Word: icc
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Dates: during 1930-1939
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Twelve years ago, bewhiskered old Leonor F. Loree wanted to merge his Kansas City Southern Ry. with the Missouri-Kansas-Texas and the St. Louis Southwestern railroads. ICC said No. A few years later the Van Sweringens wanted to merge it with their sprawling Missouri Pacific. Hard times quashed that idea. In 1931 Chicago Great Western got control of K.C.S. But litigation, instituted by Railroader Loree, kept the pair apart. Last week, Kansas City Southern once more was on the verge of matrimony-this time proposed by its Board Chairman Harvey Crowley Couch...
...merger, subject to ICC and stockholders' approval, will give K.C.S. complete possession of the shortest route between Kansas City and New Orleans (it now shares it with L.& A.), will also link Louisiana Gulf ports with eastern Texas. Said Harvey Couch: "A substantial increase in payrolls may be expected to result from increased business of the unified roads...
...loan through his good friend, RFC Chairman Jesse Jones. In June, to meet an interest payment, B. & O. sold its nearly forgotten Chesapeake & Ohio Canal, unused for shipping since 1923, to PWA for $2,000,000. Last week, resourceful B. & O. resorted to another expedient. It filed with ICC a plan to 1) postpone nearby bond maturities, 2) reduce interest for eight years by making $11,000,000 of its $31,000,000 in annual charges contingent upon earnings but cumulative. That B. & 0. hopes to benefit by all this was indicated by a provision in the plan for setting...
First reorganization of a major Class I carrier approved by ICC, this pro-bondholder plan is a far cry from most of those adopted before 1933's amendments to the Federal Bankruptcy Act. Formerly, the practice was for underwriters to get a friendly creditor to bring suit in a friendly court, thus in effect pick their own receiver-who generally favored stockholders over bondholders; often railroads were in as bad shape after reorganization as before. Under Section 77, ICC can insist on its own reorganization terms or rewrite plans originally submitted. ICC accepted almost wholly the trustee...
...sold under foreclosure in 1909. asked for reorganization under the Federal Bankruptcy Act in February 1935. It has never paid a common stock dividend, has never paid its $4 preferred in full. Last year the road piled up a $902,363 deficit. Had it been operating under the ICC-approved reorganization, it would have earned only 1.4% on its capitalization. This fact presumably prompted Commissioner Mahaffie to dissent again, ask for a more thorough revamping. Said he: "The majority approve a plan that cuts obligatory interest severely and to a basis that in the past would . . . have been adequately covered...