[PRCo] Leases

[Jim Holland]

http://tinyurl.com/2nqqgh
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Not too long ago I mentioned that it was payment to all those Underliers 
which drained PRCo of money for operations and improvement.     Someone 
observed that this was the way of doing business in those days.     
True  --  B~U~T  --  999-year leases are totally unprecedented in 
history, at least to the point that they lasted~!~!~!      In Bion J. 
Arnold's report, in the Summary page-8  (above URL), what I suspected is 
All The More Evident  --  it was Greed on the part of PRCo to take over 
transportation and they did so At Any Cost.     Society today isn't any 
different  --  the endless speculation in IPOs is a good example, most 
of which go bust and it is only Luck that one would invest in the IPO of 
Microsoft or Google or Yahoo  --  still, their prices have dropped 
considerably from their highs.     Witness the speculation in real 
estate and sub prime loans.     History Repeats & We Donut Learn >From 
History~!~!~!
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Believe Me  --  I Am a Very Big Fan of PRCo and am Very Fond of the 
System  --  but everyone makes mistakes and this was a big mistake on 
the part of the founders.     This burden of payment to Underliers 
wasn't resolved until about 1950, the 2nd or 3rd bankruptcy the company 
went through.     But then the transit scene was over.
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http://tinyurl.com/2fgbdl
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This is Even Worse Than I Thought~!~!~!     Look at the Summary on 
Franchises~!~!~!
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"""The Surface System will continue to be unsatisfactory in its 
operation until the present leases are canceled and the various 
properties reorganized into one system on the basis of their actual 
present value."""     I don't know how much If Any of this was 
accomplished in the first bankruptcy but apparently not enough since the 
railway went into a 2nd.     This Was Known in 1910 but wasn't 
completely resolved until 1950~!~!~!
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-- 
*Jim Holland*

Studying *Pittsburgh Railways Company*

....................From 1930 -- 1950

*Pennsylvania Trolley Museum (PTM)*

http://www.pa-trolley.org/

*N.M.R.A.*

http://www.nmra.org/