This ore trade was of great and absorbing interest at Cleveland. My old employer was paid $4 a ton for carrying ore from the Marquette regions fifty years ago, and to think of the wickedness of this maker of woodland…
The dangers are that the power conferred by combination may be abused, that combinations may be formed for speculation in stocks rather than for conducting business, and that for this purpose prices may be temporarily…
Adam Smith:The Wealth of Nations, Book I, Chapter XI, Paragraph 591
Adam Smith《The Wealth of Nations》· Book I, Chapter XI · Investing
Third Sort.—The third and last sort of rude produce, of which the price naturally rises in the progress of improvement, is that in which the efficacy of human industry, in augmenting the quantity, is either limited or uncertain. Though the real price of this sort of rude produce, therefore, naturally tends to rise in the progress of improvement, yet, according as different accidents happen to render the efforts of human industry more or less successful in augmenting the quantity, it may happen sometimes even to fall, sometimes to continue the same, in very different periods of improvement, and sometimes to rise more or less in the same period.
The dangers are that the power conferred by combination may be abused, that combinations may be formed for speculation in stocks rather than for conducting business, and that for this purpose prices may be temporarily…
This ore trade was of great and absorbing interest at Cleveland. My old employer was paid $4 a ton for carrying ore from the Marquette regions fifty years ago, and to think of the wickedness of this maker of woodland…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 63
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter X · Leadership
Andrew Kloman had a small steel-hammer in Allegheny City. As a superintendent of the Pennsylvania Railroad I had found that he made the best axles. He was a great mechanic--one who had discovered, what was then unknown in Pittsburgh, that whatever was worth doing with machinery was worth doing well. His German mind made him thorough. What he constructed cost enormously, but when once started it did the work it was intended to do from year's end to year's end. In those early days it was a question with axles generally whether they would run any specified time or break. There was no analysis of material, no scientific treatment of it.