After the last great oil year of 1929, U. S. Steel Corp. got into the oil fields with the purchase of Oil Well Supply Co., third biggest maker of drilling equipment in the land. Consideration in the deal was 108,402 shares of U. S. Steel common stock, then worth $16,000,000. Set up as a holding company for this stock was a company named Pittsburgh United Corp., whose principal function was to transform Big Steel's dividends into dividends on Pittsburgh United's 58.212 shares of preferred, 389,963 shares of common. Unhappily for the onetime owners of...
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