Word: icc
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Dates: during 1930-1939
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...Considered extending its jurisdiction over private truckers. Early next year the Interstate Commerce Commission will investigate safety conditions and working hours of drivers of interstate trucking fleets like those owned by Standard Oil of N. J. and Bell Telephone Co. "If need therefore is found," ICC then will issue regulations for private fleets as it already has for public carriers, in accord with the Motor Carrier...
...since 1929 has Western Pacific earned enough to cover its fixed charges ($3,634,000 last year). Since 1936 four reorganization plans have been presented by interested parties, one of them being by Chairman James. None satisfied ICC, which finally intervened with a plan of its own-first time it had ever taken such action with so important a railroad. Western Pacific's capitalization now will be reduced from $150,597,000 to $93,726,517, fixed charges to $511,001. This will be accomplished by wiping out the equity of stockholders and claims of unsecured creditors making them...
...Depression I railroads went through reorganization much as a snake sheds its skin, with bondholders forced to split the loss with stockholders and with railroads often left in just as bad a fix when the shedding was over. After the Federal Bankruptcy Act was amended in 1933 to give ICC power to supervise or rewrite reorganization plans and to allow roads to continue operating with their debts in a sort of suspended animation (Section 77), there came a complete cessation of reorganizations. For nearly five years, although nearly a third of the nation's trackage was in the courts...
Last summer, as talk of rewriting Section 77 grew, ICC put on the pressure. Western Pacific was the fourth Class I railroad shoved through the wringer in four months.* Giving a clear indication of its temper, ICC last week declared: "If . . . reorganization is to be successful, the capital structure of the reorganized company must be realistically related to its actual earning power...
...Extended its easy credit policy to railroad equipment trust certificates. Heretofore, with the exception of the World War period, the Interstate Commerce Commission has always required a 25% down payment by railroads on equipment purchases financed by equipment trust certificates. Last August ICC allowed Seaboard Air Line Ry., which is in reorganization, to finance 90% of a $1,671,000 equipment trust issue. Last week in a supplementary decision ICC let the Seaboard finance the other 10%. ICCommissioner Claude R. Porter dissented on the grounds that such a policy would impair the market for equipment trusts...