The Masters of Capital: A Chronicle of Wall Street

The Masters of Capital: A Chronicle of Wall Street

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The Masters of Capital: A Chronicle of Wall Street

The Masters of Capital: A Chronicle of Wall Street

Read FREE!

Excerpt

CHAPTER I
THE RISE OF THE HOUSE OF MORGAN

THE old meaning of the word "capital" -- that is, an accumulation of wealth, either money or substantial property, for use in the production of more wealth -- has been greatly enlarged within recent times. In earlier days, under the crude methods then prevailing, a given manufacturing plant might earn, say, ten per cent on its invested capital; but when power machinery and improved processes came into use and earnings increased, say, to twenty- five or forty per cent, the practice began of putting a valuation on this increased earning power, and the "value" of a given property, instead of being based on its original or replacement cost, came to be measured by its capacity to earn profits.

Upon this new basis, "capital," as expressed . . .

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