good money after bad. In the majority of cases the need of refinancing
arises from bad management, and the effect of refinancing is simply to
pay the poor managers to keep up their bad management a little longer.
It is merely a postponement of the day of judgment. This makeshift of
refinancing is a device of speculative financiers. Their money is no
good to them unless they can connect it up with a place where real work
is being done, and that they cannot do unless, somehow, that place is
poorly managed. Thus, the speculative financiers delude themselves that
they are putting their money out to use. They are not; they are putting
it out to waste.

I determined absolutely that never would I join a company in which
finance came before the work or in which bankers or financiers had a
part. And further that, if there were no way to get started in the kind
of business that I thought could be managed in the interest of the
public, then I simply would not get started at all. For my own short
experience, together with what I saw going on around me, was quite
enough proof that business as a mere money-making game was not worth
giving much thought to and was distinctly no place for a man who wanted
to accomplish anything. Also it did not seem to me to be the way to make
money. I have yet to have it demonstrated that it is the way. For the
only foundation of real business is service.

A manufacturer is not through with his customer when a sale is
completed. He has then only started with his customer. In the case of an
automobile the sale of the machine is only something in the nature of an
introduction. If the machine does not give service, then it is better
for the manufacturer if he never had the introduction, for he will have
the worst of all advertisements--a dissatisfied customer. There was
something more than a tendency in the early days of the automobile to