The American Beauty Rose can be produced in the splendor and fragrance which bring cheer to its beholder only by sacrificing the early buds which grow up around it. This is not an evil tendency in business. It is merely the working-out of a law of nature and a law of God.

Believing that fundamental conditions of the country are sound ... my son and I have for some days been purchasing sound common stocks

The most important thing for a young man is to establish a credit... a reputation, character.

We are coming to see that there should be no stifling of labor by capital, or of capital by labor; and also that there should be no stifling of labor by labor, or of capital by capital.

I never placed my head upon the pillow at night without reminding myself that my success might only be temporary.

Often-times the most difficult competition comes, not from the strong, the intelligent, the conservative competitor, but from the man who is holding on by the eyelids and is ignorant of his costs, and anyway he's got to keep running or bust!

Believing that fundamental conditions of the country are sound and there is nothing in the business situation to warrant the destruction of values that has taken place on the exchanges during the past week, my son and I have for some days been purchasing sound common stocks. We are continuing and will continue our purchases in substantial amounts at levels which we believe represent sound investment values.