Word: icc
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Third Time Around. ICC granted Class I railroads an average boost in freight rates of about 4.2%, the third increase since last October (total average increase: 21.4%). Class I railroads stood to add about $300,000,000 to their revenues, which had been sharply cut by increased labor and operating costs...
Down but Not Out. President Truman signed the Reed-Mahaffie bill, thereby ushering in a new era for financially sick railroads. The law permits roads on their uppers to reorganize under ICC supervision without going into slowpoke bankruptcy courts. ICC cannot order any reorganization into effect unless holders of 75% of the securities approve. At least three railroads-the Missouri-Kansas-Texas, Lehigh Valley, and Boston & Maine-are expected to take advantage of the new law soon...
Rate-Boost. U.S. railroads, out for higher rates all around, got a sop from the ICC. It granted the roads a 25% temporary increase in mail rates. The increase, estimated to yield the railroads more than $32,000,000 a year, will remain in effect until ICC acts on their request for a permanent 45% hike in mail...
...Boles report was not final: ICC could reject it if it chose. It had rejected a Boles report in 1944, when he recommended against Alleghany Corp. control of C. & 0. Even some of Young's enemies privately thought ICC might disregard this Boles report. Young was still confident that by putting public pressure on ICC, he would finally get control of the Central...
...good thing for the Central." Did W. F. Place, Central's vice president in charge of finance, think the marriage would improve Central's credit standing? Said he tersely: "No." Young's flustered counsel hastily asked for a recess. At week's end, as ICC took the case under advisement, Bob Young was still ruffled over his would-be bride's skittishness. Said he: "It was certainly most unbecoming, under the circumstances...