Word: percenting
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There is little probability that the threats of railroad strike will materialize--First, because the Union leaders are too astute politicians to call a strike on account of the 12 percent wage reduction that went into effect last July by order of the Labor Board, for in doing so the railroad unions would not only antagonize the government, but would turn entire public sentiment against them, everybody realizing that the 12 percent from the high wages established during the war was a very small reduction. Second, because railroad employees cannot, under the law, strike on a mere suggestion...
...freight rate reduction at this time, that is absolutely impracticable and impossible. Impracticable because railroads are not earning the 5 1-2 percent rate on their property values as prescribed by law. Impossible, because the Interstate Commerce Commission has not the legal power to order a rate-reduction until the net revenue of the railroads is much in excess of the 5 1-2 percent on their valuation, which the railroads have yet failed to earn. The Transportation Act makes it clearly mandatory upon the Interstate Commerce Commission to prescribe such rates as will pay all operating expenses, including property...
...everybody must realize that this 5 1-2 percent income, as provided by law, is not much of a profit; in fact, it is barely a fair rate of interest on money invested. No one can, therefore, fairly criticise railroad managements if they insist upon seeing that their roads get at least this meagre 5 1-2 percent income which the law allows them before they will accede to any rate reductions which certain shipping interests are clamoring for so that they may swell their own profits...
...railroads are standing on a solid moral and legal rock when they ask that the provisions of the Transportation Act (which calls upon the Interstate Commerce Commission to so co-relate wages and rates as to yield 5 1-2 percent net on property values) should be carried out, and all the clamoring of greedy shipping interests for reduced freight rates and of purblind labor leaders for maintaining high war wages, could in my opinion have little effect on the situation. Conditions under which railroad operation would yield less than 5 1-2 percent net on property values, would...
Employees must agree to help eliminate waste caused by labor classification and the overtime provided in the McAdoo National Agreement. Railroads must agree that as soon as earnings reach the legally prescribed 5 1-2 percent on property values, they will reduce rates wherever it will stimulate business. I am convinced that these conciliatory arrangements would avoid the strike, allay business uncertainties and bring about an immediate business revival...