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Show BUS COMPETITION HITS RAILROADS Bankers Association Pre! dent for Even Treatment for Rail and Motor TransportFavors Trans-portFavors Mergers NEW YORK. Fair treatment for the railroads In respect to high-war high-war motor competition was called for by Rome C. Stephenson, President Presi-dent American Bankers Association, Associa-tion, In a recent address here. Ha also strongly endorsed "sound economic eco-nomic railway consolidation" and praised President Hoover tor bis initiative In this respect. "I am very strongly of ths opinion opin-ion that one of the measures which amnl1 haln nmtnrlnllv tn nut hack business where it ought to be Is the Eastern tour-system plan of railroad consolidation as announced recently following negotiations instituted by President Hoover," said Mr. Stephenson. "Its adoption by the Interstate Commerce Commission Com-mission would tend to stabilize ths transportation Industry, facilitate facili-tate operation and exert a favor able Influence ou business. "It Is a fact well known to business busi-ness leaders that our railroads are now facing 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 such as ths proposed four-syster plan." Mr. Stephenson declared that the past, present and future progress of the United States is Inseparably Insepar-ably bound up in railway welfare. In neglecting just consideration for tbem we are even more neglectful of the public's bent Interests. A Qusstioo of Public Intareit "We are confronted with the question as to bow much more the puhllo economic Interest will stand j an invasion of the welfare of the railroads by forces and difficulties. not of their owu creating and not I within the scope of their own unaided unaid-ed powers to combat," said Mr. Stephonson. "I refer especially to new competitions that are undermining under-mining the hard-earned position of ths railroads, not only with the aid of natural economic forces but also through the aid of government policies poli-cies which give competitors undue ( avaniages over ins ranroaus. I "It goes without saying that ths railroads have no right, nor claim any, so far as I have been able to discern, to complain at legitimate ! competition In the Held of transportation, transpor-tation, for the public is entitled to ths best possible transportation at the lowest practical cost But equally does it go without saying that this cannot be fairly brought about by using, or by falling to use, ths taxing powers of government to enable competitive methods of transportation to do things they could not otherwise do as unaided private enterprises, particularly when this impairs vested rights held . by great masses of our people la enterprises now serving the publlo well." |