New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-14
merchants by whose dealings with each other
railroads ara suppOrted.

merchants by whose dealings with each othor
railroads are supported.
2. Those railroads which in times OF activity
EXPAND their capital stock and funded debts
and extend their operations on scale when
requires traffic rapidly and necessarily IN,
creasng to yield a return, even on the capital
really invested, must be prepared. like mer-
chants who follow the same hgh-pressure
principles, to encounter difficulties.
8. The profits of transportation have certain
| well-defined limits, beyond which they CANNOT
be maintained for any length of time without
DESTROYING the Industries which produce the
articles transported, or turning the trade INTO
| other channels
4. The profits being thus limited it follows
that the greater the share of the profits going
| to "fast freight line" managers or others OUT
side of the stockholders, the less there WIZ Dc
left for dividends.
s. Money to pay dividends may be borrowed
but il cannot be borrowed year after year for
any great length of time.
@. Clear, full, and honest statements OF ac-
commits and traffic are desirable in order that
stockholders may know whether the dividends
are earned or paid ont Of borrowed money.
| 7. 1t is better, in the long run, so to manage
railroads as to secure the support OF men VINO
are aversc to risks rather than that OF specu-
lators.
g. 1t is wiser in times ll.3 these, when agri-
culture, manufacturing, and many branches OF
trade are yielding little or no profit, for rail-
road company to support the interests on
whose prosperity it is itself in the long run
dependent, rather than to sap their strength
to pay its usual dividend.
0. When railroad managers travel from city
to city in special trains at the rate of fifty
five miles an hour, stockholders should be
| alert.
10. Stockholders must never forget that the
conditions of successful railroad management
are in no respect different from those of sue
cess in any other business Any cause which
prostrates great industry or a great mass OF
trade must be felt by al capital and labor.
Let stockholders, therefore, be moderate in
their expectations and not look for miracles.
| 1t seems to us that more than one of the
above maxims have been more faithfully adj
hered to by the Baltimore and Ohio Company
than by its Northern rivals. The managers OF
| that corporation appear to have been less sus-
ceptible to changes in the atmosphere OF Wall
| Street, more devoted to the growth of the
commerce of the city at the end of their road,
more free from parasitical corporations, less
ambitious of pomp and display, less distIust-
full of the action Of sunlight on the pages of
their ledgers, and more alive to the identity
Of the interests of the corporation and its
freighters than either of the other great or
CARNATIONS represented at Baltimore on
| Thursday. The advice which the President OF
the Baltimore and Ohio bestowed SO literally
upon Commodore Vanderbilt and his associ-
ates in return for the trouble they took to go
and see him, seems to us to be warranted by
Mr.. CARROTS position and by theirs. If the
stress of the times should drive the COmmo-
dore to make more such visits, he might
probably learn more; and the City of New
York, which is losing to-day through his pool
ing arrangements Just what Baltimore is
gaining, would be glad to observe the process
OF his education.