The Masters of Capital: A Chronicle of Wall Street (Classic Reprint)

In earlier days, under the crude methods then prevailing, a given manufacturing plant might earn, say, ten percent on its invested capital; but when power machinery and improved processes came into use and earnings increased, say, to twentyfive 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.
(Typographical errors above are due to OCR software and don't occur in the book.)

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