day-to-day operations of the company.[366] At his first meeting with Cliffs's board of directors, Greene said some assets might have to be sold in order for the company to stay solvent.
Corrigan, McKinney Steel again paid no dividends for the fiscal year ending April 1, 1934.[367]
Cox pushes sale of Corrigan, McKinney Steel
Union Trust Co. conservator Oscar L. Cox pressed Cleveland-Cliffs to sell Corrigan, McKinney Steel.[368] The bank had loaned large amounts of money to both Corrigan, McKinney and to Cleveland-Cliffs, and Cox believed the only way the bank could be repaid is if Corrigan, McKinney were sold to a profitable new owner.To Cox, Republic Steel seemed the best suitor.[369] Cox was aided by shareholders of McKinney Steel Holding preferred, who very much wanted a sale.[370]
In February 1933, Cleveland-Cliffs entered into exploratory negotiations to sell Corrigan, McKinney Steel to Republic Steel.[371]General Motors held tentative negotiations with Cleveland-Cliffs in February 1934, seeking to obtain a controlling interest in Corrigan, McKinney Steel, but no definite offer was made.[372]
There were media reports in May 1933 that Cleveland-Cliffs had entered into negotiations with an unnamed party to sell Corrigan, McKinney, but these did not bear fruit.[373]
The discussions with Republic Steel became more concrete in June 1933.[374] Cleveland-Cliffs wished to sell the steel mill and Corrigan, McKinney's mines as a package. Edward B. Greene and William G. Mather worked with Tom Girdler of Republic Steel, with negotiations assisted by Crispin Oglebay. (Oglebay was head of Oglebay Norton, an ore mining and shipping company. He was also a director of both Corrigan, McKinney Steel and Republic Steel.)[375]
Negotiations between the two continued throughout 1933 and into 1934.[310]
Republic Steel negotiations
Formal confirmation that negotiations were occurring came on July 6, 1934, as the talks were nearing a conclusion.[376] The complex ownership structure of Corrigan, McKinney Steel took some time to resolve.[377] The talks reached a critical point on July 9, when an all-day meeting was held with representatives of the investment banks Kuhn, Loeb & Co. and Field, Glore & Co.[377][378] Also present were Oscar L. Cox, George B. Young of Andrews & Belden (chief counsel for Cleveland-Cliffs), and Myron Wick, a key vice president of Republic Steel.[378]
On July 17, Corrigan, McKinney Steel reported that it had a net profit of $729,050 before EBIDTA for the fiscal year ending April 30, 1934.Its liabilities, however, were $3,644,100 .[311]
Frequent conferences were held between the two parties in July and August. Legal experts for both sides gathered on August 17, an indication that the merger was getting much closer.[379] On August 21, the news media reported that Truscon Steel had joined the talks.[380]
On August 3, William G. Mather and Edward B. Greene resigned as directors of McKinney Steel Holding.[381] Mather was replaced as president by Oscar L. Cox.[382] The move was made in order to ensure that the interests of the preferred shareholders became the primary consideration of the holding company's directors.[310]
Agreement to merge
The two sides announced their agreement to merge on August 27, 1934.[383][310] In terms of assets, it was the largest steel merger in the U.S. since the formation of Republic Steel in 1930.[310] Under the terms of the deal, Corrigan, McKinney Steel would be absorbed by Republic Steel and cease to exist.[375] To pay for Corrigan, McKinney Steel, McKinney Steel Holding received Republic Steel 5.5% bonds worth $6.396 million, 13,437 shares of Republic Steel 6% preferred stock, and 335,937 share of Republic Steel common stock.[358]
The merger required the approval of the shareholders of Corrigan, McKinney Steel, McKinney Steel Holding, and Republic Steel. The court overseeing the liquidation of Continental Shares ordered on September 15 that the Republic Steel and Cliffs Corp. shares it controlled to be voted in favor of the merger.[384] On September 28, the board of directors of both McKinney Steel Holding and Corrigan, McKinney Steel recommended that their shareholders approve the merger.[382] The board of Cleveland-Cliffs Iron recommended the merger to their shareholders on October 2.[381]
The first stockholders group to act were those of Cleveland-Cliffs, who approved the merger on October 22.[385] The preferred shareholders of McKinney Steel Holding, perhaps the linchpin to the merger, approved the deal 78.7% to 21.3% on October 24, with 57,566 shared voting out of a total of 72,500.[386] Republic Steel shareholders were due to meet October 25, but their meeting was postponed until December.The merger seemed secure, as Republic Steel head Tom Girdler said on November 15 that at least 50% of all classes of Republic Steel shares had voted in favor of it.[387]
The Republic Steel shareholders meeting was postponed again, ostensibly to await the U.S. Supreme Court's ruling in the Gold Clause Cases.On February 6, 1935, the U.S. Department of Justice filed an antitrust lawsuit to block the merger.[389] A federal district court ruled in Republic Steel's favor on May 2.[390].The Republic Steel shareholders meeting was repeatedly postponed as the two companies awaited the August 13 deadline for the federal government to appeal.[391]
When the Justice Department finally said it would not appeal the ruling,[392] Republic Steel finally scheduled its shareholder meeting. Its shareholders approved the merger 72.4% to 27.6% on September 23. The same day, the Corrigan, McKinney Steel shareholders also approved the merger.[393]
The two companies merged on September 25, 1935,[394] and Corrigan, McKinney Steel was legally dissolved a few days later.[395]
The sale of Corrigan, McKinney Steel left Cleveland-Cliffs with all of the debt it had incurred in the 1930 purchase, and none of the assets.
However, on October 23, the Union Trust Co. received an offer from an eastern banking syndicate made up of Kuhn, Loeb & Co.; Field, Glore & Co.; Hayden, Stone & Co.; Lehman Brothers; and Bankers Trust Co. of New York[397] for its Republic Steel bonds that would allow it to redeem MSH preferred at $127.50 per share.(That was the call price of $105 per preferred share, plus all dividends owed.)[358][397][399] This would permit McKinney Steel Holding to retire all outstanding shares of preferred stock by December 31, 1935.[397]
Selling all its bond assets immediately and shortening the time for redemption of preferred shares required stockholder approval. Cox called a special stockholders meeting for November 14.[397] Subsequently, 100% of McKinney Steel Holding preferred stockholders and 100% of common shares approved Cox's plan.[396][400]
When the money from the banking syndicate came through in days, not weeks as anticipated,[359] redemption of McKinney Steel Holding preferred was moved up to November 19.[401] MSH preferred shareholders were paid $8,103,390, of which roughly $3 million went to the Union Trust Co.[396]
The day the MSH preferred stock was redeemed, Greene announced that McKinney Steel Holding would be dissolved.[401] At the McKinney Steel Holding board meeting on December 7, 1935, the entire board of directors resigned, including Oscar L. Cox, the president. Edward B. Greene and four other Cleveland-Cliffs officers were elected in this place, and Greene named president. The title to all common shares of McKinney Steel Holding was transferred to Cleveland-Cliffs, as well as the $1.6 million in cash still held by McKinney Steel Holding.[401] McKinney Steel Holding was then dissolved.[402]
4.
