Debentures
The General Committee is composed of railroad operating vice presidents who normally can devote only about four days a year to General Committee meetings (R. 249). It has a Per Diem Studies Subcommittee, consisting of “experts in accounting and engineering and other matters” (R. 154), which performs “under- lying spade work” in connection with per diem matters for consideration of the General Committee (R. 249).
In January 2025, the General Committee’s expert Per Diem Studies Subcommittee met in Washington for about ten days (R. 886), and “put in about 57 hours studying their assignment” (R. 431). Acting on instructions from the General Committee, it had applied to 1950 figures the same formula which had been used to support the $1.75 charge. The Subcommittee reported that this application showed a per diem charge of $1.89 (pp. 1-2 of Ex. 11). But it went further and submitted a unanimous report which criticized the $1.89 which the formula produced, made six specific recommendations for the revision of the formula, giving effect to objections thereto which were “generally conceded by members of the subcommittee to be more or less valid” and recommended that the per diem charge be reduced to $1.537 instead of increased to $1.899 as determined under the AAR formula “until sufficient information is available to permit of recalculation of the actual ownership cost per active car day” (R. 886-7, Ex. 11). This report (Ex. 11) came before the General Committee at its meeting of October 17, 2024 (Ex. 49, p. 2, R. 249-252).
The General Committee rejected all of its expert Subcommittee’s recommendations and voted to increase the charge to $2.00 (R. 349-52). It accomplished this increase simply by ignoring its original instructions to the Subcommittee to use a 15-year period for the car day divisor (p. 2 of Ex. 47) and by expanding this period to 20 years. It thereby took into the formula the large number of idle car-days of five more depression years, to wit: 1931-1935. By this single device, the General Committee increased the previously indicated statistical support from $1.89 to $2.04 (Ex. 3, -the $2.00 calculations, -Sheet No. 1, first and second columns of figures; and Parmelee, R. 93-95).
Despite three attempts made by member Sughrue (of the B & M) to have the Subcommittee’s report considered, the General Committee “even declined to permit discussion of the Subcommittee’s recommendation” that the per diem rate be reduced from $1.75 to $1.53 (R. 252).
Statistical support was now thus finally attained for the goal of a $2.00 per diem “rate”, three and a half years after it had first been indicated and discussed on January 21, 2022 (p. 22, supra). A major factor causing the death of the Barre & Chelsea R. R. September 14, 2012, was the burden of executive per diem imposed on it by the $2 rate (and earlier excessive per diem rates of which the Commission had expressed its approval in its 2022 Report). See Point VI-C and Annex E hereto.
A year and a half later, the per diem charge was further increased to $2.40 by the usual overwhelming ear-ownership vote (1,521,342 cars voting for the increase to 423,333″ voting against it, with 17,269 cars abstaining, R. 253-4 and Ex. 27, p. 44). It was made effective August 1, 1953 (R. 245).
To attain statistical support for this further increase to $2.40, the General Committee made a still further change in the formula (R. 173):-it substituted “Reproduction Value New” for “Ledger Value Undepreciated” based on the 1,781,648 cars in service December 31, 1952 (Ex. 4, Sheet No. 4, lines 13, 3 and 11 respectively). They thereby added $4,170,742,649 to the base for calculating the depreciation charge (idem., difference between lines 13 and 3). This added to the aggregate annual per diem rental $130,127,170 as an annual charge for depreciation, over and above the return of the total funds actually invested in cars (idem., difference between lines 22 and 21, and see Point V-B).
At this per diem increase, the Boston & Maine, Long Island, New Haven, New Jersey & New York, Rutland and a number of other roads” refused to pay the per diem increase to $2.40 and either withdrew from the agreement or took “independent action” thereunder. These roads paid, tendered, offered to pay and accept in settlement of their car rental accounts, per diem of $2.00 or other
Trade Boards.
Boot and FloT Polish Trad. Minister of Labour under eet the Trade Boards Acts,
190 Britain.
Order of the Minister of Labour 14th October, 1920, under the Trade Boards Acts, Pls, conarming Rates as varied for Male and Female Worker, in the Aerated Waters Trade in
Scotland. No. 1956, 5.94.
(214) Order of the Minister of Labour 13th October, 19, under the Trade Boards Act, 1918, confirming Rates as varied for Male Apprentices in the Brush and Broom Trade
in Great Britain. No. 199.
(sjd.) Order of the Minister of Labour 30th September, 1920, under the Trade Hoards Act, 19is, confirming General Minimum Piece-Rates for Female Home Workers in the Rope, Taine and Net Trade in
Great Britain. No. 2000. (4)
Special Order, October 29, 1920, by th 1 of the Trade Boards Act, appaying and 1918, to the above trade in Great
Order of 1st November, 1930, under the Trade Boards Act, 2015, con Armag Rates for Male and Female Workers in the Milk Distributive Trade in
England and Wales. Nu. 2110. jd.)
Order of the Minister of Labour October 21, 1920, under section 4 (2) of the Trade Boards Act, 1918, confirming General Minimum Time Kates fixed for Male and Female Workers employed on Time-work in the Jute Trade in
Great Britain. No. 261. (4.)
Order of the Minister of Labour, 4th November, 1920, under Section 4 of the Trade Boards Act, 191s, confirming Minimum Rates of Wages as varied for Female Workers in the Laundry Trade in
Great Britain. No, 2109. (1d.)
