The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-11-22
BALTIMORE.
TUESDAY, NOVEMBER %, 1853

We present to our readers, in another place, the
Thirty-third Annual Report of the Baltimore and
Ohio Railroad Company. We do not intend to
commit what we apprehend would be the serious
error of expressing any opinion based on state
ment Of corporation officers addressed to stockhod-
ers. Without intending the slightest disrespect TO
Mr.. GARRETT the Board, are sure that we only
express what they themselves must have felt when
we say public confidence in that species of light
literature is plant whose growth in latter times
has been much more like that of lighted candle
than of an oak tree. We have more than once
had occasion to show what may be done with
figures, by those who are not as loyal to the truth
as figures themselves, by the common proverb
are affirmed to be. The numerals, in the
matter of railroad statistics nowadays, have
been applied to purposes never contemplated
by COCKER, and which, if they could have
been foreseen would probably have caused
the honest Arabian who invented them to hesitate
ere he presented TO the world such a ready means
for leading the world astray. We make these
remarks rather in recognition of well established
state of public feeling in regard to these matters
than rs 4 Propos to this particular report, which
we should very much regret TO suppose they were
The Baltimore and Ohio Railroad has so often
been put perfectly TO rights by those even who
have subsequently proved equally successful in
the management of corporations of another and
more important character, and has proved so diff
cult to maintain at that point that there has
grown up among us very large class of worthy
people, whose heads begin to exhibit some of
the symptoms Of palsy whenever the great
Western Thoroughare is mentioned If a Pres-
dent of the Company should say that ''two and
'two make FOUR these citizens would rather
doubt it-lhey would like TO have illegal proof"
Knowing all this we dare not venture to assert
even that we believe our road to be in prosper
Gus condition; but rs we understand the report
Mr.. GARRErT and his Board take that responsible
ity without any hesitation, and we are 50 much
their friend and the friend of this aorta of our
commercial system, as sincerely to hope they may
find their justification in the facts not only of the
present but of the future. Mr.. GARRETT GER
tainly possesses the faculty Of presenting Il very
clear statement-so plain one, that it is
not worth while TO analyZe it, as our readers will
catch the conclusions which are deducible from the
report Mt Il glance. Another thing must be con-
coded TO him. that, however men may differ rs to
the degree of success with which his adminisra-
ton has been attended, he certainly understands
and distinctly announces the principles on which
successful administration depends. Economy is
his misunderstanding of leaks, looping off ex-
crescences-cconomy, not only in shortening the
force, but in slowing the speed, getting rid of
floating debt and buying on the best terms for
cash. Randolph announced that he had found
the philosopher stone in ''pay as you 60" These
economies introduced on the road, have produced
SS0O,000 in working expenses, or more than six
per cent. the capital, in the last fiscal year.
These, it is true, are Mr.. GARRETTs figures
and statements and, as we have intmated, they
labor under the prima ,tacie disadvantage of ap-
pearng in a railroad report, and WILL therefore,
BE- received with due caution. Bot that these
are the true ideas for the proper conduct of rail-
way, and in fact, all other enterprises can admit
otno dispute We have no way of asccrtanng
whether the spirit of saving has been, rs it easily
may be- pushed beyond the limit of economy
which only requires perfect adjustment of means
to desired ends-into the folly of sacrificing
the future 10 the present. Upon this matter there
are and will be different opinions, and it will re-
quire time TO show which are correct 1t would af-
ford us the sinceres pleasure to be able to congrat
ulate the stockholders upon a prospect of perma
nent cash dividends-brt that pleasure we propose
TO defer for the present.