The Iron Belt Mining Company The Plain Dealer, March 21, 1887
5.Social and Personal Gogebic Iron Tribune, February 23, 1889^
6.More About Iron Montreal River Miner and Iron County Republican, January 20, 1887^
7.Free From Suspicion The Cleveland Leader, June 11, 1892^
8.Gogebic Stock The Plain Dealer, November 17, 1887^
9.Collapse of the Gogebic Boom Wisconsin State Journal, November 16, 1887^
10.Suits Against a Pittsburg Firm The Plain Dealer, March 1, 1888Along The Lakes The Plain Dealer, August 25, 1888^
11.Cleveland's Pride The Plain Dealer, July 14, 1892^
12.In Bad Shape The Plain Dealer, January 19, 1892^
13.An Important Contract The Duluth News Tribune, October 30, 1892^
14.Deposits Were Withdrawn The Inter Ocean, July 15, 1893^
15.Receiver Appointed The Plain Dealer, July 8, 1893^
16.Schlesinger's Trouble The Plain Dealer, July 17, 1893^
17.Receiver Appointed The Cleveland Evening Post, July 8, 1893^
18.Permission to Continue the Business The Plain Dealer, August 3, 1893^
19.Goes To Rockefeller The Duluth News Tribune, January 30, 1894Once Schlesinger Property The Minneapolis Journal, January 31, 1894Mines at Sheriff's Sale The Dunn County News, February 2, 1894^
21.Mine Closed Down The Saginaw News, July 28, 1893^
22.Sale of Mining Property Detroit Free Press, January 28, 1894^
23.Improbable Exaggeration The Rochester Daily Post, July 21, 1893^
24.Mine Attached The Rochester Daily Post, August 28, 1893^
25.Buffalo Mining Plant Sold The Saginaw News, January 30, 1894^
26.Sale of the Buffalo Mining Plant Detroit Free Press, January 30, 1894^
27.Another Mine The Plain Dealer, February 18, 1894^
28.Sheriff Sale Ironwood News-Record, January 6, 1894General News The Ironwood Times, March 3, 1894^
29.Corrigan Mines Closed Minneapolis Daily Times, May 18, 1895Negaunee Mines Closed The Saint Paul Globe, May 18, 1895Corrigan's Mine Closed The Plain Dealer, May 18, 1895^
30.Under a New Name The Cleveland Leader, March 16, 1894^
31.Corrigan, M'Kinney & Co. The Duluth News Tribune, March 18, 1894The Firm Reorganized Minneapolis Daily Times, March 18, 1894^
32.Iron Companies The Plain Dealer, March 22, 1894^
33.Under the Hammer The Diamond Drill, April 7, 1894Dunn Mine to Remain Closed The L'Anse Sentinel, April 28, 1894Will Employ 100 Men The Duluth News Tribune, June 11, 1894^
34.Four Mines The Duluth News Tribune, September 10, 1895Get Several Small Mines The Minneapolis Journal, September 10, 1895Big Iron Ore Syndicate Detroit Free Press, September 10, 1895News From the Iron Mines The Virginia Enterprise, September 13, 1895^
35.New Mine Operated The Duluth News Tribune, August 24, 1895Wages of Miners Raised The Plain Dealer, October 27, 1895In The Mines The Duluth News Tribune, October 26, 1895News of the Mines Minneapolis Star Tribune, October 26, 1895From the Ranges The Duluth News Tribune, January 25, 1896Iron and Iron Ore The Bessemer Herald, April 25, 1896In the Mining World The Minneapolis Journal, September 14, 1895^
36.News From the Mines The Bessemer Herald, September 21, 1895^
37.Telegraphic Clicks Portage Daily Democrat, September 10, 1895Secured New Mines The Eau Claire Weekly Leader, September 14, 1895^
38.General Notes and Comments The Virginia Enterprise, May 1, 1896^
39.Palms' Iron Mine Sold Detroit Free Press, September 18, 1895City News in Brief The Diamond Drill, December 28, 1895Our Mines The Bessemer Herald, April 16, 1898^
40.The Gogebic The Minneapolis Journal, July 20, 1895Control the Colby Minneapolis Daily Times, July 24, 1895Cleveland Firm Buys a Mine The Plain Dealer, August 6, 1895^
41.Pleased Over the Sale Detroit Free Press, December 19, 1896Local Firm Buys a Mine The Plain Dealer, December 20, 1896^
42.Schlesinger Gets Another Mower County Transcript, August 7, 1895Secured A New Mine The Mining Times, August 8, 1895News From the Mines The Bessemer Herald, August 10, 1895^
43.After Dec. 1st... Montreal River Miner and Iron County Republican, November 11, 1897President McKinley's Message to Congress... The Bessemer Herald, December 18, 1897County Board Proceedings Montreal River Miner and Iron County Republican, February 26, 1901From the Mines The Diamond Drill, September 25, 1897Mrs. J.S. Buddle Is Receiving Iron County Republican, July 23, 1898^
44.Mining Minutes The Virginia Enterprise, May 7, 1897^
45.Oliver Buys Mines The Minneapolis Journal, April 6, 1898Carnegie-Oliver People Will Gain Control The Bessemer Herald, April 16, 1898^
46.Corrigan Gives Up Lease The Duluth News Tribune, May 27, 1898^
47.Dunn Co. Raises Pay Ironwood News-Record, November 26, 1898^
48.Michigan Minutes Hartford (Wisc.) Times Press, July 14, 1898Will Employ 600 Detroit Free Press, October 24, 1898Have Leased Four Mines The Plain Dealer, December 9, 1898Has A Big Output Detroit Free Press, December 8, 1898Terse Town Topics The Diamond Drill, August 19, 1899From the Mines The Diamond Drill, September 16, 1899Mines and Mining Minneapolis Daily Times, October 22, 1899The Paint River The Diamond Drill, September 23, 1899Weekly Mining Review The Virginia Enterprise, October 13, 1899The Tobin The Diamond Drill, December 16, 1899^
49.Local News The Bessemer Herald, March 11, 1899Half A Million Bushels The Plain Dealer, March 15, 1899Work Abandoned Mines The Mining Times, March 17, 1899Michigan Mines The Ironwood Times, March 25, 1899Mining Notes The Bessemer Herald, May 27, 1899Weekly Mining Review The Virginia Enterprise, June 2, 1899Mines and Mining Minneapolis Daily Times, June 19, 1899Local Notes The Bessemer Herald, August 26, 1899On the Gogebic The Diamond Drill, September 2, 1899^
50.Weekly Mining Review The Virginia Enterprise, November 17, 1899^
51.Queen Mine Purchased The Plain Dealer, February 7, 1899Carnegie Gets More Mines The Duluth News Tribune, April 12, 1899Carnegie Buys Mines Detroit Free Press, April 12, 1899The Ore Market The Ironwood Times, April 22, 1899Big Mining Deal Ironwood News-Record, February 11, 1899^
52.The Iron Mines Ironwood News-Record, August 5, 1899From the Mines The Diamond Drill, October 7, 1899^
53.Drop In Rates The Minneapolis Journal, November 10, 1899^
54.Secured Valuable Land The Diamond Drill, January 13, 1900^
55.Leases Mining Land The Duluth News Tribune, January 1, 1900^
56.Clevelanders in Big Deal The Plain Dealer, November 11, 1900^
