February 05

Events - Economy & Industry

1901day.year

J. P. Morgan incorporates U.S. Steel in the state of New Jersey, although the company would not start doing business until February 25 and the assets of Andrew Carnegie's Carnegie Steel Company, Elbert H. Gary's Federal Steel Company, and William Henry Moore's National Steel Company were not acquired until April 1.

On February 5, 1901, J. P. Morgan legally formed U.S. Steel, the first billion-dollar corporation in America.
On February 5, 1901, financier J. P. Morgan officially incorporated the United States Steel Corporation in New Jersey. By consolidating Carnegie Steel, Federal Steel, and National Steel, U.S. Steel became the world’s first billion-dollar company. The new giant dominated American steel production and fueled major infrastructure projects like railroads and skyscrapers. Its formation exemplified the power of trusts and sparked debates over monopolies and antitrust regulation during the Gilded Age. U.S. Steel’s creation marked a turning point in corporate America and industrial scale manufacturing.
1901 J. P. Morgan U.S. Steel New Jersey Andrew Carnegie Carnegie Steel Company Elbert H. Gary Federal Steel Company William Henry Moore
1997day.year

The so-called Big Three banks in Switzerland announce the creation of a $71 million fund to aid Holocaust survivors and their families.

In 1997, Switzerland's three largest banks announced a $71 million fund to compensate Holocaust survivors and their families.
In February 1997, Switzerland’s Big Three banks—UBS, Credit Suisse, and Schweizerische Kreditanstalt—announced the establishment of a $71 million fund to support Holocaust survivors. The move followed years of legal battles and diplomatic pressure from survivors and Jewish organizations demanding restitution for dormant wartime accounts. The fund was intended to provide direct payments to survivors and their heirs who had suffered losses during World War II. It represented one of the largest corporate-sponsored reparation efforts to date and set a precedent for addressing historical injustices. The agreement also led to the formation of an independent commission to oversee claims and ensure transparency. This landmark settlement highlighted the role of financial institutions in resolving moral and legal disputes stemming from history.
1997 Big Three banks Holocaust