my memories of eighty years-第47章

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e　had　by　the　freest　operations　and　the　strictest　government　regulations；　that　the　solution　of　the　problem　is　a　system　so　automatic　that　public　arbitration　shall　decide　the　justice　of　the　demands　of　labor；　and　rates　be　advanced　to　meet　the　decision；　and　that　public　authority　also　shall　take　into　consideration　the　other　factors　of　increased　expenses　and　adequate　facilities　for　the　railroads；　and　that　maintenance　and　the　highest　efficiency　must　be　preserved　and　also　necessary　extensions。　　To　satisfy　and　attract　capital　there　must　be　the　assurance　of　a　reasonable　return　upon　the　investment。

The　meeting　called　by　Commodore　Vanderbilt　in　1874；　at　Saratoga；　was　an　epoch…making　event。　　We　must　remember　the　railway　management　of　the　country　was　in　the　absolute　control　of　about　four　men；　two　of　whom　were　also　largest　owners　of　the　lines　they　managed。　Fierce　competition　and　cutting　of　rates　brought　on　utter　demoralization　among　shippers；　who　could　not　calculate　on　the　cost　of　transportation；　and　great　favoritism　to　localities　and　individuals　by　irresponsible　freight　agents　who　controlled　the　rates。　　Under　these　influences　railway　earnings　were　fluctuating　and　uncertain。　Improvements　were　delayed　and　the　people　on　the　weaker　lines　threatened　with　bankruptcy。

Public　opinion；　however；　believed　this　wild　competition　to　be　the　only　remedy　for　admitted　railway　evils。　　As　an　illustration　of　the　change　of　public　opinion　and　the　better　understanding　of　the　railway　problems；　this　occurred　in　the　month　of　October；　1920。　A　committee　of　shippers　and　producers　representing　the　farmers；　manufacturers；　and　business　men　along　a　great　railway　system　came　to　see　the　manager　of　the　railroad　and　said　to　him：　　〃We　have　been　all　wrong　in　the　past。　　Our　effort　has　always　been　for　lower　rates；　regardless　of　the　necessities　of　the　railways。　　We　have　tried　to　get　them　by　seeking　bids　from　competing　lines　for　our　shipments　and　by　appealing　to　the　Interstate　Commerce　Commission。　The　expenses　of　the　railroads　have　been　increased　by　demands　of　labor；　by　constantly　rising　prices　and　cost　of　rails；　cars；　terminals；　and　facilities；　but　we　have　been　against　allowing　the　railroads　to　meet　this　increased　cost　of　operation　by　adequate　advances　in　rates。　　We　now　see　that　this　course　was　starving　the　railroads；　and　we　are　suffering　for　want　of　cars　and　locomotives　to　move　our　traffic　and　terminals　to　care　for　it。　　We　are　also　suffering　because　the　old　treatment　of　the　railroads　has　frightened　capital　so　that　the　roads　cannot　get　money　to　maintain　their　lines　and　make　necessary　improvements　to　meet　the　demands　of　business。　We　know　now　that　rates　make　very　little　difference；　because　they　can　be　absorbed　in　our　business。　　What　we　must　have　is　facilities　to　transport　our　products；　and　we　want　to　help　the　railroads　to　get　money　and　credit；　and　again　we　emphasize　our　whole　trouble　is　want　of　cars；　locomotives；　and　terminal　facilities。〃

Happily；　public　opinion　was　reflected　in　the　last　Congress　in　the　passage　of　the　Cummins…Esch　bill；　which　is　the　most　enlightened　and　adaptable　legislation　of　the　last　quarter　of　a　century。

To　return　to　the　conference　at　Saratoga；　the　New　York　Central；　the　Pennsylvania；　and　the　Erie　came　to　the　conclusion　that　they　must　have　the　co…operation　of　the　Baltimore　and　Ohio。　　As　Mr。　Garrett；　president　and　controlling　owner　of　that　road；　would　not　come　to　the　conference；　the　members　decided　that　the　emergency　was　so　great　that　they　must　go　to　him。　　This　was　probably　the　most　disagreeable　thing　Commodore　Vanderbilt　ever　did。　　The　marvellous　success　of　his　wonderful　life　had　been　won　by　fighting　and　defeating　competitors。　　The　peril　was　so　great　that　they　went　as　associates；　and　the　visit　interested　the　whole　country　and　so　enlarged　Mr。　Garrett's　opinion　of　his　power　that　he　rejected　their　offer　and　said　he　would　act　independently。　　A　railway　war　immediately　followed；　and　in　a　short　time　bankruptcy　threatened　all　lines；　and　none　more　than　the　Baltimore　and　Ohio。

