Proceedings of the Annual Meeting of the Association Volume 36

Proceedings of the Annual Meeting of the Association Volume 36

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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. 1915 edition. Excerpt: ...cost, the net revenues, except in Prussia, fall far short of paying the interest. So, almost all of such railways may be said to be a continuing loss. THE CINCINNATI SOUTHERN RAILWAY The brightest example, of what may be done with a publicly owned railway, is the Cincinnati Southern Railroad, owned by the city of Cincinnati, and leased to a private company, for operation. Since the first six years of its existence, it has been run at a handsome profit, and the rental is paying off the bonds issued for its construction, at the rate of $600,000 per annum. By 1933, the entire debt for the original construction of the road, with interest, will have been paid, and the city will be in receipt of an annual rental of $1,105,000 from the road, for application upon its general bonded indebtedness. Moreover, the road itself, considered as a piece of property, has so increased in value, that, if sold now, the proceeds would probably be sufficient to pay the entire debt of the city of Cincinnati, including the bonds originally issued for its construction and for terminal improvements. So, that what was originally a scheme to increase the general prosperity of the city, without much hope of profit from the investment itself, has turned out to be a great speculation. But, it does not follow that other publicly owned railways would do as well. The Cincinnati Southern road pierced a country much in need of development, and not favored at the time by direct communication with the north or south. Its success was not because of its municipal ownership, but because of its location. The route was wisely chosen. The trustees representing the city were not elected, but appointed by a court, so that power was as far removed from politics as possible. And as for...
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Product details

  • Paperback | 74 pages
  • 189 x 246 x 4mm | 150g
  • United States
  • English
  • black & white illustrations
  • 1236748328
  • 9781236748324