Evening star., 1932-09-18

with the Interstate Commerce Com
mission, share the work Of planning
the Reorganization or readjustment for
the protection Of public investments
and those Of innocent security holders.
And I also propose that when such
plans have been worked out, the same
agencies shall indicate definite period
Of support to see the railroads through
in the carrying out Of these plans"
The other proposals Of the New York
Governor were:
A thorough overhauling OF the Fed
eral laws affecting railroad receiver
ships and indeed Of all kinds Of pub
lie utility receiverships," to aid in re-
habilitating roads unable to Withstand
the present strain or that might sue
cumb to mismanagement.
Regulation by the Interstate Com
merce Commission Of competing motor
carriers. railroads to be allowed to sup
plement their transportation facilities
with motor service where 1t will pro-
mote the public interest.
Relieve the Interstate Commerce
where E:fic Is insufficient to support
ination Of non-paying mileage.
Would Press Mergers.
Press TO q conclusion proposed con-
solidations Of railroads that are lawful
and In the public interest; more clear
ly define the objects, powers and duties
Of the Interstate Commerce Commis
sion in promoting and safeguarding all
the interrelated particular interests
comprehended within the public in
teTeSt.
Subject railroad holding companies
to the regulation and control of the In
terstate Commerce Commission.
And 1t Is clear to me that all the
men and women who are employed oh
our great transportation systems are
entitled to the highest possible wages
that the industry can afford to pay, -
was the way he concluded the outline
Of his seventh point.
Here is the difference in a few
words between the policies of the Presi-
dent Of the United States and policies
which propose" he continued.
He suggests only the extension Of
further credits to the railroads-thus
obviously increasing their fixed charges.
His policy may put of the evil day for
a short period, but, standing alone, it
makes the day Of reckoning more tragic
for the Nation.
MY policy goes to the root Of the
difficulty. While I would do everything
possible to avert receiverships which
now threaten us, I seek TO bring the
balance sheets Of the railroads out of
the red and put them into the black.
In other words, want the railroads to
stand on their own feet, ultimately to
reduce their debts instead of increaS-
ing them, and thereby save not only
great national investment but also the
safety Of employment of nearly 2.000,-
600 American railway workers.
Three Ends Cited.
I'm the great task Of recording the
dislocated American economics We must
constantly strive for three ends: Eff
cheney of service. safety Of financial
structure and permanence OF employ
ment."
Before beginning his discussion of
the railroad question, the Democratic
candidate told the crowd, gathered IN
the silver producing country, that the
Democratic platform favored the call
ing OF an international monetary con-
ference to consider the rehabilitation
Of silver and related questions. He
added that he planned to speak OF the
money problem in later speech.
The New York Governor said the
owners Of the railroads were nct, as
too many suppose. great railway mag
mates sitting in luxurious Offices and
clubs but the people throughout the
country who have a savings bank ac-
count, or an insurance policy or in
some measure an ordinary checking
account"
OF the more than eleven billions OF
railroad bonds he said were outstand-
ing, the candidate asserted nearly five
billions were owned by savings banks
and insurance companies. two billions
more by churches, hospitals, charitable
organizations, colleges and similar in
stitutions and the remainder in the
hands Of persons whose life savings
have been invested in this standard
American industry"
Mr.. Roosevelt said he did not share
the opinion Of those who believed the
railroad was about to disappear. be-
cause he considered there was no other
machine available to carry the load
Of freight transported by the rail-
roads.
Discusses Bus and Truck.
One Of the things which helped to
unbalance the system, he said. was
the construction of highway systems
upon which buses and trucks operated
without the necessity Of investing in
their upkeep.
Also" he added, I'VE, the National
Government, allow them to operate free
from many restrictions which would
insure safety to the public and fair
working conditions for labor We must
not give them any unfair competitive
advantages over the rails
"It Is necessary that each rail service
should fit into and be co-ordinated with
other rail services and with other forms
Of transportation" he said, after at
tributing a part Of the present difficult
ties to the Unreasonable competition he
asserted had existed between railroads
at the same time that they were COM
peting with buses and trucks.
Mr.. Roosevelt said he approved OF
the policy Of the reconstruction cor
poration. but II do not 60 along with
many Of the methods.
Lending money is all right f-and
only if-you put your borrower in a