For the twelfth time in six years, the ICC last week granted U.S. railroads a freight-rate increase. The latest 6% to 9% hike puts rates about 75% above prewar levels, and will give the railroads $618 million in new revenue this year—making it harder than ever for them to compete with trucks.*
* The Texas Railroad Commission last week turned down a request of the Missouri-Kansas-Texas Railroad (The Katy) to reduce freight rates on less-than-carload shipments to compete with the trucking companies which have been snatching away business.
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