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There are few moneyed corporations, the management of which is not liable to change hands, every year, by the requirement of law or charter that the board of directors shall be chosen annually. Where the stock is held by but a few persons and as a permanent investment, no inconvenience results, because the annual election is always a re-election. But in the case of new enterprises, or corporations with a widely distributed capital, unless some one man or family holds an interest so large as to be practically controlling, changes will not be infrequent. Under such circumstances a vacillating policy often results, and plans of direction may be abandoned, when but half tried, for others which meet with no better fate.

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