Word: freight
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Dates: during 1930-1939
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When the British pound was at its prewar level (near par: $4.86), ?230 ($1,117.80) per ton would have been a good price for tin-equivalent (with the cost of freight and insurance) to about 48? per Ib. As the world's biggest user of tin, the U. S. is much interested in its price. When the official pound was dropped to $4.02-$4.06, ?230 per ton became equivalent to only 40? per Ib. So last week Britain killed her wartime rule, which since September had forbidden the sale of tin on the London Metal Exchange at more than...
...worth of cans a year. That means about $750,000 of new business annually for the canmaker, for three of the canneries were new customers. In return, Continental Can agreed to put up a $500,000 can factory. The canners figure on saving $100,000 a year on freight charges by having a factory in Walla Walla. The town figures the new plant will provide a yearly payroll...
Meanwhile barge competition heavily subsidized by the Government undercuts railroad rates on many inland waterways. Trucks-which until recently did not have the handicap of being under Government regulation-meanwhile cut into freight traffic, and pipelines took a flood of oil (1938's total: 1,158,000,000 bbls.) that railroads would have liked to have in their tank cars. At the same time automobiles and motorbuses cut passenger traffic particularly on short runs, and finally airplanes arrived to cut long distance Pullman travel...
Rates: Governed by no general rules, shrouded in metaphysical complexity are U. S. freight rates. No rhyme or reason explains why iron products move from Chicago to Los Angeles more cheaply than from Denver, which is roughly half the distance. There are countless parallel cases. High rates on less-than-carload freight originally invited the trucks into the business, which they are handling at lower rates than the roads can meet...
...High freight rates on oil practically subsidized the pipelines...