57.News From the Iron Mines The Virginia Enterprise, November 15, 1895Around the State Green Bay Press-Gazette, November 19, 1896Germania Operating The Duluth News Tribune, November 23, 1896Lake Superior Iron Mines The Bessemer Herald, January 29, 1898Two New Companies The Diamond Drill, May 6, 1899Big Demand for Boats The Plain Dealer, February 25, 1900^
58.Iron Mines The Cleveland Press, August 16, 1900^
59.Mines and Mining Minneapolis Daily Times, August 27, 1900^
60.All Points Agreed On The Plain Dealer, March 17, 1900^
62.They Will Shut Up Shop The Plain Dealer, January 3, 1900^
63.Big Mining Deal Closed The Plain Dealer, January 7, 1900^
64.Will Work at Once The Duluth News Tribune, January 4, 1900^
65.Weekly Mining Review The Virginia Enterprise, January 5, 1900^
66.James Corrigan Is Optimistic The Duluth News Tribune, February 13, 1902Standing of the Steamers The Plain Dealer, March 3, 1900From the Mines The Diamond Drill, March 10, 1900Weekly Mining Review The Virginia Enterprise, April 27, 1900Get Another Property The Diamond Drill, May 12, 1900^
67.From the Mines The Diamond Drill, February 23, 1901Northwestern Mines The Minneapolis Journal, May 11, 1901The Groveland The Diamond Drill, May 18, 1901Old Fairbanks to Be Explored The Diamond Drill, May 13, 1905To Sink Big Shaft at Stambaugh The Diamond Drill, September 16, 1905^
68.Buy Lease of Phoenix Mine The Duluth News Tribune, January 28, 1902More Mines for Local Firm The Plain Dealer, February 7, 1903Winnifred Deal Is Confirmed The Duluth News Tribune, February 8, 1903Marine Notes Detroit Free Press, February 11, 1903Working on the Mesaba Chief The Duluth News Tribune, December 1, 1904^
69.May Have Bought Mines at Hibbing The Duluth News Tribune, February 7, 1903New Incorporations The Saint Paul Globe, April 3, 1903New Iron Mine Is Named "St. Paul" The Duluth News Tribune, May 5, 1903^
71.Furnaces As Well The Minneapolis Journal, August 22, 1903New Mine Stripping Firm Is Organized Minneapolis Star Tribune, October 3, 1903Northwest News Briefs The Minneapolis Journal, December 23, 1908^
72.Bessemer and Vicinity The Bessemer Herald, January 3, 1903^
73.Five Local Mines Have Pumps Pulled The Diamond Drill, November 30, 1907^
74.In the Grand Rapids District The Virginia Enterprise, April 18, 1902Coal Found in Itasca County The Duluth News Tribune, May 18, 1902Are Exploring Farther West The Duluth News Tribune, January 4, 1903Platting a New Town The Diamond Drill, May 16, 1903Bessemer and Vicinity The Bessemer Herald, May 30, 1903Big Iron Mine Let on Lease The Duluth News Tribune, May 27, 1905Get Options in Iron River District The Virginia Enterprise, July 28, 1905Have Taken More Stambaugh Options The Diamond Drill, June 2, 1906Menominee Range Is Full of Activity The Duluth News Tribune, June 17, 1906Mines Develop With Rapidity The Duluth News Tribune, September 9, 1906New Ore Find North of Iron River The Diamond Drill, October 20, 1906Two diamond drills... The Diamond Drill, March 9, 1907Great Development on West Side The Diamond Drill, July 6, 1907Still in Ore at the North Armenia The Diamond Drill, January 25, 1908Corrigan-M'Kinney Push Exploring The Diamond Drill, February 1, 19081908 Will Be Prosperous Year on Eastern Mesaba The Duluth News Tribune, March 22, 1908West Side News The Diamond Drill, July 25, 1908^
75.Ore Mining Business of Lake Superior The Minneapolis Journal, January 4, 1902^
76.Growth of Lake Trade The Plain Dealer, May 22, 1902Corrigan-McKinney's Position The Diamond Drill, February 7, 1903^
77.Ore Movement for Past Year The Plain Dealer, February 6, 1908^
78.The Story of Iron Ore The Plain Dealer, June 7, 1909^
79.Sells Mine for $1,000,000 The Plain Dealer, December 23, 1906^
80.His El Dorado Gone The Saint Paul Globe, April 25, 1895^
81.Concheno Mine Closed; No Food El Paso Herald, October 7, 1913^
82.Mining News and Notes The Pittsburgh Press, December 18, 1906Confirms Report of Purchases New York Tribune, December 19, 1906Greene-Gold Silver The Wall Street Journal, December 19, 1906Amalgamated Copper The Buffalo Commercial, January 2, 1907^
83.Greene Concessions for Mines Have All Expired El Paso Herald, January 14, 1909Butte Copper Yield in 1908 New York Sun, January 18, 1909Col. Greene's Gold Claims Revert The Duluth News Tribune, January 21, 1909Curb Market Notes The Wall Street Journal, April 8, 1909^
84.Many Foreign Mining Companies Developing All Chihuahua Fields El Paso Herald, September 24, 1910^
85.Bits of Information Stevens Point Journal, January 13, 1900Montreal River Miner Montreal River Miner and Iron County Republican, January 30, 1900Minor Michigan Matters Detroit Free Press, May 4, 1900Bought Mining Machinery The Plain Dealer, January 13, 1900^
86.Ropes Mine a Bonanza The Saginaw Courier-Herald, May 24, 1900^
87.Buy a Fortune for $12,000 Portage Daily Register, September 3, 1900^
88.Gold From the Ropes Mine The Grand Rapids Press, June 11, 1900^
89.Made a Big Strike The Plain Dealer, May 23, 1900^
90.Rich Strike in Old Mine The Plain Dealer, June 11, 1900^
91.Ropes Mine Plant to Be Dismantled The Duluth News Tribune, September 24, 1914^
92.Montana's Big Mining Boom New York Sun, August 12, 1907Engineers at Greene Mine The Duluth News Tribune, December 20, 1908^
93.Blast Furnace Men Buy Mines Rochester Democrat and Chronicle, September 25, 1908^
94.Cavalrymen Save Mine The Plain Dealer, December 7, 1912^
95.Business Reaches $100,000,000 in '18 The Plain Dealer, January 12, 1919^
96.Judge Stevenson Burke Is Dead The Plain Dealer, April 25, 1904^
97.Louis B. Seltzer. Steel Merger Is Blocked by Woman's 'No' The Cleveland Press, October 8, 1925^
98.Husbands' Deaths Give Women Control of Firm The Buffalo News, January 26, 1928^
99.3 Steel Queens May Sell Big Corrigan Corporation New York Daily News, January 27, 1928^
101.Polynesia to be Launched Saturday Detroit Free Press, June 10, 1897^
102.Vessels and Cars Minneapolis Daily Times, November 26, 1896Break the Records The Minneapolis Journal, November 24, 1896Another Big Consort for James Corrigan Detroit Free Press, December 1, 1896^
103.Marine Notes Detroit Free Press, January 10, 1897^
104.Biggest Lake Carrier Detroit Free Press, November 28, 1897^
105.They Sold at Fancy Prices The Plain Dealer, January 14, 1900^
106.Purchasing Boats The Diamond Drill, September 2, 1899^
107.Grain Trade in Bad Shape The Plain Dealer, May 23, 1900Bought Two Boats The Duluth News Tribune, May 24, 1900Marine News The Buffalo Commercial, May 23, 1900^
