The Romance of Steel the Story of a Thousand Millionaires

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John, in the wonderful vision with which the New Testament concludes, sees the " New Jerusalem " of the far future, in which per- fected Humanity shall dwell, he pictures it as a " city of pure gold. " But this was Heaven, not earth. Nothing terrestial, whether past or present, fact or imagination, equals the wealth of this single American corporation. ^Public approval would have been too shallow to float the United States Steel Corporation, had it been launched four years earlier. It would hav...e been regarded as a Utopian scheme, no less unworkable than the federating of the Euro- pean monarchies into a continent of republics. But in 1896 and 1897 there began an unprecedented era of industrial speculation. From 1896 to 1904 twelve thousand new com- panies were registered in New Jersey alone. One hundred 224 Copyright, 1905, by Pach Srot. , New York. D. O. MILLS MORGAN AND U. S. STEEL CORPORATION and forty-nine of these, formed within three years, had a total capitalisation of nearly four billions.

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