The Press., 1913-10-01
Emnloxeaa and InVeetors.

To maintain ana operate LAAS SAO0S transportation machine requires the serV- ices of from 9OOOO to 1OO, ,0OO men (92, 792 on last payrolD. These employees and these invesLur.s ale urawn from all WALKS or life They are human beings with hopes and asp4.aLlo1s anu joys and sorrows The h. c1n.ro4 of employees necessarily deu,n .,.,I4 l.4e return from their labor and this liI turn depends upon the pros nerL, ,t .,e.. kngland and the railroads If Re- l.. ....id m smaller degree the co.I.1urt all. McIl being of many investors deneuu u.uI. the return from their invest ment and this also depends upon the prosperity of New England and Of her rai.roads These investors and these em- ployees, with their families, on the basis of four to one, make 640,O00 people, or nearly one-tenth of the population Of New England Should not their rights, com forts and feelings be considered careruAly in the current tempestuous discussion In ragard to the New England railroadsT
 The report of the interstate commerce commission about the New England rail- road situation was submitted by MT. Prouty on June 70, 1913. The very grave importance of the suggestions and rec concentrations and the source from which they come mean that they cannot be decided hurriedly and without very thor ough study Already some steps have been taken so as to have closer supervision Of the details of the operations of the proper ties Other steps of this character will be taken if careful study of the situation shows that they are necessary for ettic!en- cy and safety. Every effort will be made to build up a complete staff of officers and men from those now in the service and i'll New England, men who know the local conditions and who will respond Loyalty to suggestions for the closest most efficient and economical operation. Is 1t not in the interest of New England to treat her serv- ants in the railroad service so that the best talent in the country will want to serve?
 All of us are animated with high pur- pose to do our full duty, and we have no desire for self aggrandizement and self glorification. Our reward will come if, in time, this complicated machine can be adjusted so that 1t will run smoothly, without friction, pay fair return to the owners and become so much part of the daily life of the public that no more at tention Is paid to it than Is paid now to drawing water from a faucet or turning on an electric light.
 Faith In Future.
 I have faith in the future of New Eng land and in the good sense and judgment of her people in arriving at the right con clusions when they understand and ap- preciate the real facts. l have hope that a better understanding of the railroad side of the problem will be brought home to the people, SO that they can the difficulties which directors, officers and employees in the railroad service are try ing to overcome and that the people will realize the sincere spirit which animat6S these men to do the best they can with difficult situation. In such cases hope we can discuss the differences calmly, without prejudice and without any disturbance to the tranSpOrta tiOn machine which Is so del- icately adjusted and without any demoral- ization among officers and employees, be-
 Alos,. ton machine reacts in many directions. hope that If we should be unable to agree among ourselves we arbitrate the matter in an orderl. way before those tribunals Lnd courts which have been created for such purposes.
 Complaints About Rates and Facilities.
 Important complaints about the railroad generally arise from, first, desire of one person or community to have bet ter rates or better relation of rates than has some other person or com munity. These complaints can be ad- justed only by expenditures of very large sums of money, which, of course. can be obtained only by earning 1t or by borrow ing 1t. Borrowing cannot continue in- definitely unless the rates received for service are sufficient to pay all proper expenses-taxes interest and a sufficient margin to permit some improvements to be made each year out of earnings and some return to the owners of the securi- ties.
 Financial Advice.
 In managing a railroad, just as in any other business. different kinds of talent and ability must be employed to safe. guard the business s-engineering talent, operating talent, commercial talent and financial talent. Tho management of the New England lines wants to use the best financial talent 1t can find to help it in oF..l-. <Ha I4G ryEnI.z employ those bankers, no matter where they live, who can do the work. It would prefer to employ bankers in New York and Boston who naturally want to help the de. Velopment of the country and of the roads. The management of the properties will be more than pleased if New England bankers, banks and investors will furnish their full share of the money needed now and in the future and will assist in ob ;tain1ng that money in the markets of the world.
 Arrangements must be made between now and June l, 1914, to pay off or renew obligations on the New Haven road of $46, ,023 750, and on the Boston and Maine and Maine Central of $29, ,OOO, 900, and new money should be obtained for use in the next eighteen months to buy equipment and make needed improvements-at least $S, 900, 900 for the New Haven and $15, ,000,- 900 for the Boston and Maine. The total
 
 the best financial ability is needed to han dle the matter, whether in New England. Boston, New York, Philadelphia, London, Paris, Berlin or in all these places. AL ready with the aid of bankers in Boston and New York arrangements have been completed for obtaining $67, ,552 400 for the New Haven road. The money is ready and will be paid over to the company in time to meet its obligations If the public service commission gives the necessary authority to the company to issue secur4- ties for that amount
 New England can and will have the kind of railroad management and service to which she is entitled. Payment for this can be made in three ways-hrst, by some increase in rates; second, by the stock holders, who live in the country to be served, advancing the money; third, by borrowing the money needed, wherever 1t can be obtained.
 If and when the money needed is fur nfshed, the management proposes to spend 1t prudently in improving and perfecting properties now owned. The management proposes to confine its activities to the transportation business. Development of New England. The complete development of New Eng lands varied resources has not been ao- complishcl. New Englands farms must be repeopled ald a change Is going on even now. Progressive farmers and i'm from Europe are teaching a les son which should be heeded-namely, that | agriculture and horticulture in New Eng land can be revived and pursued with profit New England has had glorious past and has had a wonderful influence in the ! development of the who.e United States. ! She has great Influence and power today. |