Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-02
coRpoRArloN AcooUNrINe.
A Timely Article From Leading Financial
Authority

tIhc tlnnnclcrl
The railroad system Of this country. IN
its special adaptation TO the wants OF
the community which it serves, and the
requirements of the country. which u
has been built TO dcvclopc. By, and cor.
rectly 10. the marvel of the civilized
world Nowhere on the habitlble globe
IL transportation cheaper and go ihe
same time more roplete with comforts
and couVenienccs Nowhere Is freight
carried at a less rate per ton pof inlle,
and considering the distance hauled, dc
hyeredlwith greater prOmputuIc and dis
patch hut while this country has us
palace ears. aud yestbuled trains, while
It's freight cars are equipped win auto.
matte car cOuplers, and air brake; ana
while avery precaution Is laN,l i2r
the safety Of life and properly ~ the
introduction OF all modern appliances
10 guarantee Immunity from loss. pnd
damage, still the stockholders OF che va
riOus railroad companies and uiner cor
poratOns throughout the country have
been strangely, and Il might hs truly
said suicidaly. lacking IN hedqng round
their stock interests with the simple
safe guards, which have been prevalent
for years IN Europe. and through placing
unrcserved confidence In those, who have
been selected &C manage u property, but
who are personally Interested I'M mys-
tiying It's real condition They frequent.
~ awake at an eleventh hour 10 rcnli-
zttiun, that The uulerpnrIug Of their
stucl holdings Is entirely rrirn. That
assets have no foundations In fact, and
fAnr t!,H r'supr'iY, , 'up uii's alC g. hll
intents and purposes positively bankrupt.
This IN 10 exaggerated statement Nnd
the stockholders have Gully themselves 10
blame for such n condition Of quhirs.
because they place no check on the do
ngs Of those who manage their properties
ha rft IA lN4HlNNNfrN
form OF IN investigating commipre IT
the board, but as rule, il ID merely a
form, or II might he characterized as u
farce and vouchers are glanced at with
view Of seeing that they are signed,
not that the distribution Is correct, Of
that the service has In every instance
been performed, or IN equivalent value
rendered. Perhaps Il Is right. that stuck'
holders should have this simple. chld-llhc
confidence in their trustees AMI That
they should consider nll The appoint 'es
OF said trustees like Cuosjrs wife,
above rcproach. That might Zoe uu very
we'll " this world of ours had entered
upon the millcminl period Of iH CNis.
| teuce which Il unfortunately hrs not
aud therefore while IL would he wronc
4 20 believe that man Is dishonest, Until
we have proven him 90 hc honest, sill
/ IL Is the part of worldly wisdom to see
/ that the man has no opportunities foi
/ dishonesty, and TO environ the business
/ with such safeguards. that orrnrs cam
/ not be committed without detection. and
| that the assets and liabilities of a corpor
/ alton are always passed upon by experts
| who thoroughly understand VALUES AM
! depreciation
The position Of The lrnancier Is. that
/ the stockholders of every corporation
! railroad. or otherwise, should nt Cacl
annual meeting appoint auditors Tor ia,
corporation, nc IN agreed annual salary
/ In the same manner that lhey select
| directors; that these auditors should pre-
sent reports about the financial condition
/ of the corporation, an agreed number Vi
! days before each annual or seminnuuu
meeting. Such auditors would be co-ordi
nate officials with the directors them
selves; but as deriving their power nnt
authority from the same source whicl