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ADDRESS
TO
THE BOSTON CHAMBER
OF COMMER CE
BY
HowARD ELLIOTT,
Chief Executive Officer
Of
THE NEW YORK NEW HAVEN AND HARTFORD
and
NEW ENGLAND
TRANSPORTATION LINES.
COPLEY PLAZA (HOTEL,
BOSTON
September 30, 1913.
Mr. Toastmaster, and Members of the Chamber of Com-
merce of Boston: s
I appreciate very deeply the compliment that you have
paid to me by inviting me to be your guest this evening,
and by permitting me to say a few words to a body of men
who represent much that is wise, patriotic and progressive
in New England. I hope that it will be my privilege and
pleasure before another year passes to know more of you
personally than I do now, and to understand the business
situation here and throughout New England better than I
do now.
Work of Chambers of Commerce can and do have a
Chambers of great effect in advancing the welfare of the
Commerce whole country, and in promoting a sound
public opinion about the great questions of
the day. So far as I can, I hope to work cordially with
such organizations here and in the other good cities and
towns of New England.
What is On August 9, 1913, there was reprinted
Transportation? in The Outlook “A Little Catechism on
Money”. One of the questions asked is
“What are the things which are eacchanged in modern com-
merce?” The answer given is *
“Those essential things which are bought and sold,
as we say, in modern commerce are food, water,
clothing, shelter from inclemency of weather and cli-
mate, human intelligence or skill and human
strength or labor”.
The writer of the catechism failed to mention one very
vital element in modern commerce, namely, transportation,
unless he included it under the general terms “Human in-
telligence or skill and human strength or labor”, all of
which are needed of the best quality in order to produce
the high grade transportation that in these modern days
is so necessary to the health and prosperity of all, and that
is so vitally necessary here in New England.
273195
3
Professor James Mark Baldwin, in his book The Indi-
vidual and Society, says, “Business has to do with the
production of and distribution of valuable things—money,
utensils—anything for which there is a demand in Society,
on which society or some individuals of it set value”, and
again, “To produce such things in response to the demand
and to distribute them to those from whom the demand
comes is the undertaking of business.” -
The transportation, or the distribution of the numerous
products of New England and of her food and fuel is a most
important business, not only in itself but in its relations to
all other forms of business and to society generally. Some
of my friends in New England, New York and Philadelphia
have asked me to come back to the East and to help in the
development of this great transportation business, and I
am very glad to come, although I realize that I am taking
up a heavy load and trying to solve a difficult problem.
Conditions My experience for thirty-three years has
in West and been west of the Mississippi River where
New England some of the conditions are very different
from those in New England, but where
some are much the same. At points in the West there are
complicated and congested terminals—Chicago—St. Louis—
Ransas City–Omaha—Denver—St. Paul—Minneapolis—
Duluth and Superior—Spokane—Portland—Tacoma and
Seattle. In places the trackage is insufficient for the num-
ber of trains moving over it. There are branch lines that
cannot earn enough to pay expenses, to say nothing of taxes
and a return on their value. There is complaint and dis-
cussion in communities about facilities, rates and service.
All of these conditions exist in New England.
Growth of The growth that has come and is coming
Country and to that great area west of the Mississippi
New England River will have a reflex action and a great
- effect on New England, and there are cer-
tain facts that are most interesting. Minnesota, where I
4.
have lived for the past ten years, is a beautiful state with
many natural resources. It is large enough to include
within its boundaries all of the New England States; in
that State the last census reports 2,075,000 people as Com-
pared with 6,550,000 in the New England States.
The beautiful States of Idaho, Washington and Oregon,
only just beginning their majestic development, have an
area of 250,000 square miles and less than 3,000,000 people.
Austria-Hungary has 261,000 square miles and nearly 50,-
000,000 people. Minnesota, Idaho, Washington and Ore-
gon are as capable of supporting, in due time, as dense a
population as New England, and New England can Support
as dense a population as Austria-Hungary.
What does this mean? It means that the West must
and will grow, but it also means that New England must
and will grow. A virile, prosperous and happy people in
the Mississippi Valley and between there and the Pacific
Coast means an increasing purchasing power for those
things that New England makes, and an increasing demand
upon her intellectual and financial capacity. With the growth
of New England every agency that is connected with and
necessary to that growth must grow too. It means an in-
creasing number of her sons and daughters to return each
year to her schools and colleges, and to enjoy her beautiful
sea-coast, lovely valleys and picturesque hill and mountain
country.
Reasons for When I decided to come back to my old
Coming Home home in New England some of my friends
said, Why leave this great and growing
West for a country that is developed and finished? I told
them that in my judgment there was going to be just as
much growth and development in New England in the next
twenty-five years as anywhere else, and there will be if the
intellectual and financial ability of the men in New England
can co-operate unselfishly with that end in view. I told
them that I had a great love for New England, and that,
strong as was my feeling for the West, the idea of spending
5
the last years of my life here, where my relatives and life-
long friends are, and where my children are going to school
and college, appealed very strongly to me.
