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i-.4 ord from the President



  On March 5, 1850, the Governor of Kentucky affixed
his signature to the charter which made the Louisville
& Nashville Railroad Company a going concern.
  It is needless to recite the revolutionary changes which
have transpired in all realms of human endeavor, and
not among the least in railroading, since the L. & N.
corporation was created 73 years ago. Rather, with
pride, may I call attention to the " imponderables "-
those principles of honesty, reliability, service-which,
among the policies of the L. & N., have remained stable
and unchanged. The population has greatly increased;
the country has developed; great wars have been fought
and philosophies discredited; but moral principles are
unconquerable, and the enterprise conducted on such
principles is both deserving and assured of successful
continuation. Again may I say that these principles,
upon which the L. & N. was founded, remain unaltered
and have become more firmly established through the
passing years. The ideals which influenced the acts of
its officers and managers have always been of the high-
est. For upwards of 70 years, through good times and
bad, the L. & N. has never failed to pay every dollar
due its workers, its creditors,its bondholders; and, a ma-
jority of years, it has paid dividends to its stockholders.
  This manifestation of honesty has earned for the L.
& N. the confidence of the public, but such attainment
could not have been accomplished on any railroad with-
out the co-operation of the men who do the work- the
man who handles the engine, the conductor who collects
the tickets, the trackman who drives the spikes, and so
on from the highest to the lowest. The L. & N. has been
able to serve the public successfully only through the
faithfulness and loyalty of its thousands of employees,
to whom this publication is respectfully dedicated.
  While living up to the record of service and success
which is behind us, may we strive in the future to make
even a better and bigger railroad and to render the
most efficient service possible. Let our goal be perfec-
tion, wholly conscious that though we fail we shall be
better than if we had not tried.
Your continued co-operation to this end is solicited.



aisville, Kentucky
June 15, 1923.



A



W. L. M



APOTHER,       I
  President   II

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