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Electric Railway Problem lAnalysis of Electric Railway Problem by Delos Wilcox
Electric Railway Problem Delos F. Wilcox hard cover
Analysis of the Electric Railway Problem
Prepared for the Federal Electric Railways Commission
Delos F. Wilcox
Hard Cover
789 Pages
Copyright 1921
Contents
LETTER OF TRANSMITTAL XV
I. THE STREET RAILWAY AN ESSENTIAL PUBLIC INDUSTRY 1
H.RESTORATION OF ELECTRIC RAILWAY CREDIT A FUNDAMENTAL NECESSITY 6
III. FUNDAMENTAL IMPORTANCE OF LABOR AS A FACTOR IN STREET RAILWAY
OPERATION 9
IV. CREDIT AND COOPERATION THE COORDINATE NEEDS OF THE ELECTRIC RAILWAYS 15
V. CONDITIONS IN ELECTRIC RAILWAY OPERATION NORMALLY FAVORABLE TO
CREDIT 16
VI. CONFLICTING EVIDENCE AS TO AMOUNT OF NEW CAPITAL REQUIRED ANNUALLY
IN THE ELECTRIC RAILWAY INDUSTRY 21
VII. AMOUNT OF NEW CAPITAL REQUIREMENTS NOT CLEARLY SHOWN, BUT
NECESSITY FOR RESTORATION OF CREDIT PROVEN 31
VIII. WHY HAS ELECTRIC RAILWAY CREDIT BEEN LOST? 35
IX. OVERCAPITALIZATION A CAUSE OF THE FAILURE OF CREDIT 36
X. NEGLECT TO AMORTIZE EXCESS CAPITALIZATION 43
XI. FAILURE TO AMORTIZE NORMAL ACCRUED DEPRECIATION 46
XII. PAYMENT OF UNEARNED DIVIDENDS AND NEGLECT OF ORDINARY MAINTE-
NANCE 55
XIII. OVERBUILDING 61
XIV. HOLDING COMPANIES AND BANKER CONTROL 67
XV. THE UNIFORM 5-CENT FARE 75
XVI. SPECIAL TAXATION AND FRANCHISE OBLIGATIONS 78
XVII. USE OF POLICE POWER TO COMPEL MORE AND BETTER SERVICE 88
XVIII. PUBLIC REGULATION OF STOCK AND BOND ISSUES 92
XIX. SHARE OF COMPANIES AND PUBLIC IN RESPONSIBILITY FOR LOSS OF CREDIT . 97
X X. EFFECT OF AUTOMOBILE AND JITNEY COMPETITION ON CREDIT 99
XXI. INCREASING DEMANDS OF LABOR 113
XXII. THE WAR AND THE DOLLAR 116
XXIII. How CAN CREDIT BE RESTORED? 129
XXIV. THE PROS AND CONS OF PUBLIC OWNERSHIP 140
XXV. PUBLIC COOPERATION AND A NEW DEAL REQUIRED 149
XXVI. INCREASE IN MARGIN AVAILABLE FOR CAPITAL 157
XXVII. DOUBLE PURPOSE OF UNIT FARE INCREASES 160
XXVIII. EFFECT OF FARE INCREASES UPON TRAFFIC AND REVENUES 165
TABLE I.-ANALYSIS OF TRAFFIC SHOWING RELATION OF REVENUE PAS-
SENGERS TO FARE INCREASES 183 TO 188
TABLE 11.-ANALYSIS OF GROSS PASSENGER REVENUE SHOWING RELATION OF
PASSENGER REVENUE TO FARE INCREASES 189 TO 194
TABLE III-REVENUE PASSENGERS CARRIED ON PRINCIPAL URBAN STREET RAILWAY SYSTEMS FOR THE FIRST SIX MONTHS OF 1917, 1918 AND 1919 199 TABLE IV.-COMPARATIVE SUMMARY OF TRAFFIC DATA IN RELATION TO FARE
INCREASES 205 TO 207
TABLE V.-COMPARATIVE SUMMARY OF PASSENGER REVENUES IN RELATION
TO FARE INCREASES 208 To 210
TABLE VI.-GENERAL SUMMARY OF ANALYSIS OF EFFECT OF FARE INCREASES
UPON TRAFFIC AND REVENUES 212
XXIX. THE ZONE FARE OR DISTANCE TARIFF 218
XXX. RELIEF FROM TAXATION AND OTHER PUBLIC BURDENS 244
XXXI. EFFICIENCY IN MANAGEMENT AND ECONOMIES IN OPERATION 260
