 To avert the collapse of Moore & Schley , Morgan called an emergency conference at his library Saturday morning . A proposal was made that the U.S. Steel Corporation , a company Morgan had helped form through the merger of the steel companies of Andrew Carnegie and Elbert Gary , would acquire TC & I. This would effectively save Moore & Schley and avert the crisis . The executives and board of U.S. Steel studied the situation and offered to either loan Moore & Schley $ 5 million , or buy TC & I for $ 90 a share . By 7 p.m. an agreement had not been reached and the meeting adjourned . 
