New-York tribune., 1920-01-31
Paying the Traction Bills

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The truth Of the saying Of Lincoln,
"You can't fool all the people all the
time" is again under test at the
City Hall. The Hearst Hylan ad-
ministration stoutly holds the thing
is not only possible but easy, and
Corporation Counsel Burr seems to
agree with them. So the so-called
traction inquiry unwinds itself, the
Mayor making desperate efforts to
keep it in the headlines.
The Interborough Company has
deserved unpopularity. Its finan-
cial management has seemed to be
with stock jobbers, engaged in the
business of manufacturing and sell
ing securities. First came the IN
terborough company proper, then a
consolidation with the Manhattan
Elevated, then the Interborough-
Metropolitan, a haven for water
logged surface lines. aud finally the
lnterborough Consolidated.
Each transformation was marked
by new emission Of stocks and
bonds. The Wall Street district
looked on cynically, knowing what
was being done. but its leaders hold
ing it none Of their business to in
tervene to stop the Old sport Of hook
ing suckers. Reputable newspapers
went as far as they could without
colliding with the libel laws to
give warnings, but the warnings
were unheeded. Of course, many
have lost their money. But let them
individually answer as to whether
, they We're not also seekers after un-
due personal gain-whether or not
they were influenced by get-rich-
quick thoughts as they reached Tor
prospective profits too large for
common sense to reckon the invest
ment safe.
The operating management, with
its motto Of pack 'em and squeeze
en-" had little greater public
esteem. The policy followed was the
one Of giving the minimum of serv-
ice. The company's stockholders
now complain Of the nickel fare Is
it strange their appeals fall on deaf
ears when the possessors of the ears
remember the days when it cost but
TWO cents to haul a passenger and
about three cents worth of service
was given? When will managers Of
great corporations learn that in the
long run it does not pay to be hog
gisho
But STRINGS Of the memories of
old wrongs will not help the public.
1'hey may assist the Mayor on his
demagogic way, but not the people
now Granted that the Interborouph
should have retained the money
which it distributed when it served
oeefsteak extra thick to it's stock
holders and thus aided the security
manlpulators to unload on investors
and little spectators, this money is
4Trecoverably dissipated. The Mayor
Is barking down an empty hole. Not
even his colossal ignorance is large
enough TO make him think he is do
ing anything for the public good
The traction question is a double
one First, there are the surface
lines. 1t now costs these about 51a
certs to haul passenger, without
allowing anything for income on the
property. Obviously such condi-
ton cannot last. The Mayor NAV
pretend, as did Mrs. Partinpton, he
can sweep back the sea, but he can't
Already the surface lines, AS re-
suit OF Hylanism, are being shredded
into parts. The single fare disap-
pears. Passengers pay five or seven
or 10 cents. The old fve-cent fare
is gone.
The 1nterborough, on the other
hand. has operating expenses which
absorb about four cents OF each
nickel paid. The remaining cent goes.
hrst, To pay interest on the bonds Of
the original subway, and, second,
what Is left goes TO meet the interest
On tho eoanpany's bonds. They call for