Business: Critical

Official spokesman for U. S. railroads is President John Jeremiah Pelley of the Association of American Railroads. Last week, in common with many another railroad bigwig, J. J. Pelley was irked beyond measure. It was not merely that U. S. railroads face their greatest crisis. It was not merely that the Interstate Commerce Commission last fortnight gave the roads a 5.3% freight rate rise instead of the 15% the A.A.R. had requested (TIME, March 21). The cinder that really got in Mr. Pelley's eye was the fact that when President Roosevelt finally held...