Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1898-01-29
ON B. AND @.
No Justification for Coupling
the Name of
rIR. JOHN K. cowEN
With the Charges of Mismanagement
and Wrongdoing.


and Wrongdoing.
In can be said without fear of con-
tradiction that there is no railroad
company in the world that has been
so often the object of fierce attacks in
the Stock Exchanges, the courts and
the newspapers, as the Baltimore &
Ohio. For many years it was one of
the most prosperous institutions of
the country, but in course of time dis
aste1s overlook it and in February,
1896, it went into hands of receivers
Since then it has been assailed in print
more fercely than ever in the columns
of the more sensational class of news
papers, and the latest attack has been
made within the last few days.
Now, while it is unquestionably
true that in times past the manage
ment OF the business of the company
was anything but what it ought to
have been, we maintain that there is
no excuse whatever for attacking the
company at the present time and still
less for making personal assault up
on Mr. John K Cowen, who was Presi-
dent of the company at the time of its
failure, and who is now one of the
receivers. 1t is absurd to attempt to
hold Mr.. Cowen responsible for what
was done long years before he took
control, and it is quite as unfair and
absurd to blame him because he did
not at once restore the road to a con-
dition of prosperity.
AS a matter of fact, the administra.
tion of the joint receivership by Mr..
Cowen and Mr. Oscar G. Murray, his
colleague, is the brightest chapter in
the history of the property for quar-
ter of century past. 1t is true that
good deal of money has been spent
by the receivers, but it is also fact
that it is as seed planted, from which
splendid crops will spring in time to
come.
The Baltimore & Ohio is one of the
-sfinest railroad properties in the world,
but it requires time for its rehabilita-
ton, and those who seek to discredit
it and its securities in the eyes of the
financial world do so for reasons about
which probably the less said the bet
ter. 1t is we'll known in Wall street,
as we'll as in London and Amsterdam,
that there are certain powerful firms
and individuals that for long time
have sought to secure the supreme
control of the road in place of the
present receivers, and leading bankers
and lawyers say that the recent attacks
upon the company and Mr.. Cowen
have undoubtedly been ;nstigated by
those firms and individuals whose
names, however, need not be mentioned
in this place, for they are known only
too we'll to all who are conversant
with financial affairs.
The summing up of the whole matter
is that the Baltimore & Ohio is now in
the very best of hands, and that every
day brings it nearer to period when
its net earnings will once more be
worthy OF such property. Even in
1897 there was a marked improve
ment in the volume of business done,
and as the country gets back to a
normal condition there will be still
more notable progress on the part Of
the company's business.
1t is little short of malignant crimi-
naiity to attempt to force foreclosure
of the mortgages and sale Of the prop
erty at this time. What should be
done is to give Mr.. Cowen and his
colleagues all the support possible, to
hold up their hands in the magnifi-
cent fight they are making on behalf
of magnificent property. -Mercan-
tile ard Financial Times.