The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-01-28
FRIDAY, JANUARY IS. 1921.
To the Citizens of New York.


Many Of the politicians of New
York and some of the New York
newspapers are red headed in the
heat of their bitterness over Gov
ernor MILLER's action in our transit
matters. There is no reason in or
justification for getting excited over
the prospect Of finding out just where
we stand as concerns our local trac-
ton situation.
Until this is done through a fair
and honest inventory of the various
Transportation lines covering Greater
New York, no intelligent plan can be
worked out for these properties. Such
inventory, setting forth their exact
value at the present time, is basic in
any honest and business-like effort to
find sane solution of our vast tran
sit problem.
The inventory would have to do
with their physical value only. 1t
would give no consideration to stocks
and bonds. 1t would show what the
roads are actually worth, measured
by what it would cost to reproduce
them at the present time.
We hear much irresponsible talk
about the water in the securities of
the roads. Well. suppose the securi-
les had in them half the water Of
the Atlantic Ocean, what would it
matter to an inventory basing its
figures wholly on the value Of road
beds, rails, electric equipment, sta
tons, power houses and rolling stock?
in such an inventory stocks and bonds
cut no more figure than the waste
paper value of the paper on which
they are printed.
With n positive knowledge of the
physical value of our local traction
roads it would he q simple matter for
sound headed business men to develop
plan for operating them In the in
terest of the citizens of this town
and In the interest of the develop
nent of the town itself, and with
honorable consideration for the cap
ital invested in them.
We must keep in mind in consid-
ering this very big question the basic
fact that the citizens of New York
should have and that they demand
rs safe and as good a transportation
system as any city in the world.
Such q system calls for big expendi-
lures of capital for construction, for
maintenance and for operation.
Money that goes into transportation
is entitled to fair interest yield,
quite the same as money loaned on
the houses in which we live.
But private capital is not the only
money invested in our traction sys-
tens. The city of New York has
right now some S300,OO0O0O in cold
cash In these properties on which it
IS drawing no interest, and for the
simple reason that our bankrupt
roads are not earning the necessary
money with which to pay this inter-
est. Moreover, these roads are not
even earning operating expenses to-
day.
Again the city transit plans for
new construction, extensions ana
equipment call for an expenditure in
excess OF SJ00,OQ0,OO0 more, All Of
watch is necessary that we may catch
up ana keep up with the citys
growth and give good service to our
citizens.
Furthermore, we must have n uni
fed system with a single fare if we
are TO measure up to what is ex-
pected OF the greatest and richest city
In the world and what we should
have.
In this very serious situation is
there any sense and Is there any hon
esty in shriekng defiance to Governor
Miller, who is initiating move
ment 70 bring order out Of, and to
bring sound business ability to, the