New-York tribune., 1919-11-14
Receiver Hedges Tells Cred.
it Men OF Shrinkage;
1918 Drop 100 Million;
Cannot Find "Trust,
Hylan Attacks Hughes
Says Committee He Heads Is
'Grcatest Joke Ever Per-
peirated on the Public"

Mayor Hylans stand on the traction
question was criticised an da plea was
made for an eight-cent fare by Job E.
Hedges, receiver for the New York
Railways Company, speaking last night
ut the 25th annual dinner of the New
York Credit Mems Association ut the
Hotel Astor.
Mr.. Hedges declared that the values
ct local traction securities had de-
chned more than s1o6 100000 between
January and November 10, 1919, and
that there was 100000 900 shrink
age IN the previous year. He said he
had been looking without success for
traction trust since March 21, al
though he had never known of "real
yirile trust in the hands OF receiver"
y speak tenderly, because may be
indicted said Mr. Hedges "There
was recently launched here an organi-
1atlon TO invest ste conditions under
which the city is suffering 1t hired
as unset Charles f. Hughes.
This was met with the official dec
laration that it was combine TO inject
8nc enforce an Increased carfare--a
taemcnt meaning that no public opn-
on can or snail prevail unless il pro
eeeds from All official body.
The Grea, difficu ty with this prob
Iem is that for year and q half public
opinion has not been expressed Why.
lcreNample. have YOU men of faith and
credit been civically silent on this
question for so long?
81 took pains to-day to secure figures
on the loss of traction values conse-
Iuent nupon refusal of the Mayor to
recognize facts as part of problem. l
fouln the fol owing shrinkage in values
1v virtue OF the non-eXpression of the
linking people Of this city: INTERIOR
0"eh r rer cent and 7 per cent notes.
sS6,0O0.O1O; lNterborough collateral
bonds, Si2,000,o 600: Manhattan Raj way
Company stocks and bonds. S25,7O0,0OO;
New ork Railway Company. two issues
~ bonds, S3,3Ti 600; Brooklyn Rapid
Tran it bonds and notes. s2s.471, ,000.'
IheSe, he said, were shrinkages from
January TO November 10.
Dangerous 10 Fool With Facts
Facts are dangerous 10 fool with if
you have never had an intimate ac-
4uaintancc witt them. When one ac-
eepts another's theory for facts, his
mind IS likely to be confused in log cal
sequence. This shrinkagc in value has
"rA'N t-A't al ttQNI lIcl a lOOllSn Ine
ofy may be imposed by unthinking men
o0 thinking men who are mentally DOR
nant.
lt $ my aim that government func-
ions shall not be logged by the in
retero g o. n.en charged with creating
lub ic opinion.
recently suggested in lawful
manner by .etter to superior officer
Nhat | thought his lawful duties we're,
md lnttpr 10
AttorT - with the suggestion that be
indicted for trying to have an effect
on his official mind"
Mr.. Hughes would make no comment
last ni"ht on the attack made against
him ard the committee by Mayor Hylan
yesterday.
e. ..ayor's statement follows:
The Merchants Association has
always been and is now in sympathy
With the public utility corporations
The object Of the committee appoint
50 by the Merchants Association called
the Citizens Transit Committee is
evidently to force public officials, if
possible. to favor increased fares.
This committee should be called the
Interooro and B. r. T. Traction Com
nittee' instead of the Citizens Trac-
tion Committee
Board of Estimate Innocent
II understand that the desire of the
Merchants Association is to have the
people get the impression that this
committee is acting for the citizens OF
the city.
Neither the Mayor nor the mem
bers of the Board OF Estimate have
made sny suggestions in regard to the
nrpoin.mcrt of such committee
The selection of Charles Evans Hughes
~ the Merchants Association as chief
counsel does not surprise me. He is
very we'll versed in transit matters
WAS it not Mr.. Hughes who ap-
peared at Albany during the last ses-
sion of the Legislature and argued
for the passage of the Carson Martin
Bill, the purpose of which was to
boost street car fares in the city :?
This is the same Mr.. Hughes who as
referee in the gas case recommended
higher gas rates.
."Greatest joke" Says Hylan
IL had concluded that the traction
crowd had resortcd to almost every
scheme that human ingenuity could
devise to drive, force or coerce public
ofilcials to favor an increased fare
out this latest scheme called the 'Citi-
1cns Traction Committee. is the
greatest joke ever perpetrated on the
public"
II is understood that Mr.. Hughes
will begin his investigation as soon as
he can organize staff. A meeting of
Mr.. Hughes and the executive COM
nittee of the Citizens Transit Com
mttee will be held within the next
few days.