Capital There is an old saying that reads: “Man’s
Needed for work lasts till set of sun; woman’s work is
Improvements never done.” This is true about the rail-
road. Its work is never done. Men may
think they have provided sufficient transportation facilities
for years to come, but the growth of the country is so great
that things that looked far too big a few years ago are far
too small now. For every dollar of gross earnings pro-
duced by the railroad there is a value in the plant used of
nearly $6.00 upon which owners are entitled to a fair return.
For every increase of $1.00 in gross earnings which reflects
the increase in general business in the country there must
be provided by someone more than $6.00 of new capital for
increased and improved facilities.
For New England to grow as she will in common with
the rest of the country she must have a comprehensive,
adequate and safe system of transportation. The new
capital needed in this section for each increase of $1.00 of
gross earnings will be greater than the average in the
United States because of more perfect and luxurious ser-
vice demanded.
Large Amounts As indicating the large sums needed by
for Safety the railroads in the United States it is
estimated that nearly $700,000,000 will be
required to replace wooden cars with steel; to equip the rail-
roads with suitable signals will cost nearly $300,000,000;
or nearly $1,000,000,000 for these two moves in the direction
of safety; and in addition a great amount of money should
be spent for better track, bridges, stations, grade separa-
tion, etc.
Importance of To have a safe, adequate and smooth run-
Work ning transportation machine in New Eng-
land is just as important to her future
growth as to have adequate banking facilities, adequate
6
commercial organizations, and a sensible, same and honest
public opinion that will be reflected in a government that
will not be swayed by the whims, prejudice or fads
of the moment. To perfect that transportation ma-
chine, to keep it ready to serve, to operate it safely and
economically and in harmony with the public, is a very
interesting and complicated problem, worthy of the best
intellectual effort of any man. To solve it right will re-
Quire much patience, 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. I
have a deep feeling of duty and of pride in my profession
in responding to the call to help make the transportation
situation here more satisfactory, and so I have come here
to devote the best that is in me to this great service.
C. B. & Q. It was my good fortune to work for twenty-
Mr. Forbes three years on the Chicago, Burlington &
Mr. Perkins Quincy, first pushed out into the West by
one of the pioneer railroad men of the world
and one of that fine type of men of whom New England
has produced so many—John Murray Forbes. And then
later on that road was further developed to a very high
degree by another very fine type of New England man who
had one of the ablest intellects in this country, and who
devoted forty years of his life to the work—Charles Elliott
Perkins. He realized to a very remarkable degree the fact
that, in the long run, the railroad that is selling transporta-
tion, and the people who are buying transportation must
consider the interests of each other and work together.
He also realized that character, high purpose, scrupulous
honesty, not only as to money, but as to statement and
point of view, were absolutely essential to the real welfare
of the country and of the railroads that were trying to
serve it. Yet with all this he was tenacious and able in
safeguarding the rights of the owners who had risked their
money in building railroads, and he pointed out on many
7
occasions the fact, stated by Professor Baldwin, that the
distribution of products or things was business just as
much as the production of things was business. Some of
the difficulties and inadequacies of the transportation ma-
chine of the United States to-day are the result of drifting
away too far from the idea that transportation is business,
which, in the long run, must be governed by the same great
human and natural laws that affect all human affairs.
Management. In saying this I do not wish to be under-
by Owners stood as meaning that there should not be
. . . supervision and regulation of the great pub-
lic service corporations, and that changing conditions do
not make necessary changes in method and in law. But I
do say that care should be taken not to have that super-
vision and regulation go so far that it practically takes the
real power of management away from those who have in-
vested their money in the business. So long as they have
their money invested, so long as they are responsible for
the financial results, so long as they give adequate, reason-
able 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 pay a rea-
sonable return to the owners, they must have the right to
decide many important questions, particularly those relat-
ing to the details of service, the organization of the staff,
and the rules and regulations under which the staff and
employes must work to produce the greatest efficiency and
safety.
Public Opinion. A public opinion that will impress officers
and Safety and men with the fact that reasonable
rules and regulations in the interest of
safeguarding human life and of efficient operation must be
made and obeyed, and that swift punishment will be meted
out to all, whether directors, officers, or employes, whether
members of labor unions or not, who fail to respond to that
public opinion, is of vital importance to the welfare of all.
Sentiment of this kind and less insistent demand for high
8
Speed will do more to insure safety than steel cars and
automatic signals.
Mr. Hill And then, after twenty-three years of service
and the on that great C. B. & Q., and a close associa-
Northwest tion with Mr. Perkins during a large part of
that time, I was equally fortunate in working
under and with another most remarkable man who has
made a lasting impression, not only on the Northwest, but
on the whole country—James Jerome Hill. Mr. Hill has a
peculiar faculty of being able to look into the future, of
gauging the growth of the country, and of foreseeing how
business will develop. He was the leader in promoting the
idea that seems very simple, but was too long neglected
and even now is neglected, namely, that the efficient use of
the railroad and the elimination of waste in operating the
railroad are absolutely necessary if, in a country as large
as the United States and as populous and prosperous as it
is and will be, food, clothing and shelter are to be provided
at a minimum investment of capital and at a minimum
charge to the public.
