Excerpt from How to Invest in Railways
Since the first edition of this book appeared there has been a great change for the better in railway administration. Directors seem to have taken - in fact, they have taken - to heart much of the criticism and censure directed against their apathy and faulty methods. The result is that shareholders and investors have correspondingly benefited. Not only have they received larger dividends as the result of real economies effected, but they have found their stocks appreciate in price in the market, thus recouping much of their capital losses in recent years.
The vital question they should therefore put to themselves is: Will this reform continue? That will depend in a great measure upon shareholders themselves. If they continue apathetic they may find directors relax their efforts at reform; hence it would hardly be wise of them to be too contented. Critics can be trusted not to give the directors too much peace of mind. The excellent comparative results of 1902 have to a great extent silenced them.
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