108.First Wreck of the Season The Austin Daily Herald, May 3, 1900Along the Great Lakes Buffalo Courier Express, November 27, 1900Eight Find Watery Graves in Lake Erie The Cleveland Leader, December 10, 1900^
109.Both Vessels Were Insured The Plain Dealer, October 4, 1901^
110.Foundered! The Bay City Times, November 18, 1902Boat Founders Off Lorain The Plain Dealer, November 26, 1902^
111.Burned to the Water's Edge The Cleveland Press, November 17, 1903Wild Fight for Life Detroit Free Press, December 6, 1903She Is A Total Loss The Plain Dealer, April 23, 1904Marine Notes The Buffalo News, June 6, 1904^
112.Local Boat Went to the Bottom The Plain Dealer, October 5, 1904Big Vessel Lies on River Bottom Rochester Democrat and Chronicle, December 27, 1904Iron Duke Destroyed Detroit Free Press, December 29, 1902^
113.Marine Notes The Buffalo News, March 14, 1905^
114.Spent Hours At Pumps of Ship The Cleveland Press, August 18, 1905Vessel Passages Detroit Free Press, November 18, 1905Rebuild Badger State Detroit Free Press, December 10, 1905^
115.Two New Furnaces for Local Concern The Cleveland Leader, December 27, 1905New Furnace to Be Opened The Wall Street Journal, December 30, 1905^
116.Coal Shippers Are Now On the Market The Cleveland Leader, January 26, 1906Marine News The Buffalo Commercial, April 18, 1906Barge Iron Cliff Sold The Plain Dealer, January 5, 1907An Old Steamer Sold Buffalo Commercial, January 18, 1907^
117.Captains and Engineers of the Corrigan Fleet The Buffalo News, March 13, 1907^
118.Four Steel Ships Are Transferred in $500,000 Deal Detroit Free Press, February 5, 1915Iron Ore Concern Sells Lake Boats The Plain Dealer, February 5, 1915Four Steamers Sold The Buffalo Commercial, February 5, 1915^
119.To Build Blast Furnace The Indiana Progress, October 4, 1905^
120.Great Rush to Get Iron Ore The Plain Dealer, January 28, 1905^
121.Along the Lakes The Plain Dealer, June 13, 1894^
122.Cleveland Enterprises The Plain Dealer, March 7, 1895^
123.News of the Past Week The Bulletin of the American Iron and Steel Association, April 1, 1895, retrieved April 6, 2025^
124.A Channel 170 Feet Wide The Cleveland Leader, February 5, 1900^
125.To Take Over River Furnace The Plain Dealer, December 1, 1906^
126.Manufacturing The Iron Age, July 25, 1895, retrieved April 8, 2025^
127.Furnace Lessees Incorporate The Pittsburgh Post, June 9, 1905^
129.Explosion of Blast Furnace Does Heavy Damage; No One Hurt The Pittsburgh Post, February 4, 1908^
130.To Build New Furnace The Plain Dealer, May 2, 1908^
131.Will Rebuild Big Furnace Pittsburgh Post-Gazette, April 25, 1908Another Furnace In The Connellsville Daily Courier, January 6, 1909^
132.Blast Furnaces Resume The Punxsutawney Spirit, November 16, 1922Furnace to Reopen The Pittsburgh Press, November 16, 1922Commodity Briefs Detroit Free Press, November 21, 1922^
133.Scottdale Faces Removal of Part of Pipe Plant The Connellsville Daily Courier, June 15, 1935^
135.Furnace Company Involved The Harrisburg Patriot-News, July 20, 1893Furnace Company Closed The Scranton Tribune, July 20, 1893^
136.Strike Imminent The Pittsburgh Press, May 8, 1898^
137.Leased by Ohio Men Rochester Democrat and Chronicle, June 5, 1902Charlotte's Iron Industry Grows Rochester Democrat and Chronicle, November 20, 1904^
138.Blast Furnace Soon to Start Democrat and Chronicle, August 19, 1902^
139.Charlotte's Iron Industry Grows Rochester Democrat and Chronicle, November 20, 1904^
140.Blast Furnace Capacity Bigger Rochester Democrat and Chronicle, June 15, 1908^
141.Brief Court Notes Rochester Democrat and Chronicle, September 22, 1903New York Incorporations The New York Times, September 18, 1903^
142.Bad for Charlotte Rochester Democrat and Chronicle, December 11, 1903^
143.Old Blast Furnace, Idle Two Years, Will Reopen Rochester Democrat and Chronicle, August 1, 1926^
144.Blast Furnace In Operation Rochester Democrat and Chronicle, January 2, 1906^
145.Big Smelting Plant at Lake Closes Doors Rochester Democrat and Chronicle, April 20, 1927^
147.Russians Behind in Machinery The Iron and Machinery World, October 14, 1905, retrieved April 6, 2025Million Dollar Blast Furnace to Be Built at Bell's Mills The Indiana Gazette, October 2, 1905Big Deals in Coal History The Pittsburgh Post, January 1, 1906^
148.Josephine Is the Coming New Town The Indiana Democrat, November 21, 1906^
149.Application for Charter The Indiana Democrat, October 18, 1905Charter Granted The Blairsville Courier, November 24, 1905^
150.To Build Great Plant On River The Plain Dealer, August 1, 1908^
151.A Boom for Josephine The Indiana Gazette, April 27, 1907^
152.Activity at the Josephine Works The Indiana Gazette, November 13, 1914Work Being Rushes on New Ingot Mill Near Town of Josephine The Indiana Gazette, December 14, 1914^
153.The McKinney Steel Company Blairsville Enterprise, January 10, 1918Changes At Josephine The Indiana Times, January 16, 1918^
154.Josephine Developments The Indiana Gazette, January 19, 1923Better Times Coming for Josephine District The Indiana Progress, January 24, 1923^
155.Canoe Ridge The Indiana Weekly Messenger, December 17, 1925^
156.Old Josephine Steel Furnace to Be Removed Blairsville Dispatch, June 5, 1936^
157.State May Sell Land for Docks The Plain Dealer, January 11, 1907^
158.More Room for Ore Docks The Cleveland Leader, August 19, 1904Sail to Upper Furnace The Plain Dealer, July 31, 1905Ironing the Wrinkles Out of the Cuyahoga River The Plain Dealer, January 5, 1906Abandon Old River Channel The Cleveland Press, April 11, 1907^
159.For Turning Basin The Plain Dealer, April 18, 1905^
160.Private Aid for Public Improvement The Plain Dealer, November 21, 1909^
161.Baehr Wins by 4,000 Plurality — Solicitor Baker Defeats Dahl The Plain Dealer, November 3, 1909^
162.Indorses Expense for River Survey The Plain Dealer, January 5, 1911^
163.Land Leased for Blast Furnace The Plain Dealer, February 14, 1907^
164.New Furnace Probable Detroit Free Press, January 13, 1907Real Estate Transfers The Plain Dealer, February 3, 1907Real Estate Transfers The Plain Dealer, February 16, 1907^
165.Corrigan Co. Will Build a Big Furnace The Cleveland Press, July 31, 1908^
166.$2,500,000 Furnaces and Docks Only A Part of Upper River Improvements The Cleveland Press, August 1, 1908^
167.Prepares to Build Great Plate Mill The Plain Dealer, August 8, 1908^
168.Great Iron Magnate is Called Across Divide The Duluth News Tribune, December 25, 1908^
169.Obituary The Iron Age, December 31, 1908, retrieved April 15, 2025^
