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Gold/Mining/Energy : Gold Price Monitor

GDXJ 99.85

+6.2%

Nov 24 4:00 PM EST

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To: Don Green who wrote (25107)	12/31/1998 8:35:00 AM
From: long-gone	Read Replies (1) of 116764

Things are changing? The founding of United States Steel in 1901. The company had total real assets of $682 million. Against this value had been sold: $303 million in bonds, $510 million in preferred stock, and $508 million in common stock. The total amount of assets sold in the company were 2X the size of "real" value in the company. The common stock was backed by only "good will". Total cost to bring public for J.P. Morgan and the underlying promoters was only $150 million.* This might have been a "good" investment, except the technological advancements claimed produced steel rail that more not less expensive. 5 years will tell if the Internet companies will have made all their investors rich, or like the USS deal make only the bankers brokers and boards rich beyond even J.P. Morgan. * Stolen from The Worldly Philosophers p.238 R L Heilbroner

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