The New York herald., 1921-02-03
La Cuardia's False Cry.

This false cry comes from #. III.
LA GUAsDIA, President Of the Board
OF Aldermen OF the city of New York /:
''The contemplated plan [Governor
MILLER'sl would take over these va
rious diiapidated, insolvent surface
lines as they are at their present
paper valuation. Ny plan would
wipe off the slate worthless book as
sets. obsolete equipment, unexisting
equipment, ali now carried as fixed
charges, would drain the water out
of each company and would by one
major operation take over the lines
on their present, actual, usefui valu-
alton. This. however. is not sacsfac-
tory to the unsuccessful management
Of the insolrent companies"
Unless this man LA GUAaD1A, whose
tongue is bell clapper, also has a
brain pan that Is a vacuum he knows
and he cannot help knowing that the
very essence Of Governor MILLER S
plan is that, whatever is done with
the traction roads, they shall be
treated only on the rock bottom basis
OF their actual inventory value, with
ali the water squeezed out He knows
and he cannot help knowing that in
his message Governor MILLER used
the following words ON that specific
subject:
The present problem has back
ground OF crooked financing. which
now subjects it to popular distrust
and prejudice easily aroused by the
wiles OF the demagogue. The time
has come to protect it from the sim
lister designs OF selfish financiers and
politicians. 1t will not be difficult. to
eliminate the baneful influence OF the
former. The market value oe out
standing securities is undoubtedly
much below the intrinsic value OF the
property represented. The water has
already been squeezed out OF the
securities and the companies are rot
earning fixed charges. The time IS
therefore propitious TO deal with the
subject IN the public interest and
with exact justice 70 all.
ut would be little short OF a pqb-
lie calamity IL the opportunity thus
presented were allowed to pass.
"Of course, any consideration OF
the subject mast stcrt from the prem.
ise that the public shGSl not DC
called upon to pay earnings upon or
to ano7ti.e lcG:eved securities.
THE ultimate solution OF the prob
lem mast be maximum service with
minimum cost for the benefit of the
users OF the public transportation
facilities. the majority of whom have
no other means Of transportation"
LA GUARDrA knows and he cannot
help knowing that the city, unless
aided by the State plan of Governor
MILLER, has no power, and can obtain
no power, TO take over all the trae-
ton companies as LA GuARpTA
blatantly asserts he himself could or
would do.
la GUAEDIA knows and lie cannot
help knowing that only by the Gov
ernor's plan for the people of this
city can 4 single fare be established
on a unified system Of all the lines.
La GUARDrA knows and he cannot
help knowing that Il the Governors
programme were in the interest Of
the traction companies rather than
of the New York public the State
Legislature would not touch it with
ten foot pole. He knows and he
cannot help knowing that If the Gov
ernor's plan were satisfactory to the
traction companies and not TO the
people Of the city there isn't Il sin
gle newspaper in Now York that
would support IL. There isn't n sim
gle newspaper in New York that
would fail to denounce Il with all
the power at its command.
Ia GuAEDrA knows and he cannot
help knowing that the violent cam
paign OF which be Is vociferous part
against the rapid transit plan of Gov
ernor MILLER for the people of Sew
York city Is nothing but fragrant
political incitement.
But in any event, though he were
a mere lackwit instead Of a Grass
humhug I'm this ranjd transit ct-ic,e
IA GUAnprA Is not At to speak for
this great city IN anything.
Trre Cpvav,ro T,r,a