My Memories of Eighty YearsDepew, Chauncey M. (Chauncey Mitchell)
History
My Memories of Eighty Years
Depew, Chauncey M. (Chauncey Mitchell)
Biography; Depew, Chauncey M. (Chauncey Mitchell), 1834-1928; United States -- History -- 1865-1921
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.
Public-domain text, read in full here on John Shaqi.
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