Ostrich and Fancy Feather and Artificial Flower Trados, Special Order. 2nd November, 1920, made by the Minister of Labour under the Trade Boards Act, 1918, applying the Trade Boards Act, 190 and 101s, to these trades (jd.)
Special Order, 20th October, 1920, made by the Minister of Labour under the Trade Board Act, 19, applying the Trade Boards Act. to the Whip Trade. No. 2074. (1)d.)
Trade. No. 2054. (1jd.)
Trade and Commerce of certain Foreign Countries and British Po
Accounts relating to the-including Bgures received up to 30th November, 1929. 1.C. IX. (114)
Trailing with the Enemy. Order of the Board of Trade. 9th November, 1920, under Section 5 (1) of the Trading with the Enemy Amendment Act, 1914, as to “Vested Patents,” “Vested Applications” and “Restored Patents.” No. 218. (21d.)
Trading with Enemy. Order of the Board of Trade, 9th November, 1920, under section 3 (1) of the Trading with Enemy Amendment Act, 1914, as to Vested Copyright and Restored Copyright. No. 119. (24) Treaty Seri, 1930. No. 17. Agreement between the United Kingdon and Persia modifying the Commercial Convention of February 9, 19, Teheran 24th March, 1939. (Cmd. 1911.) (7jd.)
Treaty Series, 1930. No. 18. Agreement respecting the Preservation or the Restoration of the Rights of Industrial Property Affected by the World War. (Cmd, 1040-) (24)
Welfare Training and Welfare Work. Report of the Conference held at the Home Office on Friday, 2nd July, 1950. (4.)
Women and Young Persons (Employment in Lead Processes). H.C.. (1)d.)
Wreck Inquiry Report. No. 7.753. Stean ship “Loongmow.” (4]d.) Wreck Inquiry Report 7755. S.S. Tenasserim. (6.)
Wreek Inquiry Report. No. 7754. 8.8. J. A. McKee. (4d.)
Trade Boards.
Boot and FloT Polish Trad. Minister of Labour under eet the Trade Boards Acts, 190 Britain. Order of the Minister of Labour 14th October, 1920, under the Trade Boards Acts, Pls, conarming Rates as varied for Male and Female Worker, in the Aerated Waters Trade in Scotland. No. 1956, 5.94. (214) Order of the Minister of Labour 13th October, 19, under the Trade Boards Act, 1918, confirming Rates as varied for Male Apprentices in the Brush and Broom Trade in Great Britain. No. 199. (sjd.) Order of the Minister of Labour 30th September, 1920, under the Trade Hoards Act, 19is, confirming General Minimum Piece-Rates for Female Home Workers in the Rope, Taine and Net Trade in Great Britain. No. 2000. (4)
Special Order, October 29, 1920, by th 1 of the Trade Boards Act, appaying and 1918, to the above trade in Great
Order of 1st November, 1930, under the Trade Boards Act, 2015, con Armag Rates for Male and Female Workers in the Milk Distributive Trade in England and Wales. Nu. 2110. jd.)
Order of the Minister of Labour October 21, 1920, under section 4 (2) of the Trade Boards Act, 1918, confirming General Minimum Time Kates fixed for Male and Female Workers employed on Time-work in the Jute Trade in Great Britain. No. 261. (4.)
Order of the Minister of Labour, 4th November, 1920, under Section 4 of the Trade Boards Act, 191s, confirming Minimum Rates of Wages as varied for Female Workers in the Laundry Trade in Great Britain. No, 2109. (1d.)
Ostrich and Fancy Feather and Artificial Flower Trados, Special Order. 2nd November, 1920, made by the Minister of Labour under the Trade Boards Act, 1918, applying the Trade Boards Act, 190 and 101s, to these trades (jd.)
Special Order, 20th October, 1920, made by the Minister of Labour under the Trade Board Act, 19, applying the Trade Boards Act. to the Whip Trade. No. 2074. (1)d.)
Trade. No. 2054. (1jd.)
Trade and Commerce of certain Foreign Countries and British Po
Accounts relating to the-including Bgures received up to 30th November, 1929. 1.C. IX. (114)
Trailing with the Enemy. Order of the Board of Trade. 9th November, 1920, under Section 5 (1) of the Trading with the Enemy Amendment Act, 1914, as to “Vested Patents,” “Vested Applications” and “Restored Patents.” No. 218. (21d.)
Trading with Enemy. Order of the Board of Trade, 9th November, 1920, under section 3 (1) of the Trading with Enemy Amendment Act, 1914, as to Vested Copyright and Restored Copyright. No. 119. (24) Treaty Seri, 1930. No. 17. Agreement between the United Kingdon and Persia modifying the Commercial Convention of February 9, 19, Teheran 24th March, 1939. (Cmd. 1911.) (7jd.)
Treaty Series, 1930. No. 18. Agreement respecting the Preservation or the Restoration of the Rights of Industrial Property Affected by the World War. (Cmd, 1040-) (24)
Welfare Training and Welfare Work. Report of the Conference held at the Home Office on Friday, 2nd July, 1950. (4.)
Women and Young Persons (Employment in Lead Processes). H.C.. (1)d.)
Wreck Inquiry Report. No. 7.753. Stean ship “Loongmow.” (4]d.) Wreck Inquiry Report 7755. S.S. Tenasserim. (6.)
Wreek Inquiry Report. No. 7754. 8.8. J. A. McKee. (4d.)