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The Masters of Capital: A Chronicle of Wall Street (Classic Reprint)
The Masters of Capital A Chronicle of Wall Street - Classic Reprint Author:John Moody CIIAPTER I — THE RISE OF THE nOUSE OF MORGAN — ".rUE old meaning of the word "capital H - that is, — an accunlulation of wealth, either money or substantial — property, for use in tlle production of nlore — wealth - has been greatly enlarged within recent — titnes. In earlier days, under the crude nlethods — then prevailing, a given Jnanufacturing p1an... more »t nlight
earll, say, ten pet cent on its invested capital; but
vhen power Inachincry and iInprovcd processef;
came into use and ea.rnings increased, say, to t wentyfive
or forty per cent, tl}e practice began of putting
a. valuation on this increa.sed earning power, and
the "val ue ,t of a. given property, instead oJ being
bw,ed on its original or replacement cost, ccune to
be nlcasured by its capacity to earn profits.
Upon this new basis, "capital," as expressed
I
Table of Contents
I THE ruSE OF THE HOUSE O}!~ MORGAN rage 1; II i10UGAN AND THE RAILROADS 19; JII TRE IRONA-JASTERS 4 S5; IV STANDARD OIL AND WALL STREET (ji; V TIn~ STJ~t~L TRUST Mt~nGER 4 70; VI lIAURIMAN AND lULL " 89; VII TIlE Al'EX OF "HIGH FINANCE'· 100; VIII THE PANIC OF 1907 AND AFTER 1M; IX 'ALL S'l'RE}:f AND TUI-~ VOULD VAR« less