Word: icc
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Dates: during 1940-1949
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...railroaders this week waited for ICC to grant them a boost in freight rates. They did not expect the full 10% increase they had asked (TIME, Dec. 22), but they did expect around 6-7½%. That would add some $275,000,000 to their 1942 revenues, atop the $45,000,000 passenger-rate increase granted last month...
These new rates mean increased costs to almost every big U.S. manufacturer, to consumers and to the Government, now the nation's largest single shipper. Yet at the ICC hearings the only real opposition to it came from farmer-befriending Secretary Wickard. Not even Leon Henderson protested. For he knew the boost, however inflationary, was probably inevitable...
...ICC last week allowed the railroads to increase passenger fares by 10%, thus adding an estimated $45,000,000 to 1942 revenues, subtracting a like amount from the commuter-consumer's purse. Principal beneficiaries: the Pennsylvania, which stands to gain about $9 million; New York Central, $6.5 million; Southern Pacific, $3.1 million; New York, New Haven & Hartford, $3 million...
...roads are doing all right: net earnings for this year have already been guesstimated at 7½% over last year's $500,000,000, itself by far the best railroad year since 1930. Thus the rate increase was chiefly a gratuitous contribution to inflation by ICC...
Passenger revenues, which make up only 10% of total rail income, do not pyramid the costs of other products as freight charges do. But if & when ICC grants higher freight rates (the roads are asking increases to yield additional revenue of some $300,000,000), ICC will rank with the farm bloc as assassins of price control...