The　trunk　lines　then　got　together　and　entered　into　an　agreement　to　stabilize　rates　and　carry　them　into　effect。　　They　appointed　as　commissioner　Mr。　Albert　Fink；　one　of　the　ablest　railway　men　of　that　time。　　Mr。　Fink's　administration　was　successful；　but　the　rivalries　and　jealousies　of　the　lines　and　the　frequent　breaking　of　agreements　were　too　much　for　one　man。

The　presidents　and　general　managers　of　all　the　railroads　east　of　Chicago　then　met　and　formed　an　association；　and　this　association　was　a　legislative　body　without　any　legal　authority　to　enforce　its　decrees。　　It　had；　however；　two　effects：　　the　disputes　which　arose　were　publicly　discussed；　and　the　merits　of　each　side　so　completely　demonstrated　that　the　decision　of　the　association　came　to　be　accepted　as　just　and　right。　　Then　the　verdict　of　the　association　had　behind　it　the　whole　investment　and　banking　community　and　the　press。　　The　weight　of　this　was　sufficient　to　compel　obedience　to　its　decisions　by　the　most　rebellious　member。　　No　executive　could　continue　to　hold　his　position　while　endeavoring　to　break　up　the　association。

It　is　one　of　the　most　gratifying　events　of　my　life　that　my　associates　in　this　great　and　powerful　association　elected　me　their　president；　and　I　continued　in　office　until　the　Supreme　Court　in　a　momentous　decision　declared　that　the　railroads　came　under　the　provision　of　the　Sherman　Anti…Trust　Law　and　dissolved　these　associations　in　the　East；　West；　and　South。

It　was　a　liberal　education　of　the　railway　problems　to　meet　the　men　who　became　members　of　this　association。　　Most　of　them　left　an　indelible　impression　upon　the　railway　conditions　of　the　time　and　of　the　railway　policies　of　the　future。　　All　were　executives　of　great　ability　and　several　rare　constructive　geniuses。

In　our　system　there　was　John　Newell；　president　of　the　Lake　Shore　and　Michigan　Southern；　a　most　capable　and　efficient　manager。　Henry　B。　Ledyard；　president　of　the　Michigan　Central；　was　admirably　trained　for　the　great　responsibilities　which　he　administered　so　well。　　There　was　William　Bliss；　president　of　the　Boston　and　Albany；　who　had　built　up　a　line　to　be　one　of　the　strongest　of　the　New　England　group。

Melville　E。　Ingalls；　president　of　the　Cleveland；　Cincinnati；　Chicago　and　St。　　Louis；　had　combined　various　weak　and　bankrupt　roads　and　made　them　an　efficient　organization。　　He　had　also　rehabilitated　and　put　in　useful　working　and　paying　condition　the　Chesapeake　and　Ohio。

Ingalls　told　me　a　very　good　story　of　himself。　　He　had　left　the　village　in　Maine；　where　he　was　born；　and　after　graduation　from　college　and　admission　to　the　bar　had　settled　in　Boston。　　To　protect　the　interests　of　his　clients　he　had　moved　to　Cincinnati；　Ohio；　and　rescued　railroad　properties　in　which　they　were　interested。　When　his　success　was　complete　and　he　had　under　his　control　a　large　and　successfully　working　railway　system；　he　made　a　visit　to　his　birthplace。

One　evening　he　went　down　to　the　store　where　the　village　congress　was　assembled；　sitting　on　the　barrels　and　the　counter。　　They　welcomed　him　very　cordially；　and　then　an　inquisitive　farmer　said　to　him：　　〃Melville；　it　is　reported　around　here　that　you　are　getting　a　salary　of　nigh　unto　ten　thousand　dollars　a　year。〃

Mr。　Ingalls；　who　was　getting　several　times　that　amount；　modestly　admitted　the　ten；　which　was　a　prodigious　sum　in　that　rural　neighborhood。　　Whereupon　the　old　farmer　voiced　the　local　sentiment　by　saying：　　〃Well；　Melville　that　shows　what　cheek　and　circumstances　can　do　for　a　man。〃

I　recall　an　incident　connected　with　one　of　the　ablest　of　the　executives　in　our　system。　　One　day　we　had　a　conference　of　rival　interests；　and　many　executives　were　there　in　the　effort　to　secure　an　adjustment。　　For　this　purpose　we　had　an　arbitrator。　　After　a　most　exhausting　day　in　the　battle　of　wits　and　experience　for　advantages；　I　arrived　home　used　up；　but　after　a　half…hour's　sleep　I　awoke　refreshed　and；　consulting　my　diary；　found　I　was　down　for　a　speech　at　a　banquet　at　Delmonico's　that　night。

I　arrived　late；　the　intervening　time　being　devoted　to　intensive　and　rapid　preparation。　　I　was　called　early。　　The　speech　attracted　attention　and　occupied　a　column　in　the　morning's　papers。　　I　was　in　bed　at　eleven　o'cIock　and　had　between　seven　and　eight　hours'　refreshing　s