We knew how much we made and where we gained or lost.

At least, we tried not to deceive ourselves.
My ideas of business are no doubt old-fashioned, but the fundamental principles do not change from generation to generation, and sometimes I think that our quick-witted American business men, whose spirit and energy are so splendid, do not always sufficiently study the real underlying foundations of business management.

I have spoken of the necessity of being frank and honest with oneself about one's own affairs: many people assume that they can get away from the truth by avoiding thinking about it, but the natural law is inevitable, and the sooner it is recognized, the better.
One hears a great deal about wages and why they must be maintained at a high level, by the railroads, for example.

A labourer is worthy of his hire, no less, but no more, and in the long run he must contribute an equivalent for what he is paid.

If he does not do this, he is probably pauperized, and you at once throw out the balance of things.
You can't hold up conditions artificially, and you can't change the underlying laws of trade.