Word: icc
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Dates: during 1940-1949
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Bulk of the charges were made by representatives of Economic Stabilizer James F. Byrnes and Price Administrator Prentiss M. Brown, who have petitioned ICC to wipe out railroad rate increases made early in 1942 to meet mounting labor costs. These increases in costs were more than offset by the big increase in railroad operations which resulted in spreading overhead and raising profits. The rates, according to OPA, are now endangering many a price ceiling, and are resulting in wholly unjustified profits...
...making a big dent in the rails' total estimated debt of over $10 billions. The continuation of this policy will put the roads in a position after the war to bid for traffic through rate reductions, and thus return to the fold of real competitive industry. This week ICC was working on a plan to make a certain amount of debt retirement mandatory...
...railroads and their prosperous revenues are caught in a cross fire. Last week OPA, acting for Economic Stabilizer James F. Byrnes and the Department of Agriculture, petitioned the ICC to cancel the 6% freight-and 10% passenger-rate increases granted last spring. In Chicago this week the five operating Brotherhoods (trainmen, engineers, etc.) are expected to ask for a 10-15% increase in wages. The 15 non-operating Brotherhoods (signalmen, track workers, etc.) have already demanded a wage boost of 20? an hour, minimum pay 70? an hour. The proposed reduction in rates based on current traffic would reduce...
...frail hopes of New Haven shareholders promptly withered. The price of New Haven common fell 50% overnight. Professional speculators took ICC at its word, with the result that Wall Street saw some strange phenomena: Chicago, Rock Island & Pacific 6% preferred with eight months' earnings of $20.43 a share sold for 75?; St. Louis Southwestern common with earnings of $19.69 a share hung around $4 (bid); Missouri Pacific with earnings of $19.06 a share sold...
...ICC knows that railroad earnings today are strictly wartime profits, wants the railroads reorganized on a commonsense, peacetime profit basis...