New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-12-27

The Convention unanimously adopted report OF
Committee prepared by Mr. Haupt, of the Baltimore
and Ohio Road and submitted by Messfs. Haupt,
Brough and Vibbard, appealing to the public to sus-
tain the several corporations and giving the reasors
why they have made moderate ncI ease Of chsrges,
and why they should be allowed increased compensa-
ton for mail service The increase originated in i'm
peraiive necessity; its operation will promote tue
best interests of the y hole community.
The Report says:
Hallway property has become in many instances,
fearully deprecstec confidence has been im aired,
frauds have been perprfra ed reports Of companies
are recei we'd with distrust and dividend, with
picion; stocks havs become objects of spec llahon,
aud few investments nov made ia such securities
with any expecta ion Of realizing regular and ser ain
GlVdende. IL becomes u matter OF serious lmpor-
lance TO inquire into the of this unfortunate
condition of things and spply the remedy. The Ia
tertsts of way companies do not alone require II
eyeiy other ineres IT. dependent for It's elvauceme
upon Railway progress, demands that tnsse yitally
essential improvements be sustained
Conspicuous among the causes which have led 10
The present unfavorsble results, may be enumerated
the fact that ia the Is. nation of Railway Directors,
TIE importance Of 1e re'enf has caused the future
TO be overlooked. In the desire b. secure Immediate
rs,uIs provision has been neglected for that sure de-
teriorsiion which pursues all the works OF man, but
which attacks, with fearful rapdlty, the rolling STOCK
and supeI structure OF b railway.
These have been usually the results. rathsr, of in-
experience, than design provision for .he futlrs
IVES not made because the wants OF the future war
not known; but time has taught the usual lesson l.
has made apparent the unwelcome truth t.at diyi.
bends have been sometimes Jared before they were
really earned; that the means, which, If retained,
and allowed to accumulate would have sutilced for
renewals paid for losses increased the business IA
ciliiles and kept tie con Danies IN sound condition,
hhye ia part. az least. been premsturey distributed
among stockholders, and increased debt loss Of
fdence, depreciation Of stocks, or ell combined, has
been the consequence Of the exposure of these facts
Competition, at prices below the standard of fair
remuneration has been another, ard probably the
most fatal error into which Railroad Companies have
fallen.
Rivalry Of this kind confers no real advantage pom
the public; the losses incurred often retrieved by
higher charges aferward aud n the pest the benefits
which would rec uit 10 class would be at the
pense If another temporary and scarcely appre-
cable advantage 70 the public sometimes purch lsed
with injury 10 stockholders and acute distress 10 those
who are dependent upon the dividends OF Comp 4nies
fer tie OF support. 1t is ungenerous 10 desire
advantages bought al such sacrifices. Ii Is unust 70
rob class in the community for the benefit Of
another.
The capital expended upon railways is a. much en-
titled 70 fair return that which ls otherwise in
vested ana the Directors of company in duty
hound TO protect the nebsts OF their stockholders,
ana 50 Conduct their operations TO realize tSOm
the improvement under their charge Just renuners-
lion. AZ the time IL u freely admitted that
where the expenditures have been lnjudiclOus or the
capital inflated beyond proper Limits, by financial
saoriGces tie public should alone be required 10
repair tie oss toe Of the properly shold be
ccI tent with smaller proportiouate return than they
would be entitled 10 expect ca a ust valuation.
IL 10 be observed, IN this connection. that other
Obligations upon railroad companies besides that
Of Protecting the Interests of their stockholders Their
roads En- OF great value to the public
public accommodation Oy their proper should
he considered Guty. These Improvements increase
manufactul,s, PRODUCTION, wealth and populations
hey stimulate industry, and ong ~ these results
can be secured sitboUtlo railroad companies should
ICt md IN general viii Lot, refuse accumulation
rtiin the nuiis 81 their lacity, 70 any business
Wb.cl GJy0nces the general prosperity, even if il
proui'es brit title ci--c- prof % themselves.
generous public VIII not complain OF the nd
erlte increase IL lie price OF passage which has oeen
resolve UIou when the contrast their former ac-
commodstons and rates OF i-rt with those nJw offered
item.
But q Few years sine the Journey from Cincinnati
g. Ner-Noik Consumed more than a week of valid
Gble time an required a. expenditure for ilre alone
OF so 10. .ul gli meals auf iuclfsn' als nov the
!. uuey Ell De- ptiiotner in 80 hours a. cost even
Hi'h tie srget proposed increase OF less thln 500
Ii 10y proposed that The increased revenue which
rail- osc con pafies require 10 place then In sound
condition. sLad be derived entirely from tax upon
ne public. \ crea, pert Of the expected increase
~ pIUniIg of superfgtes e1cluiing al PRIVILEGED
classes fTou free travel sud limiting expenditures :,
objects which sOund economy may approve and an
t CisI. administration q business render necessary
Tie proper compensation 70 BE- allowed b. the POST.
Ofce Department, for mail service has occupied the
attention OF railroad managers for long tira. At
he Il. Nicholas Contention, Of Aunus, lha suh.