Word: cunningham
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Dates: during 1920-1929
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...Philip Cunningham...
...liquidation in labor, according to Professor Cunningham, is certainly necessary in view of the current economic conditions, but will not, in itself, grant relief in sufficient degree to solve the problem of the railroad earning power. "In fact," he added, "no solution appears to be possible until general business is again on a normal basis, and traffic again moves in the volume contemplated by the rate scale set last year by the Interstate Commerce Commission. The signs already point to an improvement. There are indications that the worst is over and that there will soon be an upward swing. Until...
Declaring that this was not the time to try new plans, and emphasizing the difference between railroads and factories, Professor Cunningham expressed the opinion that the Transportation Act of 1920 should be given a fair trial. "Railroads," he said, "are suffering little more than other industrial institutions. There are, however, fundamental differences which affect the analogy. In the first place, the railroads are public utilities which must operate whether they pay or not. An industrial concern may shut down if the losses thereby occasioned are less than those which it sustains under operation in these subnormal times. In the second...
...scheme of Government ownership, so much discussed and prophesied today, Professor Cunningham is absolutely opposed. In explaining his stand he said, "There is at present, on the part of employees and of a growing minority of the public who fail to appreciate the ultimately unfavorable effects, a strong demand for government ownership. It is to be hoped that such an economic calamity may be avoided. The weight of public opinion is in favor of leaving to private initiative those things that can be done better by individuals than by the Government. A continuation of Government operation was overwhelmingly opposed...
...dark clouds in the present railroad situation," concluded Professor Cunningham, "are merely incidents in the painful period of reconstruction. The Transportation Act has not failed. Under a resumption of normal business conditions, and with the beginning of the plan providing for consolidations which will eliminate the disturbing factor of the weak roads, I believe that the railroad problem will be well on toward a satisfactory solution...