Word: icc
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Dates: during 1930-1939
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...York Central applied to the ICC for permission to pledge certain securities with New York banks as collateral for a loan of $20,000,000 "for corporate purposes, including the maintenance of adequate working fund...
Immediate Proposals: 1) RFC to make available $300,000,000 for new rail equipment purchases; 2) ICC to be relieved of its present necessity to certify that roads applying for RFC loans are not in need of reorganization; 3) wage cuts; 4) abolition of the reduced rates on Government traffic over the so-called land-grant lines; 5) amendment of section 77 of the Bankruptcy Act to speed railroad reorganizations, possibly by a special railroad court; 6) the Government to guarantee or underwrite bonds issued in voluntary railroad reorganizations to insure their payment and thus expedite reorganizations...
...into Port Orford from Leland on the Southern Pacific line 50 miles inland. Soon the Gold Coast R. R., life line of Gilbert Gable's empire since it would be the means of getting ore and timber to the sea or back East by rail, was granted an ICC certificate of convenience and necessity...
...storm. Since then a temporary pier has been built, Port Orford has grown to 1,000 in population and Gilbert Gable has become mayor. But no construction of the railroad has been started. Tired of waiting, local tycoons got behind a rival scheme. Five months ago, before an ICC examiner, this new group declared that it had funds to build a $7,000,000 line from Grants Pass, 15 miles south of Leland on the Southern Pacific, across the coastal range to Crescent City, 97 miles south of Port Orford on the California coast just below the Oregon line,* asked...
Neither side would tell the examiner who its backers were. Last week it looked as though the unknown backers, if any, would have to invest their money elsewhere. For the ICC examiner not only recommended that Gilbert Gable's certificate of convenience & necessity be withdrawn but also that one be refused to the Crescent City group. Said he: "Recent army reports show that the prospect of future growing importance of the ports of Port Orford and Crescent City definitely may be discarded as a factor of consequence in this proceeding...