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Updated: May 14, 2025
There is in the modern development of technology, and confidently to be counted on, a continued flow of new contrivances and expedients designed to supersede the old; and these are in fact successful, in greater or less measure, in finding their way into profitable use, on such terms as to displace older appliances, underbid them in the market, and render them obsolete or subject to recapitalisation on a lowered earning-capacity.
In cases where no recapitalisation has been effected for a considerable series of years the yearly earnings of such businesslike coalitions have been known to approach fifty percent on the capitalised value.
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