New-York tribune., 1919-08-29
I.R.T. Throws
All Its Books
Open to Mayor
I'VE Shall Comply With All
of Your Requests Without
Reservations H e dley
Sets Forth i'm Letter
Asks Unbiased Inquiry
Suggests That Civic Bodies
Cooperate to Insure an
Impartial Investigation

The Interborough Rapid Transit
Company, through its vice-pres sdent
and general manager, Frank Hcdley,
yesterday wrote Mayor Hylan that it
was ready to open all its books and
documents to the Mayors invcstiga-
tors.
Mr.. Hedley suggested that the
Mayors Investigators cooperate with
citizens committee representing the
various commercial interests of the
city "to the end that fair, unbiased
and absolutely impartial investigation
and report may be assured"
Mr.. Hedley's letter to the Mayor fol-
lows:
I'm compliancec with your letter Of
yesterday. August q, 1919, and it's sup
Elementary note to-day, both just re-
celved, | beg to advise you by return
mail, as suggested, that the INTERIOR
ough Rapid Transit Company will
throw open to your investigators not
merely such books as bear out our
contention concerning the company's
finances, but that all of the books,
accounts, vouchers, payrolls, ETC., will
be Immediately open to study and that
the true meaning of any entries not
readily understood will be explained.
Hold No Reservations
without attempting to recite the
other particulars set forth in YOUR let
ter, | will say that we shall comply
with all Of your requests without res
ervation.
Permit me to add that the company.
not having received from you an ac-
ceptance Of our oral offer of August
10, 1919, to we leone such an investiga-
ton, sent an invitation on August 81,
1919, week ego to-day to the presi-
dents of the leading civic organiza-
tions, such as the Chamber OF Com
merce. State Of New York; the Mer-
chants Association of New York, New
. York Board of Trade and Transporta-
ton. Real Estate Board of New York,
New York Produce Exchange. Brooklyn
Chamber of Commerce, Fifth Avenue
Association and the Retail Dealers
Association, requesting those associa-
the city. the Public Service Commits
sion and the Transit Construction
Commissioner in forming q committee
to make such an investigation Of the
company's affairs and accounts rs may
be found necessary clearly to show the
financial needs of the company and its
immediate prospects under the limita-
tions of the city contracts as to the
rate of fare. The company offered to
such committee full access to it's
books and every other facility neces-
ho tba
earliest possible date. A copy Of our
letter to these gentlemen is inclosed.
The Merchants Association already has
accepted the invitation.
Ask Unbiased Inquiry
"Without attempting to impose any
limitation or restriction whatever upon
the activities of your own investigators
il may be appropriate to suggest that
the cooperation of such d citizens com
mittee to the end that a fair, unbiased
and absolutely impartial investigation
and report may be assured.
"In regard to certain observations
contained in your letter regarding the
financial history of the company, your
attention is called to the fact that
since July /, 1907, the law of this state
has required the company to keep its
ance with the requirements of the Pub
lie Service Commission and to afford
the commission or its agents access to
all accounts, records and memoranda
at all times. This law has been faith
fully observed by the company and en-
forced by the commission for over
twelve years of the fifteen years men
toned in your letter.
"For the period prior to Jul. ], 1907,
when the law became effective, very
comprehensive examination of the CO =
by the Public Service Commission in
1907 and 1908, with the late William NJ
Ivins as special counsel and. investi-
gator. You are respectfully referred
to the printed volumes Of that in
vestigation for information concern
ing many of the subjects mentioned in
your letter.
Legislature Conducted Probe
"For several months during the year
1916 joint committee of the Legisla-
ture cond acted another public investi-
gton into the company's affairs. The
printed volumes of their evidence and
reports also cover many Of the same
subjects.
"Your own Commissioner of Ac-
counts, by your direction, made an ex-
ANIMATION OIL tne company alIalrS laSt
year, at which time every opportunity
afforded him to ascertain every
thing he desired to know.
"This year an examination has been
conducted by committees representing
the holders of the securities of the
company, and I enclose for your in
formation copies of the preliminary
reports of their experts, completed only
few days ago.
There never has been any conceal
ment or attempt at concealment of a
single transaction of the company dur
ing its entire existence. 1t is to be
hoped that a most exhaustive investi
cation will be promptly conducted to
the end that the public and their rep
resentatives may know all the facts in
time to take some action to prevent a
financial catastrophe"
Executives Invite Inquiry
The letter to the civic organizations
was signed by August Belmont, Cor
nelius Vanderbilt, Z. J. Berwind and
T. De Witt Cuyler of the executive
committee of the Interborough. They
| said that there appeared to be a wide