Socialist Success

The Port of New York Authority has almost no authority and little to do with New York as a seaport, but it is unquestionably the most impressive example of successful Socialism in the U. S. Essentially a political body whose commissioners are appointed by the Governors of New York and New Jersey, it has through its building and operation of tunnels (Holland), bridges (George Washington, Bayonne, Goethals, Outerbridge) and terminals (Manhattan's Inland), thoroughly scotched the notion that public business cannot be run with the profitable efficiency of private business. Among the many bodies inspired by the Port Authority's record not the least is President Roosevelt's Tennessee Valley Authority.

Last week the Port of New York Authority issued a preliminary income account for last year. Gross revenues (chiefly tolls and rent) were $10,250,000. Net income, after deducting all operating expenses and interest on over $140,000,000 of bonds, was more than $2,000,000. At the year end the Authority had cash & securities of $20,600,000 -- more than enough to meet all bond maturities for the next five years.

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