On this day, 125 years ago, February 5, 1900 (January 6, 1900, the lunar calendar), Morgan formed a steel company with assets of US$1 billion. On February 5, 1900, Pierpont-Morgan bought several iron mines of John D Rockefeller and all of Andrew Carnegie's steel business, becoming the only steel giant today. The business was the most costly of any U.S. corporate merger, with Morgan spending $1 billion to buy the iron ore ore in Mesabi, Minnesota, and the Pittsburgh steel mill. Morgan asked his company, U.S. Steel, to eliminate competition based on the methods he used to develop railways. According to his principle of "shared interests", giants of large financial groups can cooperate privately in competition between companies. Morgan once said: "America is the best place for me." William Jennings Bryan replied: "Whenever he doesn't like America, he can return it." (This is a humorous statement, meaning that Morgan is so rich that he owns almost the entire United States, so if he doesn't like it, he can return it).