Word: icc
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Dates: during 1940-1949
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John L. Again. The railroads, piling up their biggest surpluses in two decades, had agreed without fuss to meet the 8? rise for the "non-ops" without asking for rate increases. But there was one cold fact which would send them scurrying to the ICC with a demand for higher freight rates: a rise in the price of coal...
...other mine operators would virtually be compelled to follow suit. WLB might order a smaller increase, but some upping of the pay scale seemed certain. And when the miners' pay goes up, mine operators will ask OPA for a coal price increase ; railroads in turn will ask the ICC for a freight rate increase, and the inflationary spiral will be in full motion...
...backbreaking burden of U.S. railroads is their mountain of fixed charges (bond interest, equipment rentals, taxes, sinking fund requirements), a load greater than that of any other U.S. industry. Last week, the ICC released startling 1943 figures: for the first time in U.S. history, along with dividends and other income the railroads earned enough ($596,228,149) in the first five months to pay fixed charges for the entire year...
...Sixty carloads of potatoes shipped to Manhattan from the south to ease the shortage rotted on the way because the Interstate Commerce Commission, backed by ODT, banned the use of refrigerating ice. All the ice, said ICC, was needed to ship food to southern Army camps. After the damage was done, ice was found for future shipments...
...Rails. Last week's reports should dispel any lingering fears that the railroads will go broke without last year's rate rise which ICC canceled last month (TIME, April 26). Alone in all U.S. industry, the rails made a spectacular showing. Lumbering New York Central almost quadrupled its 1942 earnings, hit $16,100,000- a 14-year high. The wobbly Rock Island did likewise, pushing its net up to $8,800,000 (v. $2,300,000 last year); Denver & Rio Grande jumped from $463,000 to $2,474,000; Great Northern turned a $92,000 deficit into...