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https://company-histories.com/Barnes-Group-Inc-Company-History.htmlWallace Barnes began working for both his father Alphonso and grandfather Thomas in the family hotel and general store. The general store specialized in clocks, but it also sold drugs and general merchandise. Wallace eventually became skilled as a druggist. Partly because he and his father did not get along, however, he left to start his own druggist shop in a nearby town. Lackluster returns from that venture prompted him to try his hand at a new business, clockmaking. Wallace started out contracting to supply cut glass, doors, and parts to different clockmakers who were part of the bustling clock trade that had developed in Bristol; in fact, Bristol was known as the clockmaking capital of the United States at the time. Unfortunately, the local clock industry fell on hard times when the Panic of 1857 caused a severe depression.
At the time of the Panic, Wallace was working for clockmaker A.S. Platt. Platt, for whom Wallace had been working at the rate of $1.25 per day, became unable to pay him for his services. Instead of cash, Barnes accepted some hoop-skirt wire as compensation. In a move that demonstrated his dealmaking savvy, Wallace hauled the wire in a wagon to nearby Albany. There, he traded the wire for a financially troubled haberdashery store. Rather than stay to run the store himself, Wallace turned around and traded it for a Missouri farm that he had never seen. Upon returning to Bristol, he managed to trade the farm for a blacksmith shop, which he sold for the handsome sum of $1,600. Incredibly, Wallace used the money to purchase the troubled A.S. Platt, the company that had given him the wire in the first place.
Small world.150 years ago, the park system in our local town was bestowed to the city and its residence by the wealthy industrialists whose success was due in large part to its local workforce.
https://connecticuthistory.org/mr-mrs-rockwells-park/
Thanks bee, actually listened to it. On a somewhat related note, one topic I never see discussed is the cruelty of the constant compounding of our capital over time. Meaning, because of the compound effect the older we get the more money we have. At some point that increasing wealth gets meaningless as we are less likely and able to enjoy our nest egg, That has never been apropos than since 2008 as the markets have steadily marched higher and higher.Thanks @Junkster,
Interesting discussion on his website through many of his video interviews...here's one:
His site:
https://diewithzerobook.com/welcome
Copious footnotes omitted. Jerry W. Markham, Mutual Fund Scandals - Comparative Analysis of the Role of Corporate Governance in the Regulation of Collective Investments, Hastings Business Law Journal, Volume 3, Number 1 (Fall 2006).A "veritable epidemic of investment trusts afflicted the Nation" before the Stock Market Crash of 1929. By 1924, over $27 million had been invested in investment companies, up from less than $15 million in the prior year. In 1925, investment trusts holdings double to $150 million. Some 140 investment companies were formed between 1921 and 1926. A new investment company was being created every other day in 1928. "[B]y 1929 they were being created at the rate of almost one a day." The assets of investment companies rose to over $1 billion in 1928. Another $2.1 billion was added in 1929. Between those two years, the number of investment company shareholders increased from 55,000 to over 500,000.
Almost all of these enterprises were "closed-end" investment companies that invested in securities rather than producing a product or service.
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