Word: icc
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Dates: during 1930-1939
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...profit inured to the Vans, for the price was the same in each transaction- cost plus interest. But the Vans had paid the packers a boomtime price and values had melted considerably by the time MOP got the properties. The sale was subject to ICC approval, yet some $16,000,000 worth of the contracts were so drawn that the seller could not lose. If the ICC denied MOP permission to make the acquisition, that railroad had to make good any loss suffered by the seller, Terminal Shares, in disposing of the properties elsewhere...
...Jesse Jones to give his views on the Terminal contract. Mr. Jones, it seemed, had lent MOP $17,000,000 before he had any inkling that the railroad was involved in commitments which were draining off $1,600,000 in much-needed cash annually. Neither to RFC nor to ICC, let alone its own stockholders, had the railroad disclosed the existence of the contracts. Belatedly Mr. Jones laid the facts before the U. S. Attorney General for possible fraud prosecution, but by then action was outlawed by a statute of limitation...
...Interstate Commerce Commission. Bigger crowds in all stations gave proof that passenger volume had jumped instanter. Officials in every railroad admitted it but cautiously refused to give figures or estimates which might interfere with the suit which all Eastern roads except one are now waging against the ICC's order. Announced that one, the Baltimore & Ohio: "Sales and inquiries were greater than we anticipated and were very encouraging...
...from encouraging were the sales and inquiries on another railroad-the Long Island. This important New York commuters' line was the sole railroad to disobey the ICC's order to reduce fares to 2? a mile in coaches, 3? a mile in Pullmans. In justification, it claimed that the Interstate ruling did not apply to it, since it serves only one State...
Last week the other lines announced they, too, would cut their rates June 2 in order to keep on an equal competitive footing with the B. & 0., but that they would simultaneously bring suit against the constitutionality of the order. Their claim: The ICC order is an unwarranted invasion of managerial privilege...