New men who knew nothing about steel but who possessed an intimate acquaintance with stocks and bonds--J.

Pierpont Morgan, George W.Perkins, and their associates--were branching out as controllers of large steel interests.

Carnegie had no interest in Wall Street; he has declared that he never speculated in his life and that he would immediately dissociate himself from any partner who would do so.

This Wall Street coterie, in the years from 1898 to 1900, had made several large combinations in the steel trade.

That was the era when the trust mania had gained possession of the American mind and when its worst features displayed themselves.