Word: freighting
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Dates: during 1950-1959
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...Commerce Sinclair Weeks last week came the Administration's program designed to bolster the nation's sick railroads. For immediate relief, the Administration proposed that the Government guarantee $700 million in loans; $500 million would be used to improve plant and facilities, $200 million for new freight cars. For long-term aid, the Administration wants to: ¶ Give the Interstate Commerce Commission power to drop unprofitable passenger and freight runs, and end the power of state commissions to block the ICC. ¶Tighten up on truckers now exempt from ICC rate regulations, since the Administration feels that many...
...Eliminate wartime excise taxes (10% on passenger fares, 3% on freight), which have long been a sore point with railroads. ¶Cut depreciation periods for rail equipment, now 40 years, by as much...
Limited. In Bethlehem, Pa., a freight train blocked a street crossing for half an hour, annoyed motorists until they tinkered with a coupling so that the train finally pulled away minus 20 cars...
Only the Western lines felt relatively chipper. Their dependence on high-cost passenger traffic is far smaller, and many also operate profitable sidelines. Hard hit was Santa Fe, with a January-February drop in net from $8,900,000 to $3,700,000 because of slack freight traffic in petroleum products and durable goods. But Union Pacific's January-February railroad net slipped only 1%. Also in good shape was Southern Pacific. With rising income from pipelines and trucking affiliates, S.P. expects roughly the same earnings of $27.2 million in the first half of 1958 as in the same...
...weeks after it began trying to diagnose U.S. railroad ailments, the Senate Surface Transportation Subcommittee wound up hearings last week with 2,356 pages of symptoms. Indicated cures: repeal of the wartime 10% passenger excise tax and 3% freight levy; a possible new Government emergency loan fund to help the roads meet soaring maintenance-labor costs; a faster tax write-off period on new equipment by cutting present depreciation rates from 40 years to 20. The subcommittee feels that these changes are politically possible, hopefully expects legislation to bring them about by July...