That this morale, the old-fashioned tradition of American railroading, can be returned to us I do not doubt. It cannot be easily accomplished. It will require a deal of study, and the exercise of great tact and diplomacy. It will have to be preceded by an end of union-baiting and of the more subtle but nevertheless bitter attacks upon government regulatory bodies. That there will have to be less governmental regulation or else the private operation of our railroads will collapse, is the handwriting that already is written upon the wall. That a lessening of such regulation will of itself bring the best blood of the land once again to American railroading or a better spirit of loyalty and energy and initiative to the present personnel, I do not for one minute believe. If that were so, the solution of our vexing problem would be easy. We simply would have to put the hands of the clock backward again, return to 1887 or thereabouts, and, presto! our troubles would be over. Unfortunately no such quick cure awaits the sick man of American business. The restoration of his health, putting him soundly upon his feet once again, requires a great deal of study and of thought. Already I have hinted at two possible embrocations in this very sore spot of his labor relationships--the readjustment of wages (it is hardly going to be possible to lower them far again unless possibly under some adaptation of the very sane British method which we have just seen) and the beginning of an organized movement to recruit and direct the best of our young men into a business which normally should have great fascination for them. There is another ointment which I have saved for the last. Cooeperation beats regulation. It always has and it always will. Already we have quoted Vice-President Atterbury of the Pennsylvania as saying that in the future the employees should have direct representation in the management of the carriers. That is one of the few 100-per-cent.-right statements. Carried to the final degree of actuality it would mean employee representation upon a railroad's directorate. That such a representation would be a benefit to labor I shall not deny. But I am thinking of quite another thing, of the vast benefit that it would be to the railroad itself. There is the real kernel of the nut.