New-York tribune., 1899-06-12
CORPORATIONS AND INDIVIDUALS.

CORPORATIONS AND NDl|IDtALS'
Frank Thomson has been called the ablest
railroad man In America. Ever since secretary
Stanton wanted to know, according to report
why Government was kept waiting three Gays
for the opinion of that red-headed stripping
and Colonel Scott, himself of the highest re-
pute, stated to the Secretary and TO president
Lincoln that nobody else could answer the
questions asked, the young man, who was then
Scott's assistant. went on establishing new rec
ords of efficiency In the management or the
PENNSYLVANIA system. Yet his death caused no
furry In the stock market, and pennsylvania
stock. after fractional decline, rose a point
on the theory that his successor might be dis
posed TO distribute earnings TO stockholders
with less cautious provision against future
emergencies The mans surprising ability has
gone into the creation Of company so power
full that the loss of such men Scott and Rob
erts and Thomson has at no time checked It's
prosperity
But If a man Of like ability in his field should
drop ont OF the management Of one of the
great industrial corporations, what would be
expected Of its stock? Ex-Governor Flower
was not in personal charge of the work in i'm
portant industrial organizations which he
enough 10 account for a decline amounting to
many millions in the market value of a few
securities. Were the men who are relied
upon to direct the practical work in some OF
these corporations 10 pass away suddenly all
know that the shock would be severe. The
methods by which these corporations have been
organized and are conducted are not open, pub
lie end calculated at every point to bring up
g
in his department. Secrecy Of operation neces-
sarlly confines the details OF management to
few persons. and the loss of one may easily be
found loss which cannot be made good.
The few old trust stocks which have sue
cecded were conducted the same policy.
Had the Standard on lost Mr.. Rockefeller, or
the Sugar Company Mr. Havemeyer, at various
points In the development of those corpora
tlons. the difference TO them would probably
have been great. Because guided for many
years by the same will and plan and high abil
ity these have lived and fourlshed. while many
other trusts have gone into the list Of bankrupts
II will probably be found that the later com
binations. which have nothing about them OF
the trust form of organization. but are man
aged Oh much the same principles, will depend
for success far more largely upon the persona
power and the survival or retention in place
Of single individuals than the public now ex
poets. Great corporations can be made th'
best OF training schools for men In ever!
branch Of their work from lowest 10 highest
But that cannot be done IL subordinate, wheI
be has learned the business thoroughly, know
that he can make a fortune by allying h
knowledge and skill with capitalists who ar
impatient to begin competition in order TO Sc
cure share Of the profits realized by the grea
corporation.
If these industrial corporations manage,
from the start with unwavering determination
TO keep profits so low that no competition cal
be successful, that Is another matter Then In
deed the great corporation can with safety sc
itself TO train successors for Its managers 4
every branch assured that the opportunity wi
not offer when any subordinate can expect {
win fortune by engaging in competition wit
IT, But II cannot be said that there have bee
evidences Of such a purpose in the manage
ment Of these corporations thus far. II Ia tru
that almost all Of them, prior to and at til