Word: lossesâ
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...city officials thought the total?including damage to buildings and theft of their contents?might be a staggering $1 billion or more. Because of the blackout, the city lost $4 million in tax revenue and had to pay $5 million in overtime to policemen and firemen. Estimates of business losses???beyond the looting?included up to $15 million in lost brokerage commissions for Wall Street and $20 million for retail stores...
Deducting from this loss some items of unassignable revenue, the actual loss is about $40,000,000 a year, according to this calculation. The obvious thing to do, under such circumstances, is to boost the rates on services which show large losses???wipe out the deficits on second and third class mail and on registered matter. Then not only would the deficit be made up, but also nearly enough revenue would be provided to make possible the proposed pay increase...
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