Word: icc
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Dates: during 1940-1949
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...ranging from 15 to 25% after V-E day cutbacks in military orders. Alarmed at this prospect, and at the inroads that higher costs of materials and wages have made in this year's net (estimated at $650 million v. $874 million in 1943); the carriers asked the ICC to increase rates by an average of 4-7%-One argument: at war's end the railroads expect to spend $1.7 billion for new equipment, but owing to higher prices will get less for their money. Examples: passenger coaches sought during the '20s and still in service cost...
...equal of Wall Street, then began his clamor for competitive bidding-he wanted the securities business from which he was excluded thrown open to all comers. After eight years of Stuart drumfire, in 1941 the SEC decreed competitive bidding for utility holding company securities; and last May the ICC ordered competitive bidding for railroad bonds...
...passenger traffic. Union Pacific's president, big Bill Jeffers, took time out to roar that Berge was suffering from "Potomac fever." Joseph Hays, counsel for the W.A.R.E., said: "Mr. Biddle knows that if his charges were anything more than sheer demagoguery he could take the complaint to the ICC for speedy redress." Hays argued that Attorney General Biddle should have included ICC among the culprits, since all freight rates must be cleared through ICC. Others felt that the U.S. Ambassador to Russia, W. Averell Harriman, should have been among those sued. Harriman was Chairman of the Board of Union...
Morgan & Co. and Kuhn Loeb & Co. As neither bankers nor railroads can make a move today without the approval of either the ICC or the SEC, the Department of Justice must once more be attacking the competence of another Governmental agency...
...general, investment bankers do not like competitive bidding for securities, although it is required on railroad securities by the ICC decision of May 8, 1944. They prefer the comfortable, traditional, negotiated transaction between client and banker. And Great Northern's offering is just twice as large as the $50 million total which bankers generally believe is the top amount practicable under competitive bidding. To handle the Great Northern bonds, each syndicate must be extra-large. Hence, Wall Street does not expect that more than two or possibly three vast enough financial groups can be mobilized for the bidding...