Word: icc
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Behind the ICC decision was the hard fact that the railroads' case was economically-if not politically-persuasive. Industry representatives noted that the last general freight-rate hike came in 1960, when the ICC authorized a paltry 1.5% increase. Since then, operating costs have soared. So far this year, eleven railroad unions averaged 6% wage boosts, and six shop unions, led by the militant International Association...
...Johnson, with hasty congressional sanction, ordered a 90-day cooling-off period. The railroads' working capital is lower than it has been in 20 years, and their return on investment capital this year will be a scant 3.5%. Deciding that the industry complaints were "just and reasonable," the ICC unanimously agreed to give the railroads most of the money they sought...
...merchandise. On such bulk goods as iron ore, grain, coal and pulpwood, which make up much of the railroad business, the increases average about 3%-somewhat less than the carriers requested. Even that much may not be allowed ultimately. Terming last week's decision a temporary one, the ICC ordered the roads to draw up a master tariff list, which the commission will examine and make final changes on in October...
...week, as the railroads convened in Chicago to begin working out their master tariff list, even some of the authorized increases seemed likely to be dropped. The Chicago & North Western announced that it will not add on the penny-per-hundred-lbs. increase in grain rates allowed by the ICC; the decision left competing Midwest railroads little choice but to main tain their old rate. Similarly, the Southern Railway said that old rates will remain on the grain hauled in its 100-ton "Big John" hopper cars...
...dead end. Jointly owned by 58 railroads, the sprawling company has been plagued by inefficiency and red tape. The main reason: its ties to railroads impose on it the same night marish maze of regulations that the Interstate Commerce Commission ap plies to REA's parents. Without special ICC permission, REA cannot haul goods from city to city by truck; instead it must put the goods on a train - no mat ter how bad the connection - and ar range pickup and delivery at the other end. Last week its railroad owners at last gave up, and offered to sell...