A young financial writer once brought ridicule upon himself by stating that a certain company had nothing to commend it except excellent earnings. Well, there are companies whose earnings are excellent but whose stocks I would never recommend. In selecting investments, I attach prime importance to the men behind them. I'd rather buy brains and character than earnings. Earnings can be good one year and poor the next. But if you put your money into securities run by men combining conspicuous brains and unimpeachable character, the likelihood is that the financial results will prove satisfactory.
What would you call America's most priceless asset? Surely not its limitless natural resources, not its matchless national wealth, not its unequalled store of gold, not its giant factories, not its surpassing railroads, not its unprecedented volume of cheap power. Is not its most priceless asset the character of its people, their indomitable self-confidence, their transcendent vision, their sleepless initiative and, perhaps above all, their inherent, irrepressible optimism?
Had I not gone through the ordeal, in more than one country, of landing a job, I would he tempted to lose patience over the number of letters pouring in from fellows who want me or someone else to hand them a job on a silver platter with a guarantee that they will receive the wonderful promotion their talents warrant.... But a tragic number of young men and even older men have a notion that it is not up to them to prosecute the bettering process. They look to someone else to perform the trick for them.
Some people are so methodical that that is all they are or ever will be.
Judgment can be acquired only by acute observation, by actual experience in the school of life, by ceaseless alertness to learn from others, by study of the activities of men who have made notable marks, by striving to analyze the everyday play of causes and effects, by constant study of human nature.
Henry Ford has several times sneered at unproductive stockholders.... Well, now. Let's see. Who made Henry Ford's own automobile company possible? The stockholders who originally advanced money to him. Who makes it possible for you and me to be carried to and from business by train or street car? Stockholders.... Who made our vast telephone and telegraph service possible? Stockholders.... Were stockholders all over the country to withdraw their capital from the enterprises in which they are invested, there would be a panic ... on a scale never before known.
Talking things over has its place in an organization [but] so-called conferences are being grossly overdone. One executive stops at the desk of another to tell him, perhaps, about the wonderful score he made at golf on Saturday afternoon. This chin-chin immediately becomes a conference, and neither the office boy nor the telephone operator must disturb either gentleman. More idle gossip is indulged in at many business conferences these days than an old wives' sewing circle would be guilty of.
Employers, have you ever stopped to reckon what the goodwill of your workers is worth? ... In most large concerns it would be worth more in dollars and cents to have the goodwill of the working force than of those on the outside. It has been repeatedly demonstrated that the average working force is capable of increasing its production 25% or more whenever the workers fell so inclined. Workers animated by ill will cannot possibly give results equal to those of workers animated by goodwill. The tragic fact appears to be that a tremendous number of working forces are not so animated.
When you delve deep enough, you find that practically every great fortune and great enterprise in America have sprung from the courageous enterprise of some individual. It was Commodore Vanderbilt's enterprise in switching first from running a ferryboat to running other ships, and then, when he was well along in years, his enterprise in switching into railroading, that created what was to become one of the most notable fortunes in the history of the world.
Many men who do creditable things refuse to let it be known. This is a mistake. While we all admire modesty, nevertheless there is a great national need to do everything possible to bring home to the rank and file of the people that all employers and all wealthy men are not grinding, mercenary, selfish skinflints, but that many of them take delight in doing helpful things for others ... Shortcomings of employers are constantly paraded. Why not let the public become acquainted with the better side which most present-day employers possess?
The bell of public opinion is today making the Morgan-Rockefeller-Vanderbilt class jump. Nor are the strongest of our corporations immune. The railroads have had to jump pretty lively, and certain gigantic industrial combinations are also being put through their paces.
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