Value of Here in New England, as much as in any part
Experience of the country, the teachings and inspirations
of these two great masters of the art of trans-
portation are of vital importance. Here are the most
complicated relations between the railroads and those that
they are trying to serve. Here is the greatest necessity for
the elimination of all waste and lost motion. Here, because
of the extreme difficulty, both financial and physical, of
improving and adding to the capacity of that machine the
most efficient use of the transportation machine is abso-
lutely essential. Any man who has been fortunate enough
to receive the benefit of training under and with these two
men has had an experience of priceless value to him in
doing his daily work.
Regulation. During the last five years I have tried
and throughout the West to present the railroad
Ownership side of the transportation question. Some
have criticized me and said my motive was
purely selfish and that all I was after was increased earn-
ings for the railroads. These critics did not look quite far
enough. It is true I had that point in mind, as any honest
trustee for other people’s property should have. But I
also had in mind a much broader question, namely, that
the country can not attain its best growth unless the people
can be made to see that adequate and safe transportation
is absolutely necessary, and that it can not be obtained
through private ownership unless, under honest manage-
ment, enough money is earned to pay approximately the
same return to the investor as is received by investors in
other classes of business in the same territory; and in
addition lay up a fund to provide for bad times—when
earnings are poor. If we are to continue to have privately
owned railroads supervised and regulated by governmental
authority, and if we are to avoid ownership by the govern-
ment, the owners and users of the railroads must all work
together. Personally, I do not believe in governmental
ownership in a country like the United States where our
political methods are still in need of improvement.
The policy of the Government—National and State—
during the last twenty-five years seems to have been to
decide rate questions in the great majority of cases in such
a way that rates were rarely advanced and generally were
reduced;—and to introduce rules, regulations and methods
that increased expenses. I am not contending at this time
that this policy was and is wrong—or that control and
restraint by Governmental authorities should cease—
although something could be said about that great ques-
tion. I do, however, want to make a plea that coupled with
restraint and control there should be protection to the own-
ers of the securities. The Commissions—both State and
National—naturally feel the great pressure of the millions
of users of the railroads for reduced rates and increased
10
facilities. But if the rates continue to decline, or even
remain on the present level, and if expenses are increased
by higher wages and cost of materials, and by the introduc-
tion of different appliances and facilities more rapidly
than the roads can obtain money, then there is but one
result for some of the railroads of the United States—and
that is bankruptcy. This will maturally be preceded by a
desperate effort on the part of the management to postpone
that evil day as long as possible by stopping every im-
provement and betterment that can be stopped. I believe
the Commissioners—who have such great powers—realize
their responsibility to the owners of the properties as well
as to the users, and I hope earnestly that they will give
practical evidence of their realization by permitting some
advances in rates.
Should the Commissions—Federal and State—make a
positive declaration that rates may be advanced so as to
permit the properties to meet all of their obligations, pay
a fair return to stockholders and leave a balance for im-
provements, they will do much for the entire country and
particularly for New England. Such a declaration will at
once inspire confidence and give to existing securities a
better standing than they now have both here and in
Europe; and will help to market new securities upon an
interest basis more favorable than is now possible, because
of the uneasiness in the minds of investors about the
future net earnings of the railroads.
Magnitude of Let us look for a minute at a few facts
Transportation about the great transportation machine
Machine made up of the New Haven and New Eng-
land Lines and associated properties.
There are 7,976 miles of railroad and 14,175 miles of
track. Of the track 29% is in Massachusetts; 20% in Con-
necticut; 14% in Maine; 13% in New York; 12% in New
Hampshire; 6% in Rhode Island; 4% in Vermont; and 2%.
elsewhere. (See Table A)
There are 3,197 locomotives, 8,088 passenger train
11
cars, 79,522 freight train cars, and 3,541 work cars. These
units of rolling stock, which aggregate more than 94,000,
if coupled together, would occupy about 750 miles of track,
or make an unbroken train which would stretch from
Vanceboro, on the Canadian border in Maine, through
Portland, Boston and New York to and beyond Philadel-
phia. Then there is the marine equipment of 240 steamers,
tugs, barges, etc.
But this rolling stock is not standing still. Each year
the locomotives run about 80,000,000 miles; the passenger
train cars move 220,000,000 miles; and the freight cars
move 624,000,000 miles. The total mileage of these units
of equipment is 2,500,000 miles per day, or more than 100,-
000 miles every hour.
Service These impressive figures are even more im-
Rendered pressive when used as an index of service in
carrying passengers and freight. Each year
the New England Lines and associated properties, includ-
ing the steamboats and electric lines, carry 252,000,000
passengers, a number which is more than double the entire
population of North America. Expressed in other terms,
the New England Lines hourly transport 30,000 people.
