tag:blogger.com,1999:blog-6471329571766916686.post6520918508303278849..comments2024-03-27T09:27:06.163+00:00Comments on Turnip Rail: The Problem with the Late Victorian British Railway IndustryDavid Turnerhttp://www.blogger.com/profile/01017077771376316618noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6471329571766916686.post-56313554834050337252010-11-24T10:59:19.374+00:002010-11-24T10:59:19.374+00:00Although the margin is shrinking, surely by modern...Although the margin is shrinking, surely by modern standards an operating ratio of 62% is pretty amazing. Any industry can expect problems maintaining its margins as it matures and returns diminish. I wonder if the real failure was failing to use these returns to invest adequately and consolidate for the future?K D Tennenthttps://www.blogger.com/profile/09233962626984386906noreply@blogger.com