Word: icc
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...plan, tentatively approved by the Interstate Commerce Commission, which would wipe out the common-stock interests, give control of the reorganized road to the bondholders. Last week the fight erupted in a rash of full-page ads across the nation and a flurry of charges and countercharges at an ICC hearing...
...question before ICC was: Have MoPac's earnings improved enough to warrant a change in ICC's reorganization plan and give common stockholders...
...other regions got 6%. Railroad men estimate that the boost will bring in $564 million more a year in revenue. The railroads had asked for a 15% increase, were opposed by the Office of Price Stabilization, which argued that any increase would be passed on to consumers. But ICC decided the railroads needed the money "to meet the needs of national defense." Now one of the railroads' big worries is whether the new hike will shift more freight to the growing trucking industry...
...east of the Rockies by Jan. 1. Southerners have long complained that freight rates have been stacked against the South; e.g., it is 20% cheaper to ship some goods from Chicago to New York (890 miles) than from Atlanta to New York (868 miles). By removing these differentials, ICC's order-following a 1947 Supreme Court decision holding such rates discriminatory-will save Southern businessmen an estimated $20 million a year...
...Which also includes losses on baggage and mail which ICC lumps with passenger revenues...