The figures for the volume of freight business indicate
an immensity of transactions which few appreciate. Every
year 78,000,000 tons of freight are carried—9,000 tons
every hour. The complexity of the problem, however, is
not indicated by the tonnage alone. In connection with its
movement 13,600,000 way-bills are issued. Each way-bill,
however, usually covers several items, and it is estimated
that the number of freight transactions in a year is 44,-
000,000, 141,000 for each working day, or nearly 5,875 for
every hour of the day. Is it to be wondered at that some
shipments go astray or that some freight is damaged?
The unusual character of the railroad business of New
England is apparent when the returns for the New Haven
road are compared with those for the entire United States.
Considering all the railroads of the country as one system,
12
two tons of freight are transported to every passenger.
On the New Haven road alone, the ratio of freight to pas-
senger business is reversed. That road transports only
one-third of a ton to one passenger. The passenger density
of the New Haven road is more than six times as great as
that on all the railroads of the country considered as a
system. These figures show the marked preponderance of
passenger business in New England. Through the Boston
South Station alone 105,000 people pass daily. The pas-
sengers passing through that one station each week equal
the total population of Boston.
To have this great transportation machine work
smoothly with the fewest points of obstruction and inter-
ruption—the least amount of friction, and with the greatest
harmony among all its constituent parts means, in the long
run, the furnishing of the best transportation service to the
people of New England.
Revenues The operating revenues of all of the prop-
Payrolls erties were for the last fiscal year in round
and Taxes numbers $155,000,000. The operating ex-
penses were $112,000,000. Of operating
expenses approximately $66,000,000 or 59% was paid in
Wages; an average payment to each employee of about
$700.00 a year. The remaining 41% or $46,000,000 was
paid for fuel, supplies, etc., but a large part of it goes in-
directly to labor engaged in the production of the mate-
rials purchased. This large pay roll is an important factor
to the communities served by the properties, as much of
the money finds its way each month to merchants and
others.
The total taxes paid by these properties was $7,640,000,
a very substantial contribution to the funds for carrying
on the government.
Stockholders But the people of New England have other
interests in their railroads. Not only is the
railroad service a vital part of the social organization,
13
but its earning power as well affects a large and widely
distributed number of investors. The number of security
holders of the New Haven and New England Lines and
associated properties is estimated at 60,000. The great
majority of them live in New England. Of the stock of
the New Haven road 36% is held in Massachusetts, and
the stockholders in Massachusetts constitute 48% of the
total. Connecticut holds 19% of the shares; New York
32%; and Rhode Island 3%. Of the remaining 10% many
shares are held by residents of New Hampshire, Vermont
and Maine. Of Boston and Maine stock 88% is held in
Massachusetts by 66% of the stockholders; and only 3% of
the shares is held outside of Massachusetts, New Hamp-
shire and Maine. (See Table B)
It is commonly believed that railroad stocks are con-
centrated in the hands of a few. That this is not true of
the New Haven and Boston & Maine will be apparent when
it is known that 43% of the New Haven stockholders own
only from one to ten shares each, and 38% own from 11
to 50 shares each. With Boston & Maine stock the propor-
tion of investors holding a small number of shares is even
more striking. Those who have from one to ten shares
comprise 60% of the total shareholders; those holding from
11 to 50 shares make up 31%; leaving only 9% with hold-
ings which exceed 50 shares each. Of the New Haven stock
44% is held by women and 15% by trustees and guardians.
Of Boston & Maine stock 49% is held by women and 14%
by trustees and guardians. (See Table B.)
Employees To maintain and operate this great trans-
and portation machine requires the services of
Investors from 90,000 to 100,000 men (92,792 on last pay-
- roll). These employes and these investors are
drawn from all walks of life. They are human beings with
hopes and aspirations and joys and sorrows. The liveli-
hood of employes necessarily depends upon the return
from their labor and this in turn depends upon the pros-
perity of New England and the railroads of New England.
14
In a smaller degree the comfort and well being of many
investors depend upon the return from their investment,
and this also depends upon the prosperity of New England
and of her railroads. These investors and these employes,
with their families, on the basis of four to one, make 640,-
000 people, or nearly one-tenth of the population of New
England. Should not their rights, comforts and feelings
be considered carefully in the current tempestuous discus-
sion in regard to the New England railroads?
Directors The stockholders of the three important
and New England railroads—the New Haven,
Their Powers the Boston & Maine and the Maine Central,
- have selected forty-eight men to act as their
Directors. (See Table C) Of these, three sit on all three
boards and eight sit on two boards. Of the forty-eight
Directors, forty-two live in New England, four in New
York and two in Philadelphia. Those who are also Di-
rectors of the so-called Trunk Lines outside of New Eng-
land are five in number. -
These directors are interested in the welfare of the
roads they represent, and of the country that those roads
are trying to serve. They exercise the final powers of man-
agement, and can approve or disapprove the action of the
officers, and can direct them. They cannot know all details
and they must rely largely on the reports and recom-
mendations of the officers on whom rests the first responsi-
bility of careful investigation of the problems of manage-
ment. They demand that the officers give their undivided
time and attention to the railroad business, and to working
harmoniously with the patrons of the roads, the employes
and the public authorities.
