Word: transition
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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...
...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 portion of the system...
...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...
R.S.V.P. In Santa Monica, Calif., police had no trouble tracking down Allen Levoff, suspected of robbing the Bay Cities Transit Co. safe: he had dropped his wallet containing his felon's identification card near the office...
Jimmy got a divorce and married Betty Compton. He tried this & that to keep up his standard of living-a newspaper column, a chicken farm, assistant counsel for the State Transit Commission, a job at $25,000 yearly as czar of labor relations in Manhattan's garment industry. He was still faultlessly tailored, urbane and worldly. In 1942, after his marriage to Betty had also ended in divorce, Jimmy, 60, went back to the Roman Catholic Church. "The glamor of other days I have found to be tinsel," he later said...