Word: icc
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Dates: during 1940-1949
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...potent allies. Attorney General Tom C. Clark filed suit to keep Big Steel's Columbia from buying Consolidated on grounds that it would give Steel a virtual monopoly on West Coast steelmaking and fabricating. The RFC, worried about its huge investment in Fontana, also asked the ICC to hold up the Geneva reduction...
...Little. For the Pennsy's woes, President Martin Withington Clement had a two-word explanation: "Government regulation." When rail workers were awarded an 18½? wage increase in mid-1946, it was made retroactive to Jan. 1. But ICC delayed giving the railroads a 17.6% rate increase until last December. Furthermore, said Clement, additional boosts are necessary...
...Much. For the most part, stick-in-the-mud railmen were counting on ICC to do this for them by boosting passenger rates-a dubious solution, because higher rates would probably mean a still smaller volume. A more likely solution was to woo passengers away from planes, buses, autos...
Help from ICC? Just how he was going to assert .his claimed control of the New York Central he did not know-at the moment. But Young intended to get his men on the Central's board somehow...
Actually, the final arbiter will be the ICC. Once it had forced the Central to sell the C. & O. because it was "not in the public interest" for the Central to own a competing road. Bob Young expects to convince the ICC that it is now in the public interest for the C. & O. to control the Central. (Until he does, the ICC has ruled that the Chase Bank will vote his Central stock.) When and if he does get control, he plans to mesh the Central into his other railroads. Next step in Young's master plan...