Word: icc
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Dates: during 1930-1939
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...When the railroads petitioned the Interstate Commerce Commission for a 15% freight rate rise last fall, motor carriers hastened to follow suit. Last week ICC tossed motor carriers the same "half a life-preserver and a book on swimming" that it gave the railroads fortnight ago-an average 5.3% increase in maximum rates...
...A.A.R. representative at Franklin Roosevelt's conference was white-thatched Carl Raymond Gray, who at 70 retired last year from the presidency of the Union Pacific and is famed for his modernization of that big line, his benevolent relations with employes. The others who attended were ICC Commissioners Walter M. W. Splawn, Joseph Bartlett Eastman and Charles Delahunt Mahaffie, Senators Burton Kendall Wheeler and Harry S. Truman of the Senate Interstate Commerce Committee. Chairman Clarence Frederick Lea of the House Interstate & Foreign Commerce Committee. President George Harrison of the Railway Labor Executives Association, President Henry Bruere of Manhattan...
...days later Franklin Roosevelt's railroad conference met again. This time major topics were: 1) creation of a new agency probably within the ICC to have complete jurisdiction over railroad reorganizations and to cut down the stupendous railroad bonded indebtedness; 2) amendment of the Bankruptcy Act to prevent minority groups of security holders from sidetracking railroad reorganizations as they do now with such effectiveness that no road has come through reorganization in five years; 3) establishment of a Federal authority to compel consolidation...
Railroad stocks and bonds slumped. Meanwhile, various ICC members sought to explain their attitude. Only Commissioner Charles D. Mahaffie contended that the increase was not large enough. The other commissioners agreed with outspoken Joseph Eastman, onetime Coordinator of Transportation, who remarked: "It is unnecessary to say that an increase in railroad rates cannot furnish an adequate answer to our transportation problem. At best it is only a palliative and whether it is even that remains to be seen...
That raising rates is merely a palliative has long been the contention of almost everyone except railroad officers and investors. ICC's Carroll Miller took occasion to reiterate his favorite belief that nothing can save the roads from Government ownership except consolidation into a single unified national system. How Labor will take the scaling down of duplicate services is not hard to imagine. Burton K. Wheeler, chairman of the Senate Interstate Commerce Committee, reiterated his favorite belief that "some of the roads must go through the wringer." How banks and insurance companies, who are heavily interested in rail securities...