Excerpt from The Financial Policy of Corporations, Vol. 4 of 5
A business corporation is either a success or a failure. Although a business may maintain, for a considerable time, a quiet existence showing no outward change, yet in the long run an observer will see clearly that it has gone either forward or backward. Many corporations go down-hill very rapidly and become failures within a few months after their promotion; with others the causes of disaster take longer to operate and may not precipitate failure for several years. The same thing is true of the success of a corporation. In fact, as the first few years are devoted to organization and to establishing a place in the trade, pronounced success is not likely to show itself so early as pronounced failure. Yet in the long run it is just as evident as failure, although the consequences may not, perhaps, be so dramatic.
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