Word: icc
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Dates: during 1940-1949
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Increases in passenger traffic, plus the fact that more & more cars ride full instead of half empty, tend to increase railroads' passenger revenues and passenger profits. But because the railroads complain about rising costs, ICC last week granted them a 10% fare increase effective Feb. 10, letting them take a nick out of the public's pocket at a time when the public cannot escape. So citizens will not only travel less, they will be less comfortable when they travel, and they will pay extra for their discomfort...
Drafted last week to a job for which he has long been pointed and is ably qualified to handle was expert, hard-working ICC Chairman Joseph B. Eastman. The job: director of newly created Office of Defense Transportation, over all rail, highway, airway, waterway (including coastal and intercoastal) and pipeline services. ODT is the greatest challenge to Eastman in his long career-that of wartime coordinator of all U.S. transportation. His task...
...grounds that the President's Emergency Board added nearly a million dollars a day to their wage bill (TIME, Dec. 8), 353 U.S. railroads last week petitioned ICC for a 10% increase in passenger and freight rates.* This would increase their revenues, they hoped, by $356,956,000 a year...
...ICC's long-term plans to dehydrate the capital structures of bankrupt railroads last week ran afoul of the Treasury's plans to wring more taxes from industry. Chairman John Samuel Pyeatt of the Missouri Pacific Railroad-in receivership since 1933-sent a letter to 40,000 bondholders, urged them to reject the ICC-sponsored reorganization plan...
Before Pennsy could get ICC approval of this arrangement, it had to overcome objections by the rival New York Central. Pennsy now owns a 30% stock interest in the Lehigh Valley Railroad (which connects Buffalo with New York Harbor); Wabash owns another 21%; and the thought of a Pennsy-Wabash-Lehigh tie-up gave New York Central competitive fits. As a fit-cure, Pennsy agreed to deposit its Lehigh stock, along with the Wabash's, with independent voting trustees...