170.Was Known Here The Kingston (Ont.) Daily Standard, December 28, 1908^
171.John D's Old Foe Corrigan Is Dead The Philadelphia Inquirer, December 25, 1908^
172.James Corrigan Dead The New York Times, December 26, 1908^
173.Paul Packard. "Jimmie" Corrigan, Playboy, Turned to Corrigan, Steel King The Cleveland Press, January 24, 1928^
174.David Dietz. The Story of Steel The Cleveland Press, November 9, 1926^
175.Grace V. Kelly. Cezanne's 'Pigeon Tower' Is Presented to Museum of Art as J.W. Corrigan Memorial The Plain Dealer, February 2, 1936^
176.Corrigan Sues to Oust The Cleveland Press, December 13, 1918^
177.Corrigan Fights for $20,000,000 The Cleveland Press, January 3, 1919^
178.Starts Soon on New Furnaces; Roads Prepare The Cleveland Press, January 13, 1909^
179.Big Contract Is Let The Plain Dealer, March 30, 1909^
180.Pleads for Free Coal and Lumber The Plain Dealer, April 14, 1909^
181.Corrigan-M'Kinney's New Furnace In the Flats The Plain Dealer, September 12, 1909^
182.Realty Transfers The Plain Dealer, July 29, 1909Realty Transfers The Plain Dealer, August 11, 1909^
183.Realty Transfers The Plain Dealer, March 4, 1911^
184.Big Plant to Rise on Belt Line Site The Plain Dealer, May 14, 1915Lusitania Sinking Stops Realty Deal The Plain Dealer, May 22, 1915^
185.Explains Injury Case The Plain Dealer, September 27, 1914^
186.New Road Gets Charter The Plain Dealer, December 9, 1909^
187.New Furnace Nearly Ready The Plain Dealer, May 24, 1910^
188.Mark Era Here in New Steel Method The Plain Dealer, October 2, 1910^
190.Real Estate Transfers The Cleveland Leader, October 24, 1911Realty Transfers The Plain Dealer, October 24, 1911Real Estate Transfers The Cleveland Leader, November 3, 1911^
191.$1,500,000 to Build Steel Plant Here The Cleveland Leader, November 16, 1911^
192.$5,000,000 Steel Furnaces Planned The Cleveland Leader, February 15, 1912^
193.Real Estate Transfers The Cleveland Leader, October 24, 1911Realty Transfers The Plain Dealer, October 24, 1911Buy River Valley Site The Plain Dealer, October 29, 1911Real Estate Transfers The Cleveland Leader, November 3, 1911Real Estate Transfers The Cleveland Leader, March 7, 1912Buys Steel Plant Land The Plain Dealer, August 21, 1912Real Estate Transfers The Cleveland Leader, August 25, 1912Real Estate Transfers The Cleveland Leader, October 6, 1912Real Estate Transfers The Cleveland Leader, October 6, 1912Ordinance No. 27086 The Cleveland Leader, November 30, 1912Ordinance No. 27086 The Cleveland Leader, December 7, 1912Drops Bridge Injunction The Cleveland Leader, January 29, 1913Steel Co. Acquires Land The Cleveland Leader, February 3, 1913Real Estate Transfers The Cleveland Leader, February 4, 1913Apartments Sold to Railroad Man The Plain Dealer, February 4, 1913City Bathhouse to Contain 'Gym' The Cleveland Leader, February 28, 1913Real Estate News The Plain Dealer, February 28, 1913Real Estate Transfers The Cleveland Leader, April 4, 1913Real Estate Transfers The Plain Dealer, September 15, 1914^
194.Acquires Site for Big Poster Plant The Plain Dealer, November 1, 1913Real Estate Transfers The Cleveland Leader, November 1, 1913^
195.M'Kinney Steel Co. Adds to Real Estate Holdings The Plain Dealer, October 19, 1918^
196.30 Acres Purchased by Republic Steel The Cleveland Press, August 14, 1956^
197.A Public Hearing The Cleveland Leader, May 4, 1913^
198.Steel Plant Work Adds to Busy Week The Cleveland Leader, July 20, 1913Deals and Contracts The Plain Dealer, July 20, 1913^
199.Death Calls Halt on Euclid-Av Deal The Plain Dealer, February 5, 1915^
200.U.S. Trades Steel for British Gold The Plain Dealer, December 31, 1915^
201.Trying to Lower Price of Steel The New York Times, January 30, 1916^
203.Steam Shovels Started At Work The Diamond Drill, April 30, 1910Gives Up Crystal Falls Mine The Calumet News, June 9, 1913Many Swan Songs in Shipment Figures The Diamond Drill, March 21, 1914^
204.Marine News The Buffalo Commercial, November 24, 1915^
205.Have Taken the Barasa The Diamond Drill, November 12, 1910Exploratory Work Still Increasing The Diamond Drill, March 18, 1911Exploratory Work Keeps Up Well The Diamond Drill, September 30, 1911Exploratory Work Keeps Up Well The Diamond Drill, May 4, 1912Ore Deposits Found in Southern Wisconsin Green Bay Semi-Weekly Gazette, February 5, 1913J.H. Lewis. News of the Mines Platteville Witness, February 19, 1913Seek Ore in New Field The Minneapolis Journal, March 9, 1913Ford Deed Filed The Diamond Drill, January 1, 1921^
207.Coal in the Elkhorn Region of Kentucky Manufacturers Record, June 13, 1904, retrieved November 5, 2025Coal and Railroads United States Investor, November 19, 1904, retrieved November 5, 2025Elkhorn Coal Field Deal Boston Evening Transcript, November 2, 1906^
209.See El Dorado in New County Louisville Courier-Journal, January 21, 1916^
210.Work For Men in Coal Field Louisville Courier-Journal, October 16, 1916^
211.United States Courts The Cincinnati Enquirer, October 29, 1916United States Courts The Cincinnati Enquirer, January 4, 1917United States Courts The Cincinnati Enquirer, June 8, 1917^
212.Local and Personal The Big Sandy News, January 25, 1918Personals and Society Pikeville Daily News, January 25, 1918^
213.Coal Miners Loyal Louisville Courier-Journal, April 29, 1918^
215.Pikeville and Pike Co. The Paintsville Herald, March 22, 1928Mine Shutdown Hits Greasy Creek Community Hard Pittsburgh Post-Gazette, March 28, 1928Greasy Creek Pikeville Daily News, May 3, 1928^
216.Wolf Pit Coal Mine Operation Stopped Louisville Courier-Journal, September 12, 1928Marrowbone Coal Mines Are Closed Big Sandy News, September 5, 1930^
217.Curtailment On In Iron Mining The Diamond Drill, January 22, 1921McKinney Steel Wages Cut Feb. 1 The Bessemer Herald, January 26, 1921Wages Reduced The Diamond Drill, January 29, 1921Local News The Diamond Drill, January 29, 1921Independent Mills Working Ironwood Daily Globe, February 1, 1921Eastern Educator Talks to Farmers on Rural Schools The Flint Journal, February 4, 1921Miners' Wages Reduced Brooklyn Eagle, February 4, 1921News From the Iron Mines The Diamond Drill, February 19, 1921Mining Activity Near Bottom The Diamond Drill, April 30, 1921Two Bessemer Mines to Close this Week Ironwood Daily Globe, May 28, 1921Colby and Ironton Mines Suspend Work The Bessemer Herald, May 31, 1921More Curtailment The Diamond Drill, August 6, 1921^
