Word: icc
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While Government and industry spokesmen worried on about how to solve the crucial problems of the nation's railroads, the Interstate Commerce Commission last week took some levelheaded action. By unanimous vote, ICC approved the merger of two major Eastern seaboard soft-coal carriers, Norfolk & Western and the Virginian, allowed them to form a single system with assets of $970 million and 2,746 miles of track serving six states (see map). It was the biggest consolidation of two independent lines since ICC was formed in 1887, and one that President Stuart T. Saunders, who remains as boss...
...with records of solid profits all through the railroad-busting Depression, earned money in 1958 from the coal regions of Virginia and West Virginia ($11.6 million for the Virginian; $43.5 million for the N. & W.), they duplicated one another to the point where the two lines were not, in ICC's words, "in the public interest." Merged, they will economize by consolidating managements and by using the Virginian's better tracks eastward over the Allegheny and Blue Ridge Mountains. The Virginian's coal piers and marshaling yard adjacent to the Norfolk Navy Base will probably...
RAIL MERGER between Erie and Lackawanna was approved by stockholders, needs only ICC's O.K., which is expected. Merger will save $13 million a year on the two roads' 3,200-mile system between Hoboken, N.J. and Chicago...
RATE-TEST CASE that was won by railroads will bring lower rates for freight shipments in competition against truckers. ICC precedent allowing roads to slash paint freight rates was first major test for transportation act to aid ailing railroads...
...ICC ducked perhaps the hottest issue involved in the railroads' financial difficulties: union featherbedding. After reporting that conductors, brakemen, engineers, firemen, et al. in 1958 worked on the average only 57% of the hours for which they were paid, against 64% in 1947, the commission lamely concluded that "railroad work-rules and certain full-crew laws may unjustifiably involve uneconomic use of labor," said that a further "comprehensive review of labor-management relations is required...