News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1913-10-08

COMPANY AND CHIEF EXECUTIVE OF THE
NEW ENGLAND TRANSPORTATION LINES.
| England is just as important to her flu
ture growth as to have adequate banking
facilities, adequate commercial organiza-
lions and a sensible, sane and honest pub
lie opinion that will be reflected in gov
eminent that will not be swayed by the
whims, prejudice or fads of the moment.
To solve it right will require much pa
thence, work and money from those both
in and out of the railroad service, and the
problem appealed to me very much when
some of my friends paid me the very high
compliment of asking me to come here and
help.
Management by Owners.
Some of the difficulties and inadequacies
of the transportation machine of the Unit
ed States today are the result of drifting
away too far from the idea that transpor-
tation is business, which in the long run
must be governed by the same great hui
man and natural laws that affect all hui
man affairs In saying this l do not wish
to he understood as meaning that there
should not be supervision and regulation
of the great public service corporations
and that changing conditions do not make
necessary changes in method and in law
Bat | do say that care should be taken
not TO have that supervision and regula-
ton 60 so far that it practically takes the
real power of management away from
those who have invested their money in
the business. So long as they have their
money invested, SO long as they are re-
sponsible for the financial results, so long
as they give adequate reasonable and
safe service at rates that will permit of
gross earnings sufficient to pay expenses,
taxes interest on debts take care of
depreciation and obsolescence and paw a
reasonable return to the owners they
must have Ahe right to decide many i'm
portant questions, particularly those re-
lating to the details of service. the or
ganization OF the staff and the rules and
regulations under which the staff and
employees must work to produce the
greatest efficiency and safety.
Regulation and Ownership.
During the last five years / have tried |
the west to present the railroad |
side of the transportation question. But | |
also had in mind a much broader question |
namely that the country cannot attain |
It's best growth unless the people can be
made to see that adequate and safe
is absolutely necessary
and that 1t cannot be obtained through
private ownership unless, under honest
enough money is earned TO
'ay approximately the same return to the
INVESTOR as Is received by investors in
,ther classes of business in the Same |
erritory, and in addition lay I'D a fund
o provide for bad times-when earnings
ire poor.
The policy of the government-national
nd state-during the last twenty-five
ears seems 10 have been to decide rate
uesuons In the great majority of cases
such way that rates were rarely adj
anced and generally were reduced, and
Introduce rules, regulations and meth
ds that increased expenses. l do, how
yer, want to make a plea that. coupled {
nth restraint and control. there should {
e protection to the owners of the Sc G
lrlties The commissions - both state {
nd fundamentally feel the great {
ressure Of the millions Of users of the ]
lilroads for reduced rates and increased {
lcilities. But if the rates continue TO 7
acline, or even remain on the present &
vel and II expenses are Increased by {
gher wages and cost of materials and 0