. Electric railway journal . -term franchises limiting fares to theestablished, conventional rate, which presumably heldpromise of profit when originally adopted. Rapid ex-tensions and improvement of service, transfer privi-leges and other concessions have kept pace with or out-stripped natural increases in business and efficiency tosuch an extent that the present crisis has been encoun-tered with entirely inadequate reserves. While many municipalities have unwisely insisted thatfranchise fare limitations must be strictly observed re-gardless of consequences, others with breadth of visionhave
. Electric railway journal . -term franchises limiting fares to theestablished, conventional rate, which presumably heldpromise of profit when originally adopted. Rapid ex-tensions and improvement of service, transfer privi-leges and other concessions have kept pace with or out-stripped natural increases in business and efficiency tosuch an extent that the present crisis has been encoun-tered with entirely inadequate reserves. While many municipalities have unwisely insisted thatfranchise fare limitations must be strictly observed re-gardless of consequences, others with breadth of visionhave recognized unprecedented conditions and the es-sential part that transportation plays in our civic andnational activities. Some of these latter cities have alsotaken the precaution to go beyond the bare necessitiesof a present fare increase and have limited the increaseto the period of abnormal conditions. A few of themhave gone further and provided that the subsequent re-duction shall be proportional to the change in condi-. L. R. NASH Mr. Nash has been connected withStone & Webster for the past twenty-three years. He entered through theengineering department and has beenboth a constructing engineer andutility manager, but latterly he hasbeen devoting most of his time topublic relations and to appraisal andrate cases and has engaged in workof this kind for more than thirtypublic utility properties in differentparts of the United States and Can-ada. He has also lectured on hisspecialties at the Massachusetts In-stitute of Technology and HarvardUniversity, from both of which hehas received degrees. embodying the service-at-cost prin-ciple. Within a period of a little morethan a year agreements have beenreached between municipalities andelectric railways with respect toservice-at-cost franchises in the fol-lowing large American cities: Dallas,Tex.; Philadelphia, Pa.; Montreal,Que.; Chicago, 111., and Cincinnati,Ohio. The service-at-cost principlehas been applied by legislative ac
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