Chapter 38

 The steel industry was a giant without lineage, parentage or category. Nobody knew how big it should be nor could tell by looking at it what stage it was in. Not until afterward¹. It was measurable only by contrast with itself. It was supposed to be already grown up when John brought the American Steel Company back from Wall Street. But it was still in the gristle. Bone and sinew had yet to be acquired.

“What, my God! if we had sold out then,” Slaymaker would say again and again, with the aghast and devout² air of a man whose faith in the deity³ dates from some miraculous⁴ escape. “We should probably never have got in again,” he would add.

If they had got out then they would have been able to count their wealth in millions. But they had to go on. And when at last they did get out in the golden harvest time years later they counted it in scores and hundreds of millions.

Thane’s new method, which proved itself in practice, gave the American Steel Company a whip hand in steel rails. It could make them at a lower cost than anyone else in the world, owing to the saving in fuel. Nobody ever knew what that cost was. No matter at what price the Carmichael people sold rails John could sell them a little lower if he needed the business, and[323] he became for that reason a burning thorn in the flesh of Bullguard, who had capitalized the Carmichael properties and brought the shares out in Wall Street. They had a wretched career. Everyone who touched them lost money. This was not only because of the American Steel Company’s competition; the steel industry as a whole was running wild. There was no controlling it. For a year or two the demand for steel would exceed the utmost supply at prices which made a steel mill more profitable than a gold pocket. Then new mills would appear everywhere at once and presently, although there never could be enough steel really, the bowl would slop over from sheer awkwardness.

There were still the three great groups,—the Western group, the Carmichael group and John’s—all growing very fast. Minor⁵ groups were continually springing up at precisely⁶ the wrong time. They generally smashed up or had to be bought out by the others to save themselves from ruinous competition. The steel age cared nothing about profits. All it wanted was steel—more and more and more.

Next was the phase of specialization. One mill made rails exclusively, another merchant steel, another structural⁷ shapes for bridges and skyscrapers⁸, another sheet steel, another steel pipe, and so on. That only intensified⁹ the competition.

Then trusts began to be formed, precisely as John had formed the nail trust years before, and for the same purpose, which was to regulate the output and keep prices at a profitable level. Somebody would[324] go around and get options on nearly all the mills of this kind, of that kind and then get bankers to make them into a trust with shares to be listed on the Stock Exchange and sold to the public. So there came to be a steel pipe trust, a sheet steel trust, a bridge and structural steel trust, a tin plate trust, a trust for everything; and matters became a great deal worse because some of the biggest mills, such as John’s, were never in a trust and if the pipe trust or the structural steel trust got prices too high the independent mills would begin to make pipe or structural steel. Besides, each trust was a law unto itself and the steel industry was still anarchic.

Now finance began to be worried. The shares of these trusts having been floated in Wall Street and the public at last having begun to buy them, an outbreak of disastrous¹⁰ competition among the trusts, or between the trusts and the independents, or an overrunning of the steel spool¹¹, caused a panic on the Stock Exchange. Enormous sums of capital had become involved. Every such panic caused a general commotion¹², like a small earthquake. Something would have to be done to stabilize¹³ the steel industry. That was the word; everybody began to say, Stabilize it! Gradually there crystallized the thought of a great trust of trusts to embrace everything. Not otherwise could the steel industry be stabilized¹⁴. Any such colossal¹⁵ scheme as that would have to consider first of all the three dominant¹⁶ groups. But when overtures¹⁷ were made to John directly or through his partners, he repulsed¹⁸ them. To Wall Street’s emissaries he would[325] say flatly, “No.” To his partners he would say, “Not yet.”

His word was final. Having retrieved¹⁹ his fortune in the first year after his inglorious shipwreck²⁰, by the most daring and brilliant selling campaign the steel industry had ever seen,—a campaign that put American rails over European rails in all the markets of the world,—his authority not only was restored: it was increased. Then, having paid off his notes with Slaymaker and Pick, he had got possession of Creed’s shares. That made his interest in the American Steel Company greater than that of any three others. There was still the North American Manufacturing Company, in which he was the largest stockholder; it controlled the manufacture of steel wire and nails, and had never ceased to pay dividends²¹.

He enforced one policy of business. That was to make steel continuously under all conditions and never to close a plant except for repairs. Back of him was Thane steadily²² reducing the costs of manufacture. Sometimes they sold steel at a loss. In the long run, however, this policy paid so handsomely that they were presently able to find in their own profits the capital they needed for expansion. On an ever-increasing scale they devoted²³ profits to the construction and purchase of new properties,—more mines, more ships, more mills. When his partners complained, saying it was time to take something out instead of putting all their gains back again, John offered to buy them out.

So he grew wise and tyrannical and a little grey at[326] the temples. His voice became husky. He lived hard, worked hard, walked steadily on the edge of the precipice²⁴, with nothing he cared for in view. On his watch chain he carried the key to Thane’s house. Twice he got as far as the gate and turned back.

