In all the controversies that have led up to this almost complete control of railroad earnings and railroad policies by governmental agencies, the railroads have, as a rule, acted in active opposition. They have not been unanimous--some of us were willing to accept it long before it became a fact, but the majority could see nothing in it but disaster--it is too early to say which was right--perhaps an earlier acceptance of control would have made the control more lenient; perhaps its earlier acceptance would, on the other hand, have bound the chains more tightly. But the fact remains that while the basic principle of absolute equality as to rates has been accepted by the railroads gladly and in all good faith, and they have also accepted the principle of government regulation, the scars of the conflict remain and a large section of the public still suspects and misjudges us. It is true, of course, that in the rapid development of our business and in the exigencies of a most exacting profession there have been abuses and lapses, but I am here to maintain that the standards of fair dealing and commercial honesty in our business have been as high as in any other, and I appeal to you who sit around this table to say if it be not so. But whatever sins may be laid at our door, however much we may have once believed that ours was a private business to be controlled exclusively by its owners, however much we have resented or still resent the interference of the public as manifested in the various governing bodies, it is, after all, the public that is master and we must all recognize it. It is, however, still our privilege to exercise our right as citizens and members of the body politic to use our efforts to guide it. Acknowledging as we must that the public is all-powerful, the question is, How may we satisfy our masters and thus mitigate our woes and preserve our properties? First. We must realize, as I think we all do (after a series of very hard knocks), that the railroads are not strictly private property, but subject to regulation by the public through its regularly constituted authorities--that the Government may reduce our earnings and increase our expenses has been sufficiently proved. Second. To meet this situation we must endeavor to get in touch with public opinion. Perhaps you will smile when I say that for years I have read every article on railroad matters in each of the papers published along our ten thousand miles of road--not an easy task for a busy man--but while I have waded through much chaff I am sure it has resulted in some reforms. Third. The avoidance of action seriously counter to public opinion, except for compelling reasons. Fourth. The disposition to explain these reasons through officers and employes of all grades. Generally, the loudest criticisms come from those who are not anxious to know the truth.