Word: icc
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Freight-rate increases are indeed inflationary, since they result in pyramiding cost increases at every level of the economy, from raw material to ultimate consumer. Some railroads automatically howled at ICC's change of heart, but as a whole the carriers can well afford the $173 million cut in 1943 revenues. The U.S. Treasury had a neutral viewpoint: it will lose about as much in taxes as the U.S. Government, the railroads' No. 1 customer, will save on its freight bill...
...weeks ago a council of southeastern Governors meeting in Florida (TIME, April 5) raised the perennial charge. Last week New York's trim Governor Thomas E. Dewey denied it in a memorandum to ICC, said that any change in rates would hurt New York's manufacturers. Said he: "New York State can only view such a result with the greatest concern...
...Indiana, Governor Henry Frederick Schricker told the ICC his State had already lost four big industries-pulp-board, limestone, furniture, stoves-to southern competition. Governor Schricker then urged that the Commission exclude all sectional politics, thus echoing many a previous Midwest Governor...
...report, entitled Regional Freight Rates-Barrier to National Productiveness, blasted the present rates as a major "economic maladjustment," standing in the path of U.S. postwar expansion. (Author of the first TVA report to this effect was J. Haden Alldredge, an ex-TVA economist, .who has since been appointed to ICC, and in fact became its chairman...
...months ago the Erie Railroad signed a private bond-selling deal with the potent Wall Street underwriters, Morgan, Stanley & Co. (TIME, Feb. 15). Last week the Interstate Commerce Commission forced Erie to cancel the contract, and to open bidding to all comers. Thus the ICC joined hands with the SEC and the Fed eral Power Commission, both of which four years ago ordered competitive bidding on the sale of utility bonds. But the Commission's action meant more: it set tled for a time Wall Street's old fight over private v. public bond sales...