on carrier is entitled to know
that he is charged no more than his neighbor who obtains the same
service under the same conditions." "The theory that any unjust
discrimination or unjust preference or advantage in respect to
individuals, communities or descriptions of traffic must be suppressed
by the State, has become firmly lodged in legislation." This improvement
in the sentiment of railroad men is gratifying.

This gentleman, as has already been stated, was for several years a
member of the Interstate Commerce Commission, a board created by
Congress for the special purpose of enforcing the law which he so
unreservedly condemns. No doubt Mr. Walker performed the duties of his
office as he understood them; but if he held then the views which he
holds now, his work must have been a hindrance rather than a help to the
commission.

Among financial journals, so many of which are devoted to the support of
vicious and demoralizing methods, and are ever ready to defend whatever
is bad in corporation management, it is refreshing to find occasionally
one that exposes abuses and favors the earning of legitimate dividends,
and it is a pleasure to quote the following from the June number, 1892,
of the _Banker's Magazine_:

"There are two widely differing theories concerning the
management of railroads in this country; one theory is that
profits should be acquired from fluctuations in the stock,
and the other is that the profits should be acquired in the
old-fashioned way, by performing a useful service and
receiving a reward therefor, to be divided among the
stockholders in the way of a dividend. These two theories
are so different in their practical operation that they give
rise to the most diverse consequences. Of course, many
railroads are not dividend-earning, and with these the
profits to the managers and those who are allied with them
must come from stock fluctuations and from whatever sucking
arrangements can be devised whereby their vitality or
sustenance can be acquired by the favored few who are in
control. Unfortunately, there are many railroads in this
condition, the history of which is too well known to require
description. Once in control, the way is easy to retain it
and to make money by a thousand devices which ingenious and
unscrupulous managers are constantly planning and putting
into opera