Labor Age Volume 8-10

Labor Age Volume 8-10

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ...the city council, in conference with the company, determine the quality and quantity of the service, and that more than fifty miles of track extensions and much new equipment be provided, nominally under the direction of the city council. Under the terms of the franchise, purchase of the street railways by the city might also be carried out upon a three-fifths mandatory referendum vote of the citizens, but only in case the state legislature sanctioned the assumption by the city of an additional bonded indebtedness sulficient to cover the cost---two conditions which it might have been exceedingly diflicult for the city administration to fulfill. The street railway company was, in its turn, to receive a guaranteed net income of seven per cent. on a valuation of $24,000,000 before any of the above-mentioned improvements and extensions could be compelled in behalf of the public! It was also to have the right to raise its fares to the point where this income would be assured. In addition a reserve fund of 2.75 per cent. on the capital, an amortization fund, a stabilizing fund, and other items were to be deducted before improvements would become compulsory. Opposition of the Mayor The mayor, a former insurance man, elected as a "loyalty" candidate to replace a socialist mayor a year ago, andby no means suspected of bolshevist tendencies, announced early in the proceedings that he would oppose the proposed franchise on the grounds that the franchise valuation was some $8,000,000 too high and that the guaranteed net income should be six per cent instead of seven per cent. It was understood that the masses of the people. perhaps the majority of the vot 1920 ing population, were behind him; but since they had no adequate organs more

Product details

  • Paperback | 424 pages
  • 189 x 246 x 22mm | 753g
  • United States
  • English
  • black & white illustrations
  • 1236754484
  • 9781236754486