tion.

"The consequences of the other theory are as different, both
to the corporate property and to the public, as can be
imagined. When a railroad is properly managed and earning
dividends, a policy of development is adopted, having for
its end the natural expansion of the property in harmony
with the growth of the country, the needs of business and
the desires of the people. The fruits of such a policy may
not be apparent at once, but they inevitably come, and, when
they are reaped, are enjoyed and appreciated by all. Only by
such a policy can our roads ever become great, commanding
the confidence of the people, and fulfilling their highest
uses; in short, only by such a policy can a railroad be
brought to a high degree of perfection.

"The difference is clearly seen by contrasting a road of
this character with one that is run by the Wall Street
method for stock-jobbing purposes. By this method dividends
are not regarded as of so much consequence to investors as
an instrument or argument for affecting the value of the
stock. In other words, if a dividend is earned and paid at
all, it is chiefly as an instrument or agency for
stock-jobbing purposes, and not because the road is managed
primarily for this purpose. Furthermore, dividends, too
often, are disregarded altogether, as well as any policy of
permanent improvement or of general development. The
cardinal idea always is, how can the road be maintained and
manipulated so as to cause the largest variations in the
stock and the most money for the managers?

"Too many managers, as is well known, have made great sums
for themselves and built additions long in advance of their
means, and have seriously crippled their corporations by so
doing. But they have made fortunes for themselves. What the
great majority of mankind consider is the immediate present,
and not the future.

"It is undoubtedly a hard thing for those who are conducting
their corporations in an honest and able manner, for the
benefit of their owners, to keep still while their enemies
are pounding them and glorifying those who are managing
their corporations for personal and corrupt ends; but all
cheap and false practices must finally lead to disaster. We
hear a g