Word: icc
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Dates: during 1940-1949
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Boost into Black. U.S. railroads, which had received a 21.4% temporary freight-rate increase since last October, got the increase made permanent by the Interstate Commerce Commission. ICC also added a new 1.2% boost (about $67.4 million a year), much less than the additional 5.6% the railroads had asked. Nevertheless, the roads were feeling a lot better. Example: in June, the Pennsylvania netted some $8,000,000, almost triple the May profit. It was enough to wipe out four previous months of red ink and put the road in the black for the half year...
...biggest targets it can find-in the Bawl Street Journal, a ribald parody of the Wall Street Journal. In the issue out this week, a loud blast was directed at Outlander (Cleveland) and Banker-Hater Robert R. Young, along with a ribbing cartoon (see cut). Said the Journal: "ICC will give a polite reason for permitting Robert Young to join the New York Central board. Real reason ... is to 'stop those silly...
...only Young once, thank God,' the ICC thinks...
...antiquated, erratic Long Island Rail Road also came in for some parboiling. It had received permission from ICC, reported the Bawl Streeters, to charge what its service is worth. This "drastic curtailment" of its revenue had forced the Long Island to enter a new field-supplying daily comic features to 482 newspapers. General Manager David E. Smucker was made to say: "The newspapers will have to pay for the funny features which the Long Island has hitherto supplied them without cost. A ... test in the Middle West revealed that 89% of the readers rated the Long Island the nation...
...partly because it would take business away from the Virginian Railway Co. (TIME, May 24). So Suitor Young made a new proposal: he would buy into or merge with the Virginian too, and merge it with the Central and C. & O. Said the thriving, coal-hauling Virginian: Not feasible. ICC said nothing...