Word: icc
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Dates: during 1930-1939
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...dissolved; in 1934 the Lazard Speyer-Ellissen banks in Berlin and Frankfurt dissolved. Speyer & Co. also had its troubles in the U. S. Its share in foreign loans dwindled; its patronage of the St. Louis-San Francisco Railway Co. was profitable but it attracted the unfavorable attention of the ICC. Last week James Speyer, now 76, decided to retire...
Meantime Mr. Loree had completed the coup of his life: D. & H. had bought into the Wabash and Lehigh Valley lines for strategic reasons, and when ICC ordered it to sell (Pennsylvania R. R. was only too happy to buy) there was a profit of $20,700,000. In 1932 Mr. Nuelle's O. & W., familiarly known on the Stock Exchange as the Old Woman, was one of the country's 19 Class I roads (among which D. & H. was not included) making money. Then Mr. Loree made the blunder of his life: He used part...
...Pushed toward Congressional action the first of three proposed emergency laws to help the railroads. Reported favorably by the Senate Banking & Currency Committee, this bill would permit RFC to make work-loans to any railroad, with reasonable expectations the only collateral required and without the present necessity for the ICC to certify that the road is not facing reorganization. A bill to create a three-man bankruptcy court for railroads is still being drafted; another permitting land-grant railroads to charge full rates for all Government traffic except Army and. Navy supplies was reported favorably by the Senate Interstate Commerce...
Most railroad officials, however, feel that solution of the railroad crisis is not a question of complicated legislation but a simple issue of increasing income or reducing expenditures. The former was ruled out when ICC last March refused to raise freight rates more than 5.3%. So last week the Association of American Railroads, meeting 100-strong in Chicago, took the Splawn report at face value, voted to cut railway wages 15% as of July I. Estimated saving: $250,000,000 a year...
...Chairman Jesse Jones announced that RFC had agreed to lend $14,000,000 to the Southern Pacific subject to ICC approval to meet equipment trust maturities and $778,000 to the Lehigh Valley largely for freight car repairs, that Baltimore & Ohio officials were "confident" they could "get through" 1938 without defaulting on any obligations...