218.All McKinney Steel Employes to be Put at Work The Diamond Drill, October 8, 1921300 Men Get Jobs at Crystal Falls Iron County Miner, October 14, 1921Start Surface Work at Tobin The Diamond Drill, October 29, 1921Two Iron Mines resume Detroit Free Press, November 15, 1921^
219.Air of Optimism Prevails in Upper Michigan; Mines Back on Full Time Basis Green Bay Press-Gazette, May 8, 1922Oliver Mines on Full Time Basis; 5,000 Get Jobs The Duluth News Tribune, May 9, 1922Ironton Mine Will Open After Over a Year's Shutdown The Bessemer Herald, May 12, 1922^
220.Old Ore Firm is No More The Diamond Drill, January 12, 1918^
221.Firm Name Changed The Buffalo Commercial, January 5, 1918^
222.Range Mine Owners Quit Partnership, Is Report The Duluth News Tribune, January 15, 1918Old Ore Firm Is Reorganized Escanaba Morning Press, January 15, 1918^
223.Files a Divorce Suit Stevens Point Journal, November 17, 1914^
224.Lucy J. Price. How Jimmie Corrigan's Yachting Party Saved Village The Cleveland Leader, September 21, 1913^
225.Mrs. D.B. Mac Martin Weds Cleveland Business Man Chicago Tribune, December 5, 1916^
226.James W. Corrigan, Millionaire, Weds The Pittsburgh Press, December 5, 1916^
227.James Corrigan, Rich Clubman, Weds Belle Los Angeles Morning Tribune, December 6, 1916^
228.Married in New York Stevens Point Journal, December 2, 1916^
229.Corrigan Suit Nears End The Plain Dealer, January 14, 1919^
230.Corrigan is Awarded His $25,000,000 Estate Detroit Free Press, January 25, 1919Gains Control of $25,000,000 Estate Akron Evening Times, January 25, 1919^
231.Steel Men Expect 18,000 Out in City The Plain Dealer, September 19, 1919^
232.What Company Officials Say The Cleveland Press, September 22, 1919^
233.Iron Production Stopped by Cleveland Steel Strike The Plain Dealer, September 24, 1919^
234.Strike's Effect Now Waning The Diamond Drill, October 11, 1919^
235.M'Kinney Steel Plant Operates The Plain Dealer, October 19, 1919^
236.Steel Plants Remain Idle The Cleveland Press, October 20, 1919^
237.Iron and Steel Production Increased The Wall Street Journal, October 23, 1919Steel Output Makes Gains During Week Pittsburgh Post-Gazette, October 23, 1919^
238.Coal Truce Held Urgent Necessity The Plain Dealer, November 28, 1919^
239.Mine Strike Off, All Sides Say The Plain Dealer, December 8, 1919^
240.Active Season is Expected The Diamond Drill, December 13, 1919^
241.Detroit Faces Bare Coal Bins Within 10 Days Detroit Free Press, January 24, 1920Coal Shortage Here is Acute Lansing State Journal, January 24, 1920^
242.Many Strikers Get Jobs Back The Plain Dealer, January 9, 1920^
243.John R. Markham. M'Kinney Holding Company Paves Way for Steel Mergers The Cleveland Press, May 19, 1925^
244.Guy T. Rockwell. New Company to Offer Stock in M'Kinney Steel The Plain Dealer, May 19, 1925^
245.Bank Murals Go To Art School The Plain Dealer, February 23, 1925^
246.Ellen N. Lawson. Banking Encyclopedia of Cleveland History, Case Western Reserve University, 2025, retrieved October 20, 2025^
248.American Host Influx Begins The Sacramento Union, March 24, 1925^
249.2 More Reply in U.S. Merger Fight The Plain Dealer, March 1, 1935^
250.McKinney Steel Stock Offered to Public The Brooklyn Daily Times, May 21, 1925^
251.Preferred Has Merge Key The Cleveland Press, May 21, 1925^
252.James Corrigan Is Made Head of Steel Company The Plain Dealer, May 21, 1925^
253.Unlisted Security Quotations The Plain Dealer, March 8, 1927Bank Rate Raise Causes Surprise in Local Market The Plain Dealer, January 25, 1928^
254.Bond and Loan Items The Boston Globe, May 22, 1925^
255.Wall Street Briefs The Pittsburgh Post, May 19, 1925Financial Notes The Cincinnati Enquirer, May 21, 1925Financial Notes The Wilmington Morning News, May 22, 1925^
256.Ticker Talk The Pittsburgh Post, May 22, 1925^
257.Financial Notes The Cincinnati Enquirer, May 22, 1925^
258.Men Who Built Steel Concern Stay On Job The Cleveland Press, June 1, 1925^
259.Keeps Old Policy The Cleveland Press, May 22, 1925^
260.Discussed Steel Merger Ripening The Plain Dealer, June 22, 1925^
261.Steel Merger in Cleveland Area Reported Pittsburgh Post-Gazette, June 27, 1925^
262.Steel Merger, Cleveland Seen As Source, Seen as Likelihood The Pittsburgh Post, May 31, 1925^
263.Buy On Monday Is Ayres Tip The Cleveland Press, July 16, 1925^
264.McKinney Steel Firm to Operate 3 Mesaba Mines The Duluth News Tribune, January 25, 1925^
265.Will Connect Mines The Cleveland Press, March 17, 1925^
266.Stevenson Mine to Be Drained The Duluth News Tribune, January 31, 1925Steel Company Abandons Mine in Aurora Area The Duluth News Tribune, March 8, 1925^
267.J.C. Royle. Ore Output Greater Than That for 1924 The Buffalo News, September 25, 1925^
268.Offices Move Here The Cleveland Press, September 29, 1925Daily Survey of Business Dayton Daily News, September 30, 1925^
269.Marine News The Plain Dealer, January 6, 1927^
270.Jordan Shares Gain 5 Points in Big Turnover The Plain Dealer, January 26, 1926^
271.M'Kinney Had Start As Son of Poor Folk The Cleveland Press, April 14, 1926^
272.Price M'Kinney Found Dead, Shot In Head The Cleveland Press, April 14, 1926^
273.Cleveland Steel Man Shoots Self The Buffalo News, April 14, 1926^
274.Price M'Kinney Kills Himself The Plain Dealer, April 14, 1926^
275.Estate The Cincinnati Enquirer, April 21, 1926^
276.3 Clevelanders Left 25 Million to Be Divided The Cleveland Press, June 18, 1926^
277.Central Alloy Steel Merger Is Announced, Assets $80,000,000 The Atlanta Journal, July 22, 1926Merger Approved The Los Angeles Times, August 18, 1926^
278.Central Alloy Elects Directors The Plain Dealer, August 24, 1926New Steel Merger In Midwest Is Forecast The Buffalo News, August 25, 1926Notes and Comment Pittsburgh Post-Gazette, August 25, 1926^
279.Name Corrigan to Head Company The Plain Dealer, September 24, 1926Corrigan Again in M'Kinney Steel Co. The Cleveland Press, September 24, 1926^
280.Leaders See Prosperity in Call For Men The Cleveland Press, February 16, 1927^
281.McKinney Steel Busy The Plain Dealer, January 31, 1926^
282.Ohio Industry Out for Big Building The Plain Dealer, March 21, 1926^
283.Mammoth Rolling Plant in Operation and Dream of Years Becomes Reality The Cleveland Press, November 12, 1926^
284.Cleveland The Iron Age, February 24, 1927, retrieved October 29, 2025^
287.Many Changes Marked in Iron Mining Industry The Duluth News Tribune, January 1, 1926^
