This section is from the book "Business Finance", by William Henry Lough. Also available from Amazon: Business Finance, A Practical Study of Financial Management in Private Business Concerns.
A shareholder in a corporation, large or small, who feels that he and his associates are being defrauded, who has a clear case and who is willing, with his eyes open, to enter into a long and gruelling fight, is likely to find simple publicity a highly effective, and, if properly used, a highly legitimate method of attack. In a large corporation the campaign of publicity may be directed not only toward stockholders, but toward the public at large. In a smaller corporation it will naturally be confined to people who are directly affected.
Through the use of effective publicity of the best type Justice Charles E. Hughes carried through an investigation of the life insurance companies which at first was quite insignificant, but which ultimately brought about, through the pressure of overwhelming public sentiment, a complete revolution in the financial management of the life insurance companies and a permanent uplift in standards of business morality. More recently, N. L. Amster, of Boston, carried on a campaign in behalf of the Rock Island stockholders which resulted in an agreement to select by general consent a new board of directors in whom all the shareholders can place confidence.
In 1914, the Interstate Commerce Commission used no weapon except publicity in carrying through the investigation of the New Haven Railroad, which revealed the true conditions and led - through pressure of public opinion - to the retirement of the old management and the election of an entirely new group of directors and other officers.