Word: icc
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Dates: during 1950-1959
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...plant in Smyrna, Del. (pop. 2,346), Farm Fertilizer Manufacturer Warner W. Price, Jr. decided to speak his piece to the Interstate Commerce Commission about the proposed 22% boost in railroad freight rates. Price got off a letter to the ICC opposing the increase, but he soon found that to get the ICC's full attention he would have to spread out letters like a farmer covering the north 40 with Price products. The ICC wanted him to send exactly 62 copies of his letter -24 for the ICC Secretary, 25 for the Washington lawyer representing the railroads interested...
These averages are derived by the prescribed ICC Uniform System of Accounts, which Ladd accused of "retarding the development of good management cost data." One ICC account combines water cooler ice, car cleaners' wages, detouring costs, and eye and ear tests for trainmen into one figure...
...biggest single problem, say railroadmen, is the archaic system of regulations enforced by Interstate Commerce Commission. Says Pittsburgh & Lake Erie President John W. Barriger: "The ICC's current rules are as economically stupid as 18th century medicine. They are killing the railroads. If General Motors had to wear our uniform in this league, it would be busted in two years...
...trouble is that ICC is slow and hesitant to let railroads boost rates enough to cover inflated costs. Though U.S. roads have won 13 freight-rate increases since 1946, the hikes have only increased revenues per ton-mile some 45%, while wages jumped 130%, and material costs rose 80%. Another complaint is that ICC will not let the roads cut rates on products they can carry cheaper than competing trucks, thus tends to allocate markets and stifle free competition...
ALLEGHANY CORP., holding company headed by Robert R. Young, has lost round in long fight to avoid regulation by SEC, stay instead under ICC jurisdiction. SEC disapproved Alleghany's plan, approved by ICC, to exchange its old stock for new. Jurisdiction question goes next month to U.S. Supreme Court...