The report of the Interstate Commerce Commission
about the New England railroad situation was submitted
by Mr. Prouty on June 20, 1913. Since then the directors
have been engaged very busily in discussing the large ques-
tion of a new management and of some financing that is
imperative. The important suggestions in that report will
15
be taken up and considered very carefully and some con-
clusion reached as rapidly as practicable. The very grave
importance of the suggestions and recommendations and
the source from which they come mean that they cannot be
decided hurriedly and without very thorough study.
Already some steps have been taken so as to have closer
supervision of the details of the operations of the proper-
ties. Three men have been selected to fill the important
position of President on the Boston & Maine and Maine
Central, on the New Haven, and on the New York, Ontario
& Western. One large operating division on the New Haven
road, formerly under one Superintendent, now has a Gen-
eral Superintendent and two Division Superintendents.
Other steps of this character will be taken if careful study
of the situation shows that they are necessary for efficiency
and safety.
Need of It is difficult to obtain the material things needed
Officers for the upbuilding of a railroad, but it is even
and Men more difficult to get men. No more important
work faces the management than to create a
staff of officers that can carry on this great work and have
it so organized that when for any reason one man retires
there is another to take his place. Equally important is
the work of encouraging the great army of employes and
of inspiring them with a feeling of loyalty to New England
and to the railroad, and of making safe the conditions
under which they work. Every effort will be made to build
up a complete staff of officers and men from those now in
the service and in New England, men who know the local
conditions, and who will respond loyally to suggestions for
the closest, most efficient and economical operation. These
two pieces of work are even more important to the travel-
ling and shipping public than to the owners, because the
daily work of the railroad must be done, or people will
starve, or freeze, and business stop. This daily work can-
not be done right if officers and men are harassed and
worried.
16
Fair Let me ask you in all seriousness, if service
Treatment with the New England railroads has been at-
tractive enough in the last few years to draw
into it men who have any choice in selecting their life work.
Will not better results be obtained if more consideration
is given to officers and men in the service—men who are as
good as those in other walks of life, and the large majority
of whom are most anxious to do their duty? Is it not in
the interest of New England to treat her servants in the
railroad service so that the best talent in the country will
want to serve? Mr. McDonald, his staff and employes are
trying to accomplish results on the Boston & Maine and
Maine Central; Mr. Hustis, his staff and employes will try
to do the same on the New Haven road; Mr. Campbell is
helping both in trying to adjust a complicated rate or price
list so as to earn enough to give the prompt and regular
service that all want. Mr. Kerr and his men are doing
the same for the Ontario and Western. Other officers and
men are doing their best with other properties. I shall
work with and through these men and try to have their
knowledge and experience, as well as my own, used to the
very best advantage for homest, economical management,
and for efficient and safe operation.
Standard of All of us are animated with a high purpose
Conduct to do our full duty, and we have no desire
for self aggrandizement and self glorifica-
tion. Our reward will come, if, in time, this complicated
machine can be adjusted so that it will run smoothly, with-
out friction, pay a fair return to the owners and become so
much a 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.
Will we not advance the interests of New England, and
the peace, prosperity and contentment of her people if we
are careful to be temperate and accurate in our statements
and criticisms of others, and if we try to follow the prin-
ciple the patient Lincoln laid down when he said:
17
“I do the best I know—the very best I can; and
I mean to keep right on doing so until the end. If
he end brings me out all right, what is said against
me won’t amount to anything; if the end brings me
out wrong, ten angels swearing I was right would
make no difference.”
Faith in I have faith in the future of New England and
Future in the good sense and judgment of her people
in arriving at the right conclusions when they
understand and appreciate the real facts. I have hope that
a better understanding of the railroad side of the problem
will be brought home to the people, so that they can see
the difficulties which directors, officers and employes in the
railroad service are trying to overcome, and that the people
will realize the sincere spirit which animates these men to
do the best they can with a difficult situation.
Mutual Man-fashion, we must take the situation as it
Confidence is and carry the burden as well as we can.
We must be thankful for the good things of
the past, and try so to improve the situation that those
who come after us will be thankful for some good work
and not too uncharitable about the mistakes that will un-
doubtedly be made. We will try, however, not to make the
same mistakes twice. It does not seem as if any positive
beneficial results can be obtained by a lack of confidence
and by continuous wrangling. If the people of New Eng-
land cannot trust their railroad management, and if the
railroad management cannot trust the people of New
England, a situation is created that is unfortunate now and
more unfortunate for the future and for our children and
grandchildren, because so much needs to be done in the
developing and upbuilding of the New England States.
I believe we can all trust one another, and I for my part,
will do all that I can, and see that the officers and employes
of the various railroads do all they can to bring about that
condition. Intelligent and wholesome criticism is asked
for and expected, and such criticism is a spur to the man-
18
agement to be faithful to their trust and careful in their
work.
