"J. Pierpont Morgan takes Judge Gary's place as chairman of the United States Steel board of directors. That will please stockholders. Mr. Morgan's father created the company, with the assistance of Judge Gary, James A. Farrell* and other able citizens, and changed a half a billion worth of stock that Carnegie called 'not even water, mere air' into stock, now worth more than $220 a share, the 40 per cent dividend included.
"To change 'thin air' to a solidly established stock worth more than a billion real dollars shows what American business can...
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