XXXII. CONTROL OR ABOLISHMENT OF JITNEY COMPETITION 286
XXXIII. CO-OPERATIVE RELATIONS BETWEEN MANAGEMENT AND MEN 300
XXXIV. PUBLIC SUBSIDIES 303
X XXV. ABANDONMENT OF UNPROFITABLE LINES 322
XXXVI. FINANCIAL RE-ORGANIZATION 327
XXXVII. No ONE REMEDY SUFFICIENT 343
XXXVIII. THE VALUATION 345
XX XI X. THE RATE OF RETURN 385
XL. UNRESTRICTED STATE REGULATION 405
XLI. SERVICE AT COST 434
XLII. THE USE OF PUBLIC CREDIT 505
XLIII. THE ELECTRIC RAILWAY LABOR PROBLEM 530
TABLE OF CONDUCTORS' WAGES 532 AND 533
XLIV. LABOR'S PUBLIC RELATIONS RECOGNIZED 537
XLV. LIMITATION OF "THE RIGHT TO STRIKE" 541
XLVI. THE PROGRAM OF THE AMALGAMATED 564
XLVII. LABOR'S PARTICIPATION IN MANAGEMENT 598
XLVIII. ELECTRIC RAILWAY EMPLOYES AS CIVIL SERVANTS 618
XLIX. SERVICE VERSUS PROFITS 621
L. THE FOUR CHOICES 623
LI. ABANDONMENT OF THE PUBLIC INTEREST NO REMEDY 624
LII. COMMISSION REGULATION NOT ADEQUATE AS A SOLUTION OF THE PROBLEM . 626
LIII. WHERE "SERVICE AT COST" FALLS SHORT 631
LIV. PUBLIC OWNERSHIP AND OPERATION THE ULTIMATE SOLUTION 635
SUMMARY 644
APPENDIX A. LOCAL TRANSPORTATION ISSUES IN NEW JERSEY 659
APPENDIX B. A REPORT ON CERTAIN ASPECTS OF THE TRACTION PROBLEM OF
THE CITY OF DENVER, COLORADO 717
NOTES AND REFERENCES 749
INDEX 771
On May 15, 1919, the Secretaries of Commerce and Labor submitted to the President a joint recommendation for the appointment of a Federal commission to study and report upon the electric railway problem. During the war the traction companies had been caught between the upper and the nether millstones. The increase in the cost of labor and materials had been sharp, sudden and irresistible. The maximum five-cent fare, fixed by contract and by custom, had stood in the way of a prompt increase in revenues to meet the increase in the costs of the transportation service rendered. Through the National War Labor Board, the Federal Government had taken a hand in compelling the street railways to pay to their conductors and motormen what at that time seemed an enormous wage. While the nation was engaged in its gigantic struggle, continuity of street railway service had to be maintained at any price. The companies paid the wage bills and appealed to the Government to raise the fares. Failing to bring about direct interference either by Congress or by the President through some hoped-for exercise of war powers, they had to content themselves with trying to get favorable publicity and helpful recommendations to the state and local authorities. They sought, at the very least, the appointment of a Presidential commission to serve as a sort of national sounding-board before which they could beat the tom-tom and attract public attention everywhere to their financial distress and to the inadequacy of the five-cent fare.
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