288.Daily Survey of Business Dayton Daily News, July 30, 1927^
289.Corrigan Takes Over Tilden The Bessemer Herald, March 2, 1928Complete Plans to Open Tilden Ironwood Daily Globe, March 2, 1928Leases Mine on Range The Plain Dealer, March 14, 1928^
290.1,281,140 Tons By Corrigan, McK. Co. The Bessemer Herald, December 14, 1928Consumers Have Best of Prices The Plain Dealer, December 16, 1928^
291.Ten Companies Control The Cincinnati Enquirer, February 2, 1928Steel Mergers Control Output Pittsburgh Post-Gazette, February 2, 1928^
292.Mrs. Corrigan Speeding to Husband's Bier The Cleveland Press, January 24, 1928Steel Man Dies The Pittsburgh Press, January 24, 1928^
293.Corrigan Willed $8,500,000 Share in Steel Company The Plain Dealer, March 2, 1928^
294.Corrigan's Power in Steel Lives in Will The Plain Dealer, January 31, 1928Successor to Corrigan Is Chosen The Cincinnati Enquirer, January 31, 1928^
295.Link Corrigan Steel in New Ohio Combine The Cleveland Press, January 24, 1928^
296.Corrigan Funeral at 3 Tomorrow The Plain Dealer, January 25, 1928Stocks Follow Steady Course The Plain Dealer, January 29, 1928^
298.Corrigan Will May Clear Way for Big Merger The Cleveland Press, January 31, 1928^
299.Big Steel Firm Chooses Head Pittsburgh Post-Gazette, January 31, 1928^
300.Gogebic Mines Ship 7,449,111 Tons in 1929 The Bessemer Herald, December 20, 1929^
301.Ticker Talk Pittsburgh Post-Gazette, January 12, 1928^
302.Smaller Users of Steel Keep Operations Up The Cleveland Press, May 23, 1928Auto Industry Helping Mills The Plain Dealer, May 24, 1928^
303.Heath Operations Heavy The Buffalo News, June 13, 1928^
304.Bond Market Passing Out of Its Partial Eclipse By Speculation and High Money The Plain Dealer, December 31, 1928^
305.Back Dividends Are Involved in Steel Combine The Cleveland Press, July 9, 1934^
306.Corrigan, McKinney Runs 100 Per Cent The Bessemer Herald, January 18, 1929^
307.Arthur R. Friedman. High-Low-Close Pittsburgh Post-Gazette, May 1, 1929Republic-Inland Merger Simmers The Plain Dealer, July 5, 1929Western Steel Firms To Merge The Pittsburgh Press, July 5, 1929J.C. Royle. Business World Today Pittsburgh Post-Gazette, July 18, 1929Paves the Way For Big Merge The Pittsburgh Press, August 16, 1929Guy T. Rockwell. Bethlehem May Play Large Part in Steel Merger The Plain Dealer, November 12, 1929News and Views of Buffalo Business The Buffalo News, November 22, 1929John W. Love. The Byproduct The Plain Dealer, December 19, 1929^
308.Guy T. Rockwell. Otis Steel Co. Reports Record in April Sales The Plain Dealer, May 4, 1929^
309.Revamp Steel Plant The Plain Dealer, November 27, 1929Dale Cox. Steel a leader in Plans of 1930 The Plain Dealer, December 31, 1929N. & G. Taylor Company Property Transferred Washington Evening Star, December 16, 1929Will Not Expand Taylor Tin Plate Plant The Iron Age, December 12, 1929, retrieved November 3, 2025^
310.Launch $323,000,000 Steel Merger The Plain Dealer, August 28, 1934^
311.Guy T. Rockwell. Corrigan Steel Shows Big Gain Over Year Ago The Plain Dealer, July 18, 1934Corrigan, McKinney Show Improvement The Cleveland Press, July 18, 1934Corrigan-McKinney Climbs Out of 'Red' Detroit Free Press, July 19, 1934^
312.Eaton Buys Big Union In Steel Merger The Pittsburgh Press, March 22, 1930^
314.Mrs. Corrigan Here—Revives Merger Rumor The Cleveland Press, March 13, 1930^
315.Denies Corrigan Merger Is Near The Plain Dealer, March 14, 1930^
316.U.S. Steel Seen in Merger With Corrigan Firm The Cleveland Press, March 14, 1930^
317.Big Merger Due The Cincinnati Post, March 14, 1930^
318.Corrigan to Join U.S. Steel The Cincinnati Enquirer, March 15, 1930^
319.Bruce Catton. Steel Peace Flames Into War The Buffalo Times, March 20, 1930^
320.Guy T. Rockwell. Swing Corrigan Deal in 72 Hours The Plain Dealer, March 23, 1930^
321.Guy T. Rockwell. Cliffs Buys Corrigan Steel The Plain Dealer, March 22, 1930Corrigan, M'Kinney Co. Control Is Purchased The Akron Beacon Journal, March 22, 1930^
322.Retired Banker is Dead The Plain Dealer, October 21, 1957^
323.S.L. Mather Put On Steel Board The Plain Dealer, February 6, 1930^
324.Steel Concern Is Sold: Mather Interests Acquire Corrigan-McKinney Co. The Cincinnati Enquirer, March 22, 1930^
325.Corrigan, McKinney Steel Control Sold The Boston Globe, March 22, 193060 Million Steel Company Is Sold Minneapolis Star-Tribune, March 22, 1930^
326.Changes in Corporations The New York Times, June 25, 1930^
327.C.S. Eaton Acquires Donner Steel Co. The New York Times, September 12, 1929^
328.Arthur H. Friedman. High—Low—Close Pittsburgh Post-Gazette, May 1, 1929^
329.Huge Melon Is Sliced for Holders The Cincinnati Enquirer, May 6, 1929^
330.Melon May Be Cut By Iron Ore Firm Grand Rapids Press, May 9, 1929^
331.Corrigan Deal Aids Eaton In Steel Battle The Cleveland Press, March 22, 1930^
332.Briton Hadden, Henry Robinson Luce. Business & Finance Time, March 31, 1930, retrieved December 1, 2024^
333.Two Billion Steel Merger Plan Reported Springfield Evening Union, January 9, 1931Steel Deal Rumors Meets One Denial Pittsburgh Post-Gazette, February 2, 1931Steel Merger Stories Persist The Minneapolis Journal, April 29, 1931Reported Steel Merger Is Denied The Miami News, June 27, 1931^
334.Wall Street Briefs Arizona Daily Star, April 28, 1932^
335.News and Views Pittsburgh Sun-Telegraph, November 26, 1932^
336.J.C. Dashbach. Wind Up Defense of Steel Merger The Plain Dealer, March 23, 1935^
337.John W. Vance. Review Union Trust's Loan of $6,887,000 The Plain Dealer, April 15, 1933^
339.U.S. Steel to Spend Millions to Block Bethlehem's Planned Invasion of Mid-Western Field The Pittsburgh Press, April 16, 1930^
340.Monroe Steel Plant to Be Opened Monday The Flint Journal, February 16, 1930Newton Steel Mill Open The New York Times, February 18, 1930Newton Sheet Mills Started at Monroe, Mich. The Iron Age, February 20, 1930, retrieved November 21, 2025^
341.Guy T. Rockwell. U.S. Steel May Seek Ownership of Newton Mill The Plain Dealer, November 6, 1931^
342.Merger Believed Near The Plain Dealer, October 11, 1930^
343.Steel Concerns to Consolidate The Akron Beacon Journal, July 8, 1932Newton, Corrigan Steel Merger Set The Cleveland Press, July 8, 1932Corrigan, Newton Tie-Up Operative Detroit Free Press, August 17, 1932^
344.Newton Steel, Corrigan Negotiate Affiliation The Buffalo Times, July 10, 1932^
345.E.C. Barringer. Steel Trade Expects More Active Year The Cleveland Press, December 31, 1930^
