Word: icc
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...haul sched-u'es. By Penn Central accounting, round-trip income from one New York-St. Louis train, for example, recently averaged $5,295 a day; but wages and other operating costs ran to $10,191. To pare such losses, the Penn Central two months ago petitioned the ICC to end all passenger service west of Buffalo, N.Y., and Harrisburg, Pa. Indignant protests from localities, rail buffs and organized passenger groups are likely to stall the commission's decision...
...Penn Central's fortunes faded, Chairman Saunders pressed anew for rate increases. In February, he met with Transportation Secretary John Volpe, members of the ICC, and staff men at the Treasury and the White House. "The tone was one of moderate financial stress," a Government official recalls. Actually, the company was in much graver trouble than that. "There were times when we frankly wondered if we'd be able to meet our payroll," said a Penn Central executive last week...
Meccas of Transportation. The students documented a close relationship between the ICC commissioners and the industries they regulate. Industry groups paid for luncheons and hotel rooms for commissioners who frequently found it necessary to examine personally such "surface transportation meccas as Hawaii, Puerto Rico and the Bahamas." The report says that an industry group even once paid for a hairdresser for Virginia Mae Brown, who chaired the commission until Dec. 31. Mrs. Brown, who last summer announced that members of the commission could not accept any money from regulated industries, says that "to the best of my knowledge...
...Panic. The report recommends the abolition of the ICC, as well as the Civil Aeronautics Board and the Federal Maritime Commission, so that all three can be replaced by a single agency. Such an agency would be able to set a coherent national transportation policy, relying less on regulation and more on the free market to set rates. It would sharpen competition among companies in all forms of transport...
What will happen to the report? The students presented their findings to a Senate subcommittee last week, and the Senators invited the ICC to reply. Said an ICC spokesman: "I think I'd say, don't panic. If it just dies down, forget it." The last time that Nader's Raiders documented the failings of a regulatory agency, the Federal Trade Commission, their report led to a study by the American Bar Association, which essentially backed their findings, but recommended that the FTC be given another chance. The FTC has indeed been improved since then...