Word: freighting
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Dates: during 1950-1959
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Railmen argue that passengers must carry more of the load because of the railroads' sharply falling freight business. Passenger losses ate up 52% of the Pennsylvania's freight profit in the first eight months of 1957, and 61% of the New York Central's. Says an official of Illinois Central, whose overall net is down from last year's $23.8 million to $16.5 million: "We've just got to sew up some of the holes in our pockets...
...third worry is freight carloadings. Last week they were down again, 15.3% below the same week in 1956, for the sharpest drop of the year and the greatest fall since August 1954. Much of the drop was caused by the winter stop in Great Lakes ore shipments ten days earlier than forecast. The key "miscellaneous" category, which includes all manufactured goods and is generally considered a good barometer, slipped only 12.4% below last year, and only 2.8% below the week before, considerably less, say railroaders, than the normal seasonal decline. Total for the year will probably wind up about...
Carloading Crisis. That kind of radical surgery would not cure all the railroad ills. The rails are also being hurt by the drop in freight, which supplies 85% of their income. Last week carloadings dipped 5.4% from the previous week-the sharpest week-to-week drop in three years-and were 12.6% under the same week of 1956. The overall picture was not quite so dark as the week-to-week statistics made it appear. Carloadings have been dropping from the 1956 level for most of this year, but the gap between loadings in 1957 and 1956 has remained steady...
...make the railroads' financial position worse, railway workers last fortnight got a 12? hourly wage increase. The boost will cost rails some $300 million in the next year. To pay their higher bills, railroads last week were getting ready to request their 15th freight-rate hike since World War II (total freight-rate increase since then: 107%). The Interstate Commerce Commission will look kindly upon the request. When the rails got their last rate raise in August, the ICC conceded that it was not enough, and invited them to come back for "further moderate increases." But ICC stipulated that...
...have traditionally rebelled against stiff rate increases for fear of losing business to trucks, plan to join in the request, even though they may not seek boosts for pulpwood, tobacco, alcoholic drinks. Finally, all the rails are expected to petition for higher charges for loading and unloading export-import freight, and for permission to charge extra for switching, weighing and unloading domestic freight...