Word: icc
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Dates: during 1930-1939
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First the railroads asked for a 15% freight-rate rise. ICC said 5.3% was enough. Then they asked for a 15% wage cut. Franklin Roosevelt's Railway Fact-Finding Board said No. This left the railroads, stretched between the engine of rising costs and the caboose of lagging traffic, with no recourse but legislative aid. So Mr. Roosevelt asked three railroad officials and three railroad labor officers to prepare proposals for Congress...
Last week the six railroaders echoed the Splawn recommendations for repeal of land-grant freight rates for Government traffic, creation of a Transport Board to supervise all transport, creation of a special railroad court to handle reorganizations, loosening of RFC purse strings, and relieving ICC of the necessity of certifying that roads borrowing from RFC are not in need of reorganization. Only major additions were pleas for a flexible rate structure adaptable to changing business conditions, for equal taxes on competing forms of transport, for terminating ICC sponsorship of consolidations...
...Representative Arthur W. Mitchell of Chicago, only Negro member of Congress, last week lost his case before ICC against Chicago, Rock Island & Pacific Railway for kicking him out of a Pullman seat when one of its trains entered Arkansas, making him ride in a Jim Crow day coach (TIME, May 24, 1937). ICC ruled that demand for Pullman accommodations by Negroes is so small it would be unfair to ask railroads to Supply separate Pullmans so as to comply with local Jim Crow laws...
Louis, Evansville and the soft-coal fields around Cairo, Chicago & Eastern Illinois Ry. is more important than its size would indicate, for it is a connecting link in the great Van Sweringen system. To get control of C. & E. I. after ICC had disapproved linking it with the Chesapeake & Ohio, the Vans pulled off a slick deal in which Paine, Webber & Co. acted as dummy purchasers. A subsequent circumventing of legal requirements, whereby the Vans got RFC unwittingly to pay off an inter-company loan, drew an ICC examiner's admission that "we were made monkeys of. . . ." Last week...
...Kenneth David Steere, who as a partner of Paine, Webber & Co. handled many a market operation for the Vans, it presently submitted a reorganization plan which, while suggesting a substantial write-down of the common stock, nonetheless left C. & O. with an estimated 19.1% of voting power. Last week ICC cut this to 12.4% and, as it had lately done with Chicago Great Western and Western Pacific, rammed home the point that rail-road reorganization, new style, means completely wiping out the equity of common stockholders...