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768 The percentages of ﬂuctuations from one year to another in the two companies are as follows:

Broadly speaking, the distinction which has been indicated between railway and manufacturing industries holds good wherever it is applied. The demand for the transportation services offered by some railways, especially those which depend exclusively upon iron and steel or kindred industries, is more irregular than those of some manufacturing companies—for example, gas or electric lighting companies or companies supplying certain food products which are regarded as necessaries of life. But as between the two classes of corporations, railroads and industrials, the comparison of stability of demand favors the railroad, primarily because of the breadth of the demand for its products.

The railway industry is also distinguished by its comparative freedom from competition. What manufacturing industry has vainly tried to accomplish by unlawful combination, the railroads have achieved without conscious effort, solely by virtue of their economic position. This advantage will be the subject of the next article in the series.

is hard lines to hear a witty fellow say the very thing you have been trying to.

thoughtful are amazed at the preponderance of good in the World.

resolutions are useful They teach us how diﬁicult it is to remould ourselves.

dream of Happiness whilst the starry-eyed visitor knocks unheard at their doors.

Minna Thomas Antrim