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Practical demonstrations in Great Britain led some observers to conclude that the railroad would soon introduce “a new era in the business and arrangements of Society.” Thus inspired, promoters of the first American rail ventures began to draw heavily, both for practical information and equipment, upon the resources of the British pioneers, whose response was magnificently cooperative.
Many Hawaiians viewed the great irrigation project and its vigorous promoter with enthusiasm and awe. Unfortunately, not all aspects of American entrepreneurship were palatable to the Islanders.
The bonanza lure of lumbering proved irresistible to many established small businessmen, who were dazzled by the prospects of cheap raw materials and simple processing, on the one hand, and by growing markets on the other. Disillusionment was frequent, but amidst crushing difficulties created by inexperience and inadequate capital the small operator proved remarkably ingenious and persistent. His often ill-rewarded and seemingly unjustified ventures contributed much to the economic growth of the nation.
Like the financial mart from which it derives its name, OVER THE COUNTER is designed for the types of exchanges not handled elsewhere. This feature has its origin in a demand among readers of business history for a place to compare ideas, voice comments on published articles and reviews, and publish research essays. Contributions are invited. The Editor and Advisory Board reserve the right to decide whether, on the basis of general interest, pertinence, and merit, such contributions will be published. OVER THE COUNTER will appear as often as the volume of contributions may dictate.
In the energetic attempt to control destructive competition through pooling, Albert Fink occupied a position of prominence analogous to that enjoyed by Morgan in the consolidation movement that was to follow. Fink's rational advocacy did much to dispel the notion that the railroads were exercising irresponsible censorship over the affairs of the business community. His rate-making ideas and techniques were a lasting contribution to scientific railroad management.
Growth is governed by a creative and dynamic interaction between a firm's productive resources and its market opportunities. Available resources limit expansion; unused resources (including technological and entrepreneurial) stimulate and largely determine the direction of expansion. While product demand may exert a predominant short-term influence, over the long term any distinction between “supply” and “demand” determinants of growth becomes arbitrary.