Word: mta
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...Dever program for obliterating the MTA deficit in 1949 has two divisions. Six million dollars, according to his plan, can be saved yearly by refinancing the bond issues and modernizing the bookkeeping system. The remainder, some $5,000,000, must be paid off by some form of public levy...
...present there is a bill before the State legislature providing for a change in the depreciation system and the recall of the Metropolitan District Obligation bond issue. The same bill would transfer the ownership of all transit structures (subways, elevated lines) from the various cities and towns to the MTA. In addition, Dever has proposed that the MTA, since it is now completely State owned, be relieved of all State taxes...
...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...