Word: eastman
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Last year the Interstate Commerce Commission loudly warned against these holding companies, insisted their undercover activities were already blurring the I. C. C.'s merger map (TIME. Dec. 16). Last week Interstate Commerce Commissioner Joseph Bartlett Eastman appeared as a witness before the House Committee to give specifications for starting the inquiry. His general complaint was that the I. C. C. could handle railroads but that it lacked any legal authority to deal with their financial alter egos which acquire rail stocks, scramble them together in defiance of the I. C. C. and, for all practical purposes, produce consolidations...
Pennroad and Allegheny. Commissioner Eastman's major specifications dealt with two famed holding companies-Pennroad, controlled by directors of the Pennsylvania R. R.-and Allegheny Corp. controlled by Oris Paxton and Mantis James Van Sweringen. He cited the fact that Pennroad was buying heavily into Boston & Maine and New York, New Haven & Hartford. He warned that if Pennsylvania enters the New England territory, it will be absolutely contrary to the I. C. C.'s merger plan. Likewise Pennroad is buying into Atlantic Coast Line, Southern, and already controls 15% of Seaboard Air Line. It has gobbled up Detroit...
Allegheny Corp., according to Mr. Eastman, beside controlling the Van Sweringen roads forbidden to merge by the I. C. C.. now owns 20% of Kansas City Southern, is buying into Sante Fe and Great Northern. It controls Missouri Pacific which the I. C. C. never intended to go into such a vast East-West lineup...
...George Eastman, camera man, announced that he would give more than 500,000 gold-tinted box cameras away next month to any U. S. or Canadian child whose twelfth birthday comes in 1930. The occasion: to celebrate "Fiftieth Anniversary of Kodak...
Kaye Don, British speedster who will try to break Segrave's world record, drove his 4,000 h. p. Sunbeam-Coatelen motored Silver Bullet 200 m. p. h. in a practice run at Daytona Beach. Samuel Edward Sheppard, 47, Assistant Director of the Eastman Kodak Research Laboratories, a scientist so precise that he frequently lies prone to sight for his golf putts, last week received in Manhattan the gold medal which the late Chairman William Henry Nichols of Allied Chemical & Dye Corp. created. In accepting, Dr. Sheppard, who often utters startling truths, declared that in many fields pure science...