The public attitude toward the railways has had the effect of dulling incentive in that great industry, of rendering it an unattractive avocation for young men with brilliant minds. There are no longer the opportunities for a Harriman or a Hill, for the people will not have it so; yet, if the people but knew, the railways of the country are in great need of the services of engineers and managers of a superior class. But there can be no creation of intangible wealth if the creators be not permitted to enjoy any part of it. In no branch of industry would there be any noteworthy invention or acquisition of knowledge of how to do things if it were not worth the while of the inventor and student.
I have previously mentioned how durable a thing intangible wealth may be and cited the value of a newspaper’s reputation. Other citations might be made of such things as trade-marks, and even of mere names. These often have great value for many years after the excellences of the things for which they stand have disappeared, simply for the reason that the names have become fixed in the minds of the people. While a part of the intangible wealth has such lasting qualities, however, a great deal of it is extremely fragile and that is particularly so with respect to the subtle thing that I have characterized as business organization. Every now and then some great company goes to pieces just by the loss of this through stupidity or carelessness. The whole intangible wealth of a country may vanish within a few months. Following the Bolshevist revolution the first thing that Russia lost was her intangible wealth. After that was gone the destruction of her physical property began.
