On the grounds that the President's Emergency Board added nearly a million dollars a day to their wage bill (TIME, Dec. 8), 353 U.S. railroads last week petitioned ICC for a 10% increase in passenger and freight rates.* This would increase their revenues, they hoped, by $356,956,000 a year.
With net income at its highest in ten years the rails could pay the wage increase out of present earningsby turning over to labor more than half the increase in their long-too-low profits (which were $359,700,000 for the first nine months of this year)....
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