A Practical Treatise -- Street or Horse-Power Railways (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1859 Excerpt: ...in society as shall place their conduct as far as possible above impugnment. The directors of street railways are usually entirely ignorant of the details of the matters over which they have authority; and even if it were otherwise, they could not personally superintend the works under their charge. The purchase of material not unfrequently excites some feeling in the board; as seats have been secured in railway directories that the parties holding them might serve those with whom they were connected. Experience has proved, that it is best in every respect to let the formation of the line and purchase of material to contractors, who engage to complete the work, according to certain specifications, at a stipulated price per mile; and to appoint a competent engineer to take general charge and be responsible for the construction. The practice of misapplying capital for the payment of dividends, and the charging of current expenses to the account of capital, cannot be too strongly condemned. Cases have occurred where the future profitable working of roads has been endangered for years under this system, --which, however suitable it may be for the convenience of speculators, is fatal to the interests of those who invest permanently. The practice usually adopted to guard against this and similar abuses, is to open the accounts to the periodical inspection of shareholders; but its advantages are illusorj--for to thoroughly understand the complicated accounts of a railway, requires a thorough knowledge of the system in which they are kept, and an elaborate examination, which is a work of time, but all of which is susceptible of being simplified. The treasurer should make up, once in three months, a blank form of report, showing the condition of the company's affairs...