Word: mta
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Dates: during 1940-1949
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Anyone who waits long enough in the Harvard Square station of the Metropolitan Transit Authority's system will see one of the MTA's "new" trains. It has a coat of shining orange paint, fan ventilators and padded seats; but underneath is the outmoded hulk of a 1926 transit car model. In general, that's what is wrong with the entire MTA set-up--it is only a veneer, covering up but not eliminating the financial structure of the Boston Elevated Railway Company that it replaced...
...major change that the State made when it converted the old El into the MTA in 1947, was to buy up the old corporation's stock. Since 1918, the dividends on this stock had been paid on the gross profits before any of the surplus had been plowed back into improvements for the transit system; thus, the stock was for private investors highly profitable and secure. Inasmuch as a politically appointed board of trustees ran the company, these stocks became during the Curley regime a form of party patronge. So the State elimination of these dividends cut out a large...
...after the MTA had been in operation for a year, the transit deficit was $9,000,000--an increase of $4,000,000 over the previous year's loss; and this month, the deficit is increasing at the rate of $40 per minute. In the reorganization, the State disregarded many other financial and organizational disabilities besides the stock issue that the company had incurred in its twenty years of corrupt management...
...three Harvard starters in the Boston Marathon yesterday, one never started, the second was definitely seen to get off an MTA bust marked "BAA, Emergency," and the third was last seen walking along the road at Wellesley...
...buyer of the lot will be required to allow a small lunchroom which serves MTA employees to remain at the present low rental and may be forced to keep some of the area open to parking...