Word: mta
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Dates: during 1940-1949
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...rental system remains the greatest operative inefficiency. Though the cities and towns of the metropolitan area pay the MTA's yearly deflect, they still demand rental fees from the transit lines for the use of their streets. In Boston, the MTA must pay for the use of all subways and elevated structures because the 'Boston Transit Department built and owns them; the MTA pays the city of Boston over $2,000,000 yearly. The most flagrant inconsistency is that the MTA, though State owned must pay the State for the use of the Cambridge-Park Street tunnel...
...State also overlooked a score of miscellaneous inefficiencies. The Metropolitan District Obligation, a publicly owned bond issue that had been paying an exorbitant interest rate for thirty years was not refinanced; the antiquated system of depreciation was never changed; and the cities and towns with MTA track running through them never reimbursed the MTA for snow removal. Probably $6,000,000 of the deficit is represented in these and the many other small bookkeeping complexities that permeated the old El accounting...
...MTA reorganization itself brought new financial burdens. Though the millstone of gross profit dividends was removed from the public neck, it was done so very extravagantly. The State bought up the old El stocks at $85 per share when the market value of the stock averaged $57.50 and, in twenty years, had not exceeded $73. In reorganization, too, the public ownership clause exempted the new company from participation in the Federal Social Security Act benefits. The MTA had to set up its own pension system at an annual cost of $1,400,000. To add to the staggering totals...
...result of the inadequate reorganization was not only the enormous deficit but also the complete deterioration of the MTA's rolling stock; 80 per cent of the equipment is over ten years obsolete. The best innovations that the MTA can afford are the slovenly changes in those select trains on the Cambridge-Dorchester line...
...State now has a very expensive orphan to care for. Somewhere money enough must be found to pay off the rapidly increasing deficit; somehow an organization must be constructed to keep the MTA on a reasonably self-sufficient basis. At the present moment this is Governor Dever's most aggravating administrative worry...