1 afterward   

adv.后来；以后

参考例句：

• Let's go to the theatre first and eat afterward. 让我们先去看戏，然后吃饭。
• Afterward,the boy became a very famous artist.后来，这男孩成为一个很有名的艺术家。

2 devout   

adj.虔诚的，虔敬的，衷心的 (n.devoutness)

参考例句：

• His devout Catholicism appeals to ordinary people.他对天主教的虔诚信仰感染了普通民众。
• The devout man prayed daily.那位虔诚的男士每天都祈祷。

3 deity   

n.神，神性；被奉若神明的人(或物)

参考例句：

• Many animals were seen as the manifestation of a deity.许多动物被看作神的化身。
• The deity was hidden in the deepest recesses of the temple.神藏在庙宇壁龛的最深处。

4 miraculous   

adj.像奇迹一样的，不可思议的

参考例句：

• The wounded man made a miraculous recovery.伤员奇迹般地痊愈了。
• They won a miraculous victory over much stronger enemy.他们战胜了远比自己强大的敌人，赢得了非凡的胜利。

5 minor   

adj.较小(少)的，较次要的；n.辅修学科；vi.辅修

参考例句：

• The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
• I gave him a minor share of my wealth.我把小部分财产给了他。

6 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

7 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

8 skyscrapers   

n.摩天大楼

参考例句：

• A lot of skyscrapers in Manhattan are rising up to the skies. 曼哈顿有许多摩天大楼耸入云霄。
• On all sides, skyscrapers rose like jagged teeth. 四周耸起的摩天大楼参差不齐。

9 intensified   

v.（使）增强， （使）加剧( intensify的过去式和过去分词 )

参考例句：

• Violence intensified during the night. 在夜间暴力活动加剧了。
• The drought has intensified. 旱情加剧了。 来自《简明英汉词典》

10 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。

11 spool   

n.（缠录音带等的）卷盘（轴）；v.把…绕在卷轴上

参考例句：

• Can you wind this film back on to its spool?你能把这胶卷卷回到卷轴上去吗？
• Thomas squatted on the forward deck,whistling tunelessly,polishing the broze spool of the anchor winch.托马斯蹲在前甲板上擦起锚绞车的黄铜轴，边擦边胡乱吹着口哨。

12 commotion   

n.骚动，动乱

参考例句：

• They made a commotion by yelling at each other in the theatre.他们在剧院里相互争吵，引起了一阵骚乱。
• Suddenly the whole street was in commotion.突然间，整条街道变得一片混乱。

13 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

14 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》

15 colossal   

adj.异常的，庞大的

参考例句：

• There has been a colossal waste of public money.一直存在巨大的公款浪费。
• Some of the tall buildings in that city are colossal.那座城市里的一些高层建筑很庞大。

16 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

17 overtures   

n.主动的表示，提议；（向某人做出的）友好表示、姿态或提议( overture的名词复数 )；（歌剧、芭蕾舞、音乐剧等的）序曲，前奏曲

参考例句：

• Their government is making overtures for peace. 他们的政府正在提出和平建议。 来自《简明英汉词典》
• He had lately begun to make clumsy yet endearing overtures of friendship. 最近他开始主动表示友好，样子笨拙却又招人喜爱。 来自辞典例句

18 repulsed   

v.击退( repulse的过去式和过去分词 )；驳斥；拒绝

参考例句：

• I was repulsed by the horrible smell. 这种可怕的气味让我恶心。
• At the first brush,the enemy was repulsed. 敌人在第一次交火时就被击退了。 来自《简明英汉词典》

19 retrieved   

v.取回( retrieve的过去式和过去分词 )；恢复；寻回；检索（储存的信息）

参考例句：

• Yesterday I retrieved the bag I left in the train. 昨天我取回了遗留在火车上的包。 来自《简明英汉词典》
• He reached over and retrieved his jacket from the back seat. 他伸手从后座上取回了自己的夹克。 来自辞典例句

20 shipwreck   

n.船舶失事，海难

参考例句：

• He walked away from the shipwreck.他船难中平安地脱险了。
• The shipwreck was a harrowing experience.那次船难是一个惨痛的经历。

21 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

22 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

23 devoted   

adj.忠诚的，忠实的，热心的，献身于...的

参考例句：

• He devoted his life to the educational cause of the motherland.他为祖国的教育事业贡献了一生。
• We devoted a lengthy and full discussion to this topic.我们对这个题目进行了长时间的充分讨论。

24 precipice   

n.悬崖，危急的处境

参考例句：

• The hut hung half over the edge of the precipice.那间小屋有一半悬在峭壁边上。
• A slight carelessness on this precipice could cost a man his life.在这悬崖上稍一疏忽就会使人丧生。