Word: icc
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Dates: during 1930-1939
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Robert Elliott Freer, the baby of the commission (41), oversees the FTC's Economic Division. Mr. Freer, also a Roosevelt appointee, went to FTC from ICC via the Federal Railroad Coordinator's office...
...Montana's Senator Wheeler and his committee investigating railroad finance. The evidence provided the Senator with his best illustration to date of how the late exceptional Brothers "Van" dummied their way through deal after deal to get what they wanted in spite of the vigilance of both ICC...
...thing the Vans particularly wanted in 1929 was the C. & E. I. to connect their termini at St. Louis and Chicago. In its 1929 plan for the coordination of U. S. railroads, however, ICC not only included that road in the Chicago & North Western system but specifically disapproved its linkage with C. & O. This, it appeared last week, was no deterrent to the Van Sweringens. In January 1930, Chesapeake & Ohio paid $5,000,000 to the Boston brokerage house of Paine, Webber & Co., for an "option" on controlling securities in C. & E. I. Paine, Webber & Co., which did not then...
...Senator Wheeler the "option" was a "slick scheme" by which the Vans avoided having to get ICC's approval of C. & E. I.'s purchase until it was too late for ICC to act. On the stand, C. & O.'s old Chairman Herbert Fitzpatrick could only reply that it had been "necessary to operate that way at the time." Snorted the incensed Senator: "If the Interstate Commerce Commission lets the railroads get away with this kind of deal, we ought to have some new commissioners down there...
Another surprise witness last week was Joseph B. Eastman, now back as an active ICCommissioner after a turn as Railroad Coordinator. Mr. Eastman used the intricate chain of terminal transactions to make the point that public regulation was defeated in that the ICC could, if it saw fit, forbid MOP to buy the properties, but it could not save MOP from loss...