s in steel were at first disposed to ignore us. Knowing
the difficulties they had in starting their own steel works, they
could not believe we would be ready to deliver rails for another year
and declined to recognize us as competitors. The price of steel rails
when we began was about seventy dollars per ton. We sent our agent
through the country with instructions to take orders at the best
prices he could obtain; and before our competitors knew it, we had
obtained a large number--quite sufficient to justify us in making a
start.

So perfect was the machinery, so admirable the plans, so skillful were
the men selected by Captain Jones, and so great a manager was he
himself, that our success was phenomenal. I think I place a unique
statement on record when I say that the result of the first month's
operations left a margin of profit of $11,000. It is also remarkable
that so perfect was our system of accounts that we knew the exact
amount of the profit. We had learned from experience in our iron works
what exact accounting meant. There is nothing more profitable than
clerks to check up each transfer of material from one department to
another in process of manufacture.

The new venture in steel having started off so promisingly, I began to
think of taking a holiday, and my long-cherished purpose of going
around the world came to the front. Mr. J.W. Vandevort ("Vandy") and I
accordingly set out in the autumn of 1878. I took with me several pads
suitable for penciling and began to make a few notes day by day, not
with any intention of publishing a book; but thinking, perhaps, I
might print a few copies of my notes for private circulation. The
sensation which one has when he first sees his remarks in the form of
a printed book is great. When the package came from the printers I
re-read the book trying to decide whether it was worth while to send
copies to my friends. I came to the conclusion that upon the whole it
was best to do so and await the verdict.

The writer of a book designed for his friends has no reason to
anticipate an unkind reception, but there is always some danger of its
being damned with faint praise. The responses in my case, however,
exceeded expectations, and were of such a character as to satisfy me
that the writers really had enjoyed the book, or meant at least a part
of what they said about it. Every author is prone to believe sweet
words. Among the first that came were in a letter from Anthony Drexel