Word: icc
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Dates: during 1950-1959
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...Interstate Commerce Commission's Chairman, Hugh Cross (a Republican originally appointed to the ICC by Harry Truman), resigned after a Senate committee heard that he had approached railroad companies (over which the ICC has jurisdiction) on behalf of a friend seeking an inter-station transfer contract in Chicago...
...charge, but last week, amidst the swelling uproar, the Interstate Commerce Commission announced a full-scale investigation of the whole passenger problem. Save for the World War II years, the railroads say that they have been losing money steadily on passengers during the past quarter century. By official ICC computation the passenger loss for Class I railroads (those grossing more than $3,000,000 annually) reached a staggering $642 million in 1952, rose to $705 million in 1953, dropped slightly to $670 million in 1954 and $636 million in 1955. The ICC arrived at these figures by means...
...Even ICC members and railroaders agree that both formula and figures are far out of line. Fortnight ago Northwestern University's Transportation Professor Stanley Berge published a study that flatly calls the passenger loss "a phantom deficit." According to Berge, the deficit "for the most part consists of costs which could not be avoided" even if the rails carried no passengers at all. The rails' $153,000-a-mile capital investments in bridges, yards, rails, for example, is needed for the freight traffic that accounts for 87% of the roads' revenue. Eliminating passenger traffic would therefore...
...more realistic formula for measuring passenger-traffic profit and loss, Berge suggests using actual out-of-pocket costs, i.e., subtracting from total passenger revenues only those costs directly connected with maintaining passenger traffic. On this basis the ICC's $4.8 billion passenger deficit between 1947 and 1954 would turn into a $486 million profit. Taking the most recent years, during which passenger revenues dropped, Berge found only a $1,000,000 loss in 1953 v. a $705 million ICC deficit, a $38 million loss in 1954 v. a claimed $670 million deficit...
RAILROAD MERGER between Louisville & Nashville and Nashville, Chattanooga & St. Louis Railway has been recommended by ICC examiner. Under deal calling for stock swap, L. & N. (which already owns 75% of smaller road) will take over N.C. & St. L., combine operations along 5,777 miles of track through 13 Southern and Midwestern states. Though labor unions and Nashville civic groups oppose merger, two roads say it will save $3,000,000 annually in operating costs...