In view of these circumstances, can a reasonable doubt be entertained by any one as to the profitableness of the stock of the Pennsylvania Railroad Company? Its natural position must give to it more than sufficient business to make it yield large profits. Indeed, I confidently advance the opinion that when the Road shall have been completed that it will not be a question "whether it will pay an interest on its cost," _but to what point the rates of freight and passage shall be reduced to give the Company ample revenues and at the same time make the work most extensively useful to the public_. Dividends from its revenue can be made of 6, 8 or 10 per cent. by changing the rates of freight and passage, at the discretion of the Directors. From some experience in the management of the business of other roads, much less favorably situated than this, I feel no hesitation in making this prediction. I look upon the result as one upon which there can be no doubt entertained. The inquiry may be made, "If this Road must prove a profitable investment, why other works in Pennsylvania, favorably located, have not yielded remunerating dividends to their proprietors?" In reply it can be stated that there is no important work, leading from Philadelphia, that ought not now to divide large profits, if their stock and funded debts exhibited a fair cash value of the property represented. Most, if not all, of these works, were commenced with inadequate capital, for the object in view, and from the anxiety of the stockholders to realize the large profits promised on their completion, and the _public_ to _enjoy the use_ of the improvement, they have been pressed forward faster than true economy, or the funds of the company, would justify. Engagements were made, relying upon fortune, or accident, to provide the means to meet them. These resources failing, they were thrown upon the mercy of either the contractors or the money lender. And, in consequence, the cost of the works has been rolled up to an amount not anticipated, and, in many cases, debts incurred, under the pressure of the moment, in the most objectionable shape, to meet which the whole of the receipts of the companies have necessarily been mortgaged. In New England, and also in New York--where railroads have, in many cases, been deprived of the privilege of carrying freight--judiciously located roads have invariably paid well. Their success has not been caused by the exercise of any peculiar skill or economy in their management, as generally supposed, for, in this respect, though they stand deservedly high, there is none that conduct their business, under all circumstances, with as much economy as the Baltimore and Ohio Railroad, or some other southern companies.