Word: percenting
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...round figures, the railroads of the United States represent an investment of about $20,000,000,000. During the three years prior to the war, the average income available for a return on this investment was slightly in excess of 5 percent. Going back several years farther the return was even less. Expenses had increased steadily, due partly to the growing power of certain labor organizations, and slight increases in rates were obtained only after protracted contests. This condition did not permit of sufficient dividends or additions to surplus to support general railroad credit, and as a result even...
...affirmative direction to the Interstate Commerce Commission to fix rates which shall yield the railroads as a whole, or by groups, a fair return on their value. For two years, a return of 5 1-2 percent, was fixed by Congress as a fair return. After two years the Commission was authorized to fix the rate and has recently set it at 5 3-4 percent. This direction to the Commission did not constitute a guaranty either to railroads as a whole or individually. The Commission was merely directed to fix rates which should produce a fair return...
...provision that individual roads which earn more than 6 percent on the value of their property should share the excess with the Government--this being commonly known as the recapture clause...
Judged alone by the developments since the passage of the Act, it has not been entirely successful. In August, 1920, the Commission fixed rates which, it was expected, would yield the railroads 6 percent on their value. If there had been no depression in business this result might have been attained, but in 1921 the aggregate return was only slightly in excess of 3 percent. The recapture provision has not yet been an issue as few roads have earned in excess of 6 percent. The provision as to rate divisions has been the subject...
...with much pleasure that I noticed in your editorial of last Saturday entitled Oh, Sugar!" the laudable success achieved by the "descendants of Shakespeare's Two Gentlemen of Verona'" in abolishing seventy-five percent of the profanity in their city. I fully agree with your statements that "such heroics should not pass unnoticed", and that this matter concerning profanity is something for "all sober-minded Harvard 'men" to think about. However, it was too bad that you should introduce such child's play in your last remarks; and, above all, that you had to bring in that much-strained joke...