Word: icc
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Reorganization of railroads that went bankrupt before the war boom started is going to be just as drastic as if the war boom had not happened. Such was the gist of an ICC decision last week. With only minor changes it approved the New York, New Haven & Hartford reorganization plan, slashing capitalization from $475,000,000 to $365,000,000. The drastic part of this decision was that the reorganization completely wipes out the old stockholders, although in the first eight months of this year net profits totaled $11,350,000 -$5.77 a common share...
With total passenger miles running 54% over a year ago and many a train full up, the southern railroads-which pioneered travel-building lower fares-decided they might as well charge as much as other U.S. carriers. Last week they got ICC permission to boost their fares from 1.65? a mile to 2.2?, the national rate...
...ICC, which previously turned down similar merger plans out of fear of monopoly, last week approved this merger over the protests of Thurman Arnold. ICC's reasons: elimination of 13,506 miles of duplicating truck routes (saving tires and gasoline in an area where gas is scarce), elimination of freight interchanges, thereby speeding shipments (now more than half defense materials) as much as 24 hours between New England and the South...
...should return all of it (with allowance for $1,100,000 Federal taxes paid).* It further ruled that, beginning April 1, American will get mail pay of only 12? a mile for routes up to 35,000 miles daily, even less for longer runs. The old rates (set by ICC): 25 to 33⅓? a mile...
...threw U.S. railroads into a frenzy by suggesting that they forego the 6% freight-rate increase which ICC recently granted them on ten key commodities (lumber, cement, petroleum products, pig iron, etc.). OPA further hinted that, if rail revenue (in January, gross revenues were 27%, net income 30% above 1941) continues up, it would request ICC to revoke the rate increase entirely...