Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-02

invested the directors and managers With
power, would be iudcpondent, aud would
follow the dictates Of their business
judgment and experience, not The nrbi
trary whim and caprice ~ a sch-opiuon,
atcd head Of department.. As railroad
and other corporation business IS usually
managed now. an auditor IS merely the
tool OF the board or heads of dtpatt.
mentsi he has, TO all intcuts and pur.
poses. except In snue Isolated enscs nc
independence Of thought or action. aud
hV has daily TO do violence 20 HIS own
maturcd convictions Of right aud wrong
10y charging accounts as he Is directed
g charge thcm, not as his early educu.
ton aud business experience would die
tate. II q board Of directors appoints
rs own auditor, the stockholders should
also appoint thors thcre might possibly
be no divergence between tho two. huf
II would he far moro satisfactory for
the stockholders 20 have for themselves
ON independent ana authoritative version
Of the tacts Ia which they are personally
Interested. u mny be said that such au-
utQts are vcnaL and that on lNllcy-
rauds theory about every man having
his price. manager or bOarl Of direc-
tors, II they are so disposed. could mnnip.
ulatc these independent auditors as they
chose, and that under this view az the
60 Sc railroad company or other cOrpor.
alton would only bc duplicating expenses:
but The Fiuanc " firm I'M ia belief
TINT IN the United States. ak IN England
thtre are expert accountants and public
auditors. whose records are unimpeach-
auic Tor ability aud integrity, and whose
personal pride, N nothing else, would
prevent them from dcvl0tinr one hairs
! hrcadth from what thew knew to be-
theinstrict line OF dut Such men are an
I honor 10 their profession. and they know
iull wei the value Of an untQrnished rep
utaUon Tho finnuclCr also believes
that such concerted action ON The part of
stockholders IN all the corporations Of
the country, railroad, financial. Industrial
/ or otherwise. would do moro than any
! thlnk else 20 restore confidence Ia Ameii-
can securities. not merely In the home Of
| their creation. but in the financial cen.
ters Of the whole civilized world
or course, all the readers OF Tho III
/ naucier arc aware that the difficulties in
/ which The Barring Brothers were involved
/ some few years back ~ consequence Of
/ oyer,trndng In Argentine and other
/ South American securities caused many
/ lnFlish holders Of United States srcur.
I ties to realize on Thorn m the markets. of
I this country, INIT the confidence which
/ thereto existed among European investors
In the securities ~ this country. does rof
\ anneor 10 have been rcsusrtliel. md
/ such inactivity, such speculative ncrtia.
l cum only be- attributed TO a ,listrnst of
| American methods, and 10 a c0nstrnt
/ fear OF some UNEXPECTED fnanriql con.
\ vusions similar 60 that which caused the
l nnior'unhtc COLLAPSE IN phihdophia nul
I Reading some fcw wceks ngo. Acrl,
/ dents viii happen. according 10 The old
! prprcrh, IN the hest regulated families,
/ put are not stockholders repronsnnblo n
] they do not see to it. that their in,ii,n.
/ uons are the best that can he levisrl hy
/ human sogacity n forethodrht fnrthtn
! individual and collective proNrtinn2 Inc
! financial management Of rmlronds and
! other corporations should be- on tho same
plane OF excellence as their operation.
! concerted md intelligent action Is an
that Is required