Word: transit
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Dates: during 1930-1939
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...fare from 5? or to abrogate the dual contracts. Raising the fare is politically impossible and the only way the contracts can be abrogated is for the city to take over the two private systems, merge them with its own Independent line. Sporadically, until it seemed an empty catchword, transit unification has come up in New York City politics...
...crusty Republican Governor Nathan Miller put a major hurdle in the way by creating a State Transit Commission with sole unification powers. It bickered with the city and nothing resulted...
After the 1925 Legislature provided that the city must approve any unification plan devised by the Transit Commission, the Commission's Special Counsel Samuel Untermyer in 1930 offered to pay $489,000.000 for both companies. This was the highest price ever suggested, but B. M. T.'s square-jawed Chairman Gerhard Melvin Dahl held out for more...
When peppery little Mayor Fiorello LaGuardia took office in 1934, he designated Samuel Seabury and A. A. Berle Jr. to try again. Their $436,000,000 proposal was rejected after public hearings by the Transit Commission as too high. This brought bitter words between the commission and Mayor LaGuardia. but last year they got together for a final...
...previous merger proposals, subway bondholders would have exchanged their securities for bonds issued by a Board of Transit Control and not guaranteed by the city itself. Last year, at the November election, voters passed an amendment to the constitution allowing the city to exceed its legal debt limit by $315,000,000 to effect transit unity. And by last week, when the city offered $175,000,000 for B. M. T. alone, Chairman Dahl was glad to take it, for depression and competition from the Independent have continuously weakened his position. That leaves the city $140,000,000 in City...