Word: icc
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Dates: during 1940-1949
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Trouble came from the House of Morgan, which had financed the Van Swerin-gens and wanted to keep Young out; from the ICC (which Young insultingly called "that tool of the bankers"). By his lawsuits, Young got to be known as the "most litigious man in Wall Street, who would sue anyone at the drop of a subpoena...
...seemed as if he could hang on no longer, Young sued Ball, and collected $4,000,000 (including Ball's Alleghany holdings) from him on the grounds that even the low price of the $2 billion empire had been rigged too high. Then Bob Young persuaded the ICC to order rail securities sold at competitive bidding, thus knocking Morgan, Stanley & Co. and other New York bond houses which had fought to bar Young from Alleghany out of much fat business once given them by friendly railroads. By then Young's sandy hair had turned white and his self...
...news of ICC's ruling sent rail stocks up one to three points the next day. Said Western Pacific's President Charles Elsey: "It's the first good news the railroads have had in a long time...
...increase, which replaced the temporary 6½% boost the roads got from ICC last June, was almost as much as the railroads had asked for in April. They had wanted a general 19.6% rate raise, enough to increase their annual revenues by $1 billion.' Since then the estimates of next year's freight traffic had increased. Now the railroads expect to gross the $1 billion with the 17.6% increase. If traffic holds up, and costs remain the same, the railroads expect to net $250,000,000 in 1947. (Without the increase, they estimated that they would lose...
...rates will also apply to interstate barge and shipping lines. And ICC agreed to let the railroads go on charging the 10% higher passenger fares introduced as a temporary measure...