347.Week Sees Gain in Local Stocks The Plain Dealer, July 16, 1933^
348.Newton Steel May Merge The Plain Dealer, January 23, 1930^
349.Drop Negotiations for Steel Merger The Akron Beacon Journal, December 10, 1930Wall Street Briefs The Cincinnati Enquirer, December 11, 1930^
350.Insist Ohio Combine is Near The Plain Dealer, June 28, 1931^
351.Newton Steel to Issue New Bond The Plain Dealer, November 16, 1931Newton Steel Issues $3,000,000 in Bonds The Akron Beacon Journal, November 16, 1931Newton Steel Plans $3,000,000 Refinancing The New York Times, November 17, 1931^
353.Negotiations for Steel Consolidation Resumed The Buffalo News, May 13, 1932Corrigan, McKinney at Work on Merger The Plain Dealer, May 15, 1932Merger Deal On The Cincinnati Enquirer, June 4, 1932^
354.Affiliation of Steel Companies Now Complete The Plain Dealer, August 17, 1932^
355.Financial Notes The Cincinnati Enquirer, August 17, 1932^
356.Elect Three to Board The Plain Dealer, February 17, 1933^
357.Guy T. Rockwell. Cliffs Iron Has Profit for 1934 The Plain Dealer, April 29, 1935^
358.John W. Vance. Cox Weighs High M'Kinney Offer The Plain Dealer, October 24, 1935^
359.Union Trust Speeds Through $2,973,810 Check The Plain Dealer, November 20, 1935^
360.M'Kinney Steel to Vote Oct. 25 The Plain Dealer, September 29, 1934Puts Up Stock of McKinney The Cleveland Press, July 12, 1934^
362.Paul L. Einstein. Bares Efforts to Bolster Guardian The Plain Dealer, November 5, 1933^
363.Statement of Condition—The Union Trust Co. The Cleveland Press, January 3, 1933^
364.Walker S. Buel. Conservators Named For Two Banks The Plain Dealer, April 7, 1933^
365.Elect Three to Board The Plain Dealer, February 17, 1933^
366.E.B. Greene to Head Mather Iron Works Pittsburgh Sun-Telegraph, August 25, 1933^
367.Guy T. Rockwell. $105,274 Profit For 1933 Shown By Cliffs Iron The Plain Dealer, May 8, 1934^
368.Frank J. Beaman. Today's Business The Pittsburgh Press, August 28, 1934^
369.Cleveland Under the Spotlight The Plain Dealer, August 12, 1934^
370.Dale Cox. The Byproduct The Plain Dealer, July 11, 1934^
371.Steel Mergers Rumored The Plain Dealer, February 17, 1933^
372.Steel Operations Reported on Rise The Baltimore Sun, February 3, 1934^
373.Steel Merger Plan Reported Pittsburgh Post-Gazette, June 9, 1933^
374.Reports Three Steel Companies Plan Merger The Baltimore Sun, June 9, 1933Steel Merger Plan Reported Pittsburgh Post-Gazette, June 9, 1933Republic Steel Co. Merger Again Seen The Philadelphia Inquirer, June 9, 1933^
375.$323,000,000 Steel Merger Drafted Massillon Evening Independent, August 28, 1934^
376.Republic Steel Merger Talked The Buffalo News, July 7, 1934Steel Deals The Cincinnati Enquirer, July 8, 1934^
377.John R. Markham. Debate Terms for Combine of Steel Concerns The Cleveland Press, July 10, 1934^
378.Ohio's Steel Merger Soon Up to Boards The Plain Dealer, July 10, 1934^
379.Steel Men Scan Plan of Merger Pittsburgh Post-Gazette, August 18, 1934^
380.Steel Merger The Cincinnati Enquirer, August 22, 1934^
381.Guy T. Rockwell. Van Sweringens Are Working on Heavy Financing The Plain Dealer, October 3, 1934^
382.Holding Unit The Cincinnati Enquirer, September 29, 1934^
383.John Markham. $323,000,000 Steel Merger Waiting Vote The Cleveland Press, August 28, 1934^
384.Guy T. Rockwell. Business Hunts Rift in Gloom The Plain Dealer, September 16, 1934^
385.Stockholders Back Republic Merger The Cleveland Press, October 23, 1934^
386.Holding Company Approves The Cleveland Press, October 25, 1934Merger Project Given Impetus Pittsburgh Post-Gazette, October 26, 1934Holding Company Favors Republic Steel Purchase The Duluth News-Tribune, September 29, 1934^
387.Republic Steel Merger Certain The Buffalo Times, November 15, 1934Majority in Favor of Republic Plan The Cleveland Press, November 15, 1934^
388.Economic Research Division of the Federal Reserve Bank of St. Louis. Gold Reserve Act of 1934 FederalReserveHistory.org, November 22, 2013, retrieved December 3, 2025^
389.U.S. Sues to Block Giant Steel Merger The Pittsburgh Press, February 7, 1935U.S. Sues to Block Merger of Corrigan and Republic Steel The Cleveland Press, February 7, 1935^
390.Republic Wins Approval for Steel Merger The Cleveland Press, May 3, 1935Guy T. Rockwell. Steel Issues Are Given Boost By Merger Decision The Plain Dealer, May 4, 1935^
391.Merger Meeting Postponed The New York Times, July 19, 1935^
392.Steel Merger Speeded The New York Times, August 13, 1935^
393.Merger Is Voted By Republic Steel The New York Times, September 24, 1935^
394.Merger Completed By Republic Steel The New York Times, September 26, 1935^
395.Dismisses Five in U.S. Suit on Steel The Plain Dealer, December 3, 1935^
396.John W. Vance. $3,000,000 Is Poured Into Union Trust The Plain Dealer, November 15, 1935^
397.Guy T. Rockwell. M'Kinney Steel Gets Offer for Republic Bonds The Plain Dealer, November 2, 1935^
398.Ohio Securities Continue Climb in Active Week The Plain Dealer, November 17, 1935^
399.May Sell Steel Shares The New York Times, October 25, 1935^
400.To Retire Preferred Stock The Cincinnati Enquirer, November 15, 1935^
401.Guy T. Rockwell. Cleveland-Cliffs Approves Funding The Plain Dealer, November 19, 1935^
402.Guy T. Rockwell. Otis Steel May Refund 6% Bonds for 4-1/2S, Report The Plain Dealer, December 7, 1935^
There were even rumors that McKinney Steel might agree to be purchased by one of the larger steel firms, like Bethlehem Steel, Inland Steel, Republic Steel & Iron, or Youngstown Sheet and Tube.
Eaton invested all the stock he held in Inland Steel, Republic Iron & Steel, Wheeling Steel, and Youngstown Sheet & Tube, which was valued at $40 million.
The two investors split the 800,000 common shares of Cliffs Corporation equally.[330]
As Cliffs Corp. owned Cleveland-Cliffs Iron, Eaton effectively had a 50 percent interest in both Cleveland-Cliffs Iron and Corrigan, McKinney Steel.[331] This effectively prevented Bethlehem Steel and U.S. Steel from obtaining a foothold in Cleveland,[322][331] which could sell steel more cheaply to Detroit automakers due to its all-water, no transshipment shipping route.[312] Although Eaton had a substantial portion of Youngstown Sheet & Tube stock, he did not yet have a controlling interest.The Corrigan, McKinney deal discouraged Youngstown Sheet & Tube from merging with another company (most notably Eaton's biggest competitor, Bethlehem Steel).[312][331]
