Andrew Carnegie：Autobiography of Andrew Carnegie, Additional Excerpt 305

_Answer:_ "During the great depression which followed the panic of 1873, Mr. Kloman, through an unfortunate partnership in the Escanaba Furnace Company, lost his means, and his interest in our firm had to be disposed of. We bought it at book value at a time when manufacturing properties were selling at ruinous prices, often as low as one third or one half their cost.

Source： https://www.gutenberg.org/ebooks/17976
Locator：Additional excerpt 305 · Verified：2026-10-19 · Verification：Short excerpt

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