THE APEX OF "HIGH FINANCE"
IN 1903 the United Steel Corporation failed to earn its dividends, its great issue of common stock fell to a few dollars a share, and people began to think that Morgan was no wizard after all. Carnegie, the retired and intrenched multimillionaire, sat back and laughed; Harriman, the enemy of Morgan, gloated over the fall of his rival; the Standard Oil magnates, always jealous of the Morgan power, said little but watched and waited. But while the fickle public cried calamity, Morgan kept on being a "bull." He knew that the ebb was temporary; that the tide would soon turn. He urged his clients to buy steel and other good industrials. The decision of the Supreme Court in 1904 ordering the dissolution of the Northern Securities Company caused a shiver in the framework of Morgan's gigantic structure. But it was only a shiver. The tide did turn, and big business went merrily on