Differences There will always be differences of opinion
of Opinion between those that you represent, buyers and
users of transportation, and those that I rep-
resent, manufacturers and sellers of transportation, be-
cause buyers and sellers in the nature of things will not
always agree about the price and the quality of the article
or service furnished. In such cases I hope we can discuss
the differences calmly, without prejudice, and without any
disturbance to the transportation machine which is so
delicately adjusted, and without any demoralization among
officers and employes, because any disturbance of this
transportation machine reacts in many directions. I hope
that if we should be unable to agree among ourselves,
we can arbitrate the matter in an orderly way before those
tribunals and courts which have been created for such
purposes.
Complaints Important complaints about the railroad gen-
about Rates erally arise from : (1) A desire of one per-
son or community to have better rates or bet-
ter relation of rates than have some other person or com-
munity. These complaints are very difficult to handle, be-
cause the railroad must consider all persons and all commu-
nities, and is sometimes blamed unjustly for not doing some-
thing that one person or one community wants, when if it
did so act it would do an injustice and invite other and more
serious complaints from other persons and communities.
Complaints (2) A desire of persons or communities for
about improved physical facilities, better cars, bet-
Facilities ter stations, more and better trains, grade
separations, etc. These complaints can be adjusted only
by expenditures of very large sums of money, which, of
course, can be obtained only by earning it or by borrowing
it. Borrowing cannot continue indefinitely unless the rates
19
received for service are sufficient to pay all proper ex-
penses—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 securities. It is,
therefore, to the interest of everyone to realize that while
he, or the community in which he lives, would like to have
his or its particular rate reduced, or its particular
facility improved, nevertheless, in the interest of New
England as a whole, the general rate situation should
permit earnings sufficient to meet the payments above
described.
Theodore It is no disparagement of Theodore Roose-
Roosevelt’s velt to say that for a part of his official life
Position he seemed to be opposed to railroads and
railroad methods as he understood them, and yet in one
of his messages to Congress he used these words:
“It must not be forgotten that your railways are
the arteries through, which the commercial life blood
of the Nation flows. Nothing could be more foolish
than the enactment of legislation which would un-
necessarily interfere with the development and oper-
ation of these commercial agencies.”
Recently, as a keen observer and student of public
opinion, he seems to realize, as do many others, that there
is danger that the people have gone too far in reducing the
power of the railroads to make net earnings. He wrote a
forceful article published in The Outlook of July 5, 1913,
entitled “The Living Wage and The Living Rate’’. Two
paragraphs in that article are pertinent to the New Eng-
land railroad situation. The first is:
“But it must be a cardinal principle in dealing
with homestly built and wisely managed railroads
that the investor—the shareholder—is just as much
entitled to protection as is the wage worker, the
shipper or the representatives of the general public.
20
Unless the investor finds that he is to get a fair re-
turn on his money, he will not invest, and in such
case not only will no new railways be built but eacist-
ing railways will not be able to repair the waste, the
wear and tear, to which they are subject, and will
not be able to make needed improvements. All
governmental action, whether by the legislature or
the eacecutive, should be conditioned upon keeping
in view this fact.”
And again, referring to the advance in rates requested by
some of the Eastern lines:
“In the concrete case before us it is for the Com-
mission to determine with strict justice to all par-
ties how the relative and often conflicting demands
of the shareholders, the wage workers, the shippers
and the general public can properly be met. I am
not discussing—I have not the knowledge which
would warrant my discussing—whether the rates
should be raised. If the facts do not warrant a raise,
then the raise should not be permitted; but if justice
and the interest of our people as a whole demand a
raise in rates, then that raise in rates should un-
hesitatingly be authorized.”
Financial In managing a railroad, just as in any other
Advice business, different kinds of talent and ability
must be employed to safeguard the business—
engineering talent, operating talent, commercial talent, and
financial talent. In a very large business the best talent
should be employed and the going prices for such talent
must be paid. The management of the New England Lines
wants to use the best financial talent it can find to help it
in raising the money needed. It wishes to 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 development of the country
and of the roads. The management of the properties will
21
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 obtaining that
money in the markets of the world.
If a business is stagnant and dying of dry rot no
new money will be needed and there will be no need of
the help of the experienced banker or financial agent; but
if the business is to grow, especially if it is a public service
business, which must respond to the demands of the public
for good service, new money over and above what can be
obtained from earnings is needed at frequent intervals
and in very large amounts. -
The greater the amounts needed the greater the need
of expert advice and financial aid of the very best quality,
because by training and experience bankers know where
and how money can be obtained. With proper aid from
bankers the officers of the company will not have their
attention too much diverted from the work of careful man-
agement, safe and efficient operation, and good service to
the public.
The United States Government, State Governments and
Municipalities all turn at times to the banker for his aid
in placing their securities in the hands of small investors
all over the country.
Money Arrangements must be made between now and
Needed June 1, 1914, to pay off or renew obligations on
the New Haven Road of $46,023,750. and on the
Boston & Maine and Maine Central of $29,000,000. and
new money should be obtained for use in the next 18 months
to buy equipment and make needed improvements: at least
$25,000,000. for the New Haven and $15,000,000. for the
Boston & Maine. The total of these requirements is
$115,000,000.00—and the best financial ability is needed to
handle the matter, whether in New England, Boston, New
York, Philadelphia, London, Paris, Berlin, or in all of
these places.
