Word: icc
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Dates: during 1930-1939
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...ICC granted a sop 5.3% rise in freight rates to U. S. railroads...
...railroaders the reason is simple: never since the first spike was driven have railroad costs been higher, never have rates been relatively lower. In 1937 railroad fuel and material costs rose $100,000,000, taxes $60,000,000, wages $140,000,000. Income, meanwhile, was reduced 1) by the ICC elimination on Jan. 1, 1937 of some $120,000,000 in emergency freight rates granted in the Depression, 2) by a tremendous drop in traffic during the current Recession (net operating income of Class I U. S. roads was off 82% in January this year). Last fall the ICC granted...
...typical day last week he had 21 callers. His good friend, Joseph P. Kennedy, spent an hour with him before packing for Europe and the Court of St. James. Chairman Splawn of the ICC talked over the rate increases which his Commission is expected to grant the railroads. Congressman Lucas of Illinois, fresh from announcing his candidacy for the Senate seat held by William Dieterich, solicited support for his campaign. Aubrey Williams, Administrator of WPA (vice ailing Harry Hopkins), discussed the spending of the new quarter-billion-dollar relief appropriation...
...still in control and the Erie with much less fixed charges." This would seem a singularly hazardous C. & O. gamble, for only last month an ICC examiner reported on an insolvent line (Chicago & Eastern Illinois) in which C. & O. has an $8.000.000 interest. He held that C. & E. I. stock was worthless; the ICC might do the same for Erie in like circumstances...
...grace. Also aroused over Erie's situation last week was Senator Burton Wheeler whose investigation of railroads was proceeding busily (see p. 53). While Jesse Jones wants to save all major railroads, Senator Wheeler favors letting weak roads, however important, "go through the wringer." Irked at the ICC's allowing RFC to aid H. & O. and its willingness to aid Erie, Senator Wheeler last week demanded that the ICC be reorganized because in creating RFC Congress "never in-tended to pour public funds into the bottomless pit of badly financed railroads...