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Show rlghTs oTwayTK any sense tEat the railroads rail-roads paid for theirs. . "They have simply taken possession of public highways built by public funds, both state and national," he continued, con-tinued, "and they have extensively made those highways vastly less comfortable, com-fortable, less safe and less serviceable for private motorists and others who are contributing chiefly to their creation crea-tion and maintenance." Mr. Stephenson declared that all these matters should be thoroughly Inquired In-quired Into by competent public bodies, both state and national, with a view of determining the equities and basic public economic Interests Involved, In-volved, "particularly in respect to their effects upon the nation's railroads. "I venture to say," he added, "that such Inquiries would show whether It Is. to the public Interest to let things remain as they are, -whether the situation situa-tion calls for a new basis of motorbus and truck taxes to satisfy the equities of the case or whether it would call for such drastic action as the exclusion of this traffic from our public general highways, and the requirement that, even as the railways, It provide r.s a part of its own private capital investment invest-ment its own rights of way and for Its own maintenance of way out of operating operat-ing Income." BUS COMPETITION HITS RAILROADS Bankers Association President Asks If Unfair Aid Is Given Motorized Transport For Rail Mergers. j NEW YORK. Fair treatment for the railroads in respect to highway motor competition was called for by Rome C. Stephenson, President American Amer-ican Bankers Association, in a recent address here. He also strongly endorsed en-dorsed "sound economic railway consolidation" con-solidation" and praised President Hoover Hoo-ver for his initiative In this respect. "I am very strongly of the opinion that one of the measures which would help materially to put back business where it ought to be is the Eastern four-system plan of railroad consoli- dation as announced recently follow- j lng negotiations instituted by President Presi-dent Hoover," said Mr. Stephenson. ; "Its adoption by the Interstate Com- i merce Commission would tend to stabilize stabi-lize the transportation industry, facilitate fa-cilitate operation and exert a favorable Influence on business in general. j "It is a fact well known to business leaders that our railroads are now fac- . 'lng a crisis. Not only do they need ' protective laws to meet competitive situations arising from increased use of our highways and waterways by other carriers, but they need unification unifica-tion such as the proposed four-system plan providss. Our President has acted wisely in assuming a leadership in this respect and his move deserves the support of every clear-thinking clttaen.'l Mri Stephenson declared that the railroads have served this country "bo superlatively well that we are prone In our public affairs to overlook our dependence de-pendence upon them and our obligations obliga-tions to them. The past, present and future progress of the United States is inseparably bound up with their welfare. wel-fare. In neglecting just consideration for them we are even more neglectful of the public's best economic interests. A Question of Public Interest "We are confronted with the question ques-tion as to how njuch more the public, economic interest will stand an Invasion Inva-sion of the welfare of the railroads by forces and difficulties not of their own creating and not within the scope of their own unaided powers to combat," Eaid Mr. Stephenson. "I refer especially " to new competitions that are undermining undermin-ing the hard-earned position of the railroads, rail-roads, not only with the aid of natural . economic forces but also through the aid of government policies which, positively posi-tively or negatively, tend to give these competitors undue advantages over the railroads. . "It goes without saying that the railroads rail-roads have no right, nor claim any, so far as I have been able to discern, to complain at legitimate competition In the field of transportation, for the public pub-lic is entitled to the best possible transportation trans-portation at the lowest practical cost. But equally does it go without saying that this cannot be fairly brought about by using, or by failing to use, the taxing tax-ing powers of government to enable competitive methods of transportation to do things they could not otherwise do as unaided private enterprises, par- , ticularly when such action impairs the Invested rights held in good faith by great masses of our people in established estab-lished enterprises that are serving the public well." Mr. Stephenson said It was not his purpose to argue against such com- , petitive transportation as the highway passenger motorbus and motor truck ' as such, when conducted under proper conditions and in keeping with public welfare and benefit. He declared, how- i ever, there is need for serious consid- eration whether, such competition is : being developed under conditions that are unfair to the railroads, because , either the outright or obscure aid of government policy is the deciding economic eco-nomic factor in that competition.. Would Investigate Bus Traffio Railroad rights of way, he declared, represent tremendous capital invest- 1 ments, on which the railroads have also heavy current costs to meet. "They pay every day a million dollars in taxes and most of this is on their rights of way," he said. "Also they spend daily over two million dollars additional ad-ditional for the proper maintenance of way." He asserted that the motor- : " to, for their |