Already with the aid of bankers in Boston and New
22
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 securities 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:
(1) By some increase in rates.
(2) By the stockholders, who live in the country to be
served, advancing the money.
(3) By borrowing the money needed, wherever it can
be obtained. Probably a combination of all three plans is
necessary at this time of crisis in the New England railroad
situation. All are interested in helping to uphold the credit
of New England roads so that money can always be obtained
on the best terms. - - -
If and when the money needed is furnished the manage-
ment proposes to spend it prudently in improving and per-
fecting properties now owned. The management proposes
to confine its activities to the transportation business.
Development of The complete development of New Eng-
New England land’s varied resources has not been
accomplished. The day is not far dis-
tant when to a greater extent than ever before the unused
water power will Supply the energy to turn the wheels of
factories now here and those which will come with cheaper
power and adequate transportation.
New England's farms must be re-peopled, and a change
is going on even now. Progressive farmers and immi-
grants from Europe, are teaching a lesson which should
be heeded—namely, that agriculture and horticulture in
New England can be revived and pursued with profit. In
addition to this more animals fit for food should be pro-
duced. Modern scientific methods, together with hard
work, patience and intelligence, should produce a greater
23
proportion of the food which New England annually con-
SūIſleS.
More and more is this region becoming the Summer
playground for North America.
The more factories and industries, the greater agricul-
tural development, the larger influx of visitors, all will
mean more prosperity for New England, and for her rail-
roads.
Port of Boston and New England have a just pride in the
Boston harbor facilities here, and every reasonable step
should be taken to build up this port and to help
the movement of business via this port. The growth of
the country back of the port is the best guarantee for the
success of the port. With the completion of the Panama
Canal there will be a physical opportunity for vessels to
clear from Boston direct to the Orient and to the Pacific
Coast. Should capital be found that is willing to invest in
steamer lines sailing between this port and other parts of
the country and of the world there will be no effort made
by this management to discourage such investment. On
the contrary, any movement that will help to market the
products of New England, that will place them in greater
Quantities in the hands of the ultimate consumer will re-
ceive support.
The Past As a boy in Cambridge, it was my good for-
The Present tune, with three other small boys, to spend
The Future one afternoon a week with the Rev. Samuel
Longfellow. He read to us, told us stories,
and now and then took us to see his brother, whose writings
are so full of humanity and good sense. The epigram Long-
fellow emphasizes in “Hyperion” is applicable to the pres-
ent industrial and railroad situation in New England:
“Look not montrnfully into the past, it comes not back
again; wisely improve the present. It is thine. Go
forth to meet the shadowy future without fear, and with
a manly heart.”
24
New England has had a glorious past and has had a
wonderful influence in the development of the whole United
States. She has great influence and power to-day. Her
loyal, public-spirited sons have always taken their full
share of the work in solving the problems of the country.
Her own industrial and transportation problems will be
solved, and all obstacles will be overcome if all will Work
loyally together for a greater New England, if all will ex-
ercise some of the self-denial and patriotism that Robert
Gould Shaw displayed when he marched away to his death
at the head of his troops to serve his country first and his
family and himself second. Let us all work for the best
development of all New England first, and not be swayed
too much by the local or selfish interest of one community.
The highest development and conservation of the resources
of New England—country, town and city—especially the
country, will, in the long run, mean the best development
for the particular community in which any individual may
be interested.
Action Not I appreciate very deeply the cordial reception
Words given me by the people and the press of New
- England, and their kindly expressions and
sentiment. Such friendly feeling between the people and
the representatives of the railroad is most important and
desirable, and will help to solve some of the problems.
I hope most earnestly that the management of the railroad
can act so as to deserve your approval in the future. I
realize full well, however, that we must act as well as talk,
in order to produce results. There is an old saying—“Fine
words butter no parsnips’’, and we of the railroad will bear
that in mind and be careful about making promises, and
even more careful about carrying them out.
That picturesque poet of the Sierras—Joaquin Miller—
wrote a stirring poem about Columbus, his courage and
steadfast purpose, and the discouragement of his men who
complained and wanted him to turn back.
25
“Behind him lay the gray A20 res,
Behind the Gates of Hercules;
Before him not the ghost of shores,
Before him only shoreless seas.
The good mate said: “Now must we pray,
For lo! the very stars are gone, -
Brave Admiral, speak, what shall I say?’
‘Why, say, sail on! sail on! and onl’
“Then, pale and worn, he kept his deck,
And peered through darkness. Ah, that night
Of all dark nights! And then a speck—
A light! a light! a light! a light!
It grew, a starlit flag unfurled!
It grew to be Time’s burst of dawn.
He gained a world; he gave that world
Its grandest lesson, “On, sail on!’”
And so in New England there is no good reason for
doubt, and discouragement, but every reason to be stead-
fast, courageous, and to “Sail on! and on 1 and on 1’’ and
put New England in even a higher place than she occupies
to-day morally, physically, agriculturally, intellectually,
commercially, industrially and financially.
