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of any industry as permanently to extinguish 
a company’s dividend-earning capacity. 
But, on the other hand, although these in 
ternal influences are apt to he so permanently 
disastrous in their effects, it seldom, if ever, 
happens that the holders do not receive 
ample warning of the malady from which 
their stock is suffering. Whether trade is 
passing into the hands of competitors, or 
whether mismanagement is reducing the com 
pany’s assets, or whether death or retirement 
has removed the chief organising brain upon 
which the company relied for its prosperity 
in times past, it is impossible for these events 
to occur without notice of them being given 
in the reports and balance-sheets issued to 
shareholders. 
Public companies and nations do not 
suddenly drop down dead from financial heart 
disease ; but, rather, a slow mortification sets 
in, and the investor who has the nerve and 
the courage to amputate promptly may 
generally escape with no more than the loss of 
a limb. Budgets and balance-sheets constantly 
convey warnings to investors, and if they do 
not disregard them, they may, by facing their 
first comparatively small loss, succeed in 
getting out of an undesirable »investment 
without waiting for the final catastrophe.