26
TABLE A.
DISTRIBUTION OF ROAD AND TRACK MILEAGE
NEW YORK, NEW HAVEN & HARTFORD, BosTon & MAINE,
MAINE CENTRAL AND ALLIED PROPERTIES
SEPTEMBER—1913
- Road Mileage Track Mileage
States Miles Per Cent. Miles Per Cent.
Maine . . . . . . . . . . . 1,346.73 168 1,923.75 13.6
New Hampshire. . . 1,174.22 14.7 1,697,45 12.0
Vermont . . . . . . . . . 403.29 5.1 537.98 3.8
Massachusetts ..... 1,882.82 23.6 4,144.90 29.3
Rhode Island. . . . . . 491.67 6.2 838.98 5.9
Connecticut . . . . . . 1,549.96 19.4 2,808.89 19.8
New York. . . . . . . . . 925.04 11.6 1,863.41 13.1
Pennsylvania . . . . . 53.66 .7 139.56 1.0
New Jersey. . . . . . . . 53.07 .7 106.14 .7
Quebec . . . . . . . . . . . 90.59 1.1 109.42 .8
New Brunswick. . . . 5.10 .1 5.10 —
Total . . . . . . . . 7,976.15 100.0 14,175.58 100.0
27
TABLE B.
CLASSIFICATION OF OUTSTANDING CAPITAL STOCK
NEw York NEW HAVEN & HARTFORD RAILROAD COMPANY
as of July 1, 1913.
Number of Per Number of
Shares. Cent. Shareholders
Massachusetts . . 571,009 36.29 11,481
Connecticut . . . . 306,766 19.54 5,682
New York . . . . . 495,602 31.56 3,510
Rhode Island . . 47,606 3.05 735
Elsewhere . . . . . 150,196 9.56 2,560
Total . . . . . . 1,571,179 100.00
23,968 100.00
BOSTON & MAINE RAILROAD ComPANY
as of July 1, 1912
Per
Cent.
47.90
23.70
14.65
3.07
10.68
Massachusetts . . 375,691 88.1 5,372 66.2
New Hampshire. 17,543 4.1 1,446 17.8
Maine . . . . . . . . . 19,158 4.5 622 7.6
Elsewhere . . . . . 14,156 3.3 682 8.4
Total . . . . . . . 426,548 100.0 8,122 100.0
28
TABLE B. (continued)
DISTRIBUTION OF SHAREs.
Number of Shares N.Y., N. H. & H. Per cent B. & M. Per cent
1 to 10 shares, inclusive 10,222 42.6%. 4,895 60.2
11 to 50 do 8,987 37.6 2,531 31.2
51 to 100 do 2,383 9.9 403 5.0
101 to 500 do 2,012 8.4 264 3.2
501 to 1,000 do 217 .9 15 .2
1,001 and over | 147 .6 14 .2
23,968 100.0 8,122 100.0
DISTRIBUTION OF SHAREHOLDERs.
N.Y.N.H.& H.R.R.Co. Boston & Maine.
Stockholders Number Per cent. Number Per cent.
Males . . . . . . . . . . . . . 9,008 37.9 2,742 33.8
Females . . . . . . . . . . . 10,474 43.5 3,941 48.6
Trusts and Guar-
dianships . . . . .... 3,702 15.4 1,116 13.6
Insurance Companies
and other corpora-
tions . . . . . . . . . . . . 784 3.2 323 4.0
*
sºmºmºsºsº
Total . . . . . . . . . 23,968 100.0 8,122 100.0
29
TABLE C.
DIRECTORs or THE NEw YoFK, NEw HAVEN & HARTroRe,
BOSTON AND MAINE AND MAINE CENTRAL RAILROADS.
SEPTEMBER 30, 1913
Residents of Total
Railroad New England New York Phildelphia
New York, New
Haven & Hart-
ford Railroad. 21 4 2 27
Boston & Maine
Railroad . . . . . 18 18
Maine Central
Railroad . . . . . 16 1 17
Total. . . . . . . 55 4 3 62
Number of directors serving on boards of
the three Companies. . . . . . . . . . . . . . . . 3
Number of directors serving on boards of
two of the three Companies. . . . . . . . . . 8
Number of directors serving on board of
one of the three Companies. . . . . . . . . . 37
Total number of directors. . . . . . . , e. e. e. e. e. e. e. e. 43
RESIDENTIAL DISTRIBUTION OF DIRECTORS.
Massachusetts . . . . . . . . . . . . . . . . . . . . 12
Connecticut . . . . . . . . . . . . . . . . . . . . . . 15
Maine . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
New Hampshire. . . . . . . . . . . . . . . . . . . . 5
Rhode Island. . . . . . . . . . . . . . . . . . . . . . 1.
New York. . . . . . . . e e e s a e s e e e e º e s e º e 4
Pennsylvania . . . . . . . . . . . . . . . . . . . . . 2
Total . . . . . . . . . . . . . . . . . . . . . . . . . 43
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