Word: icc
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Dates: during 1940-1949
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...Western Agreement was created and widely publicized by the Western railroads in 1932. Then the ICC sharply criticized the railroads for too much competitive rate-cutting and for giving special services to various groups of shippers. Bluntly the ICC had ordered the railroads to "cooperate more efficiently with each other." The Reconstruction Finance Corp., busy pouring out loans to keep the railroads alive, had nodded approval. Under the Western Agreement the railroads did what the ICC advised-they policed themselves. And since 1932 ICC has approved rate cuts that have brought the average freight tariffs in the Western territory down...
...member of the ICC ever asked Mr. Clement why the Pennsylvania Railroad let Kuhn, Loeb & Co. underwrite a Pennsylvania Railroad bond issue. To an insinuation by an attorney for Halsey, Stuart & Co. that the Pennsylvania R.R. was dominated by Kuhn, Loeb & Co., Mr. Clement replied that he, and of course speaking for the Pennsylvania Railroad, dealt with whom they pleased...
Last week, the ICC drastically curbed the right of Pennsylvania's Clement -and all other U.S. railroaders - to deal where they pleased. In a historic, 26,000-word report that wound up a 20-year-old fight, the ICC ordered: after June 30, railroad bond issues above $1,000,000 must be sold through competitive bidding...
...lowed Kuhn, Loeb and Manhattan's Morgan, Stanley and Co. to monopolize U.S. railroad financing. This, they complained, not only cost the railroads plenty of cash in higher underwriting fees, but throttled Middle Western underwriters. Eaton and Stuart lost the Pennsy financing to Kuhn, Loeb, but forced the ICC into exhaustive hearings and a showdown on the whole competitive bidding issue...
...ICC was unable to discover conclusive evidence that the railroads would get better prices for their issues through competitive bidding. It found it "reason able to believe" that they would. Sensibly, it held that only an actual test would tell how the system will work out. As a pre caution, the ICC left a big loophole in its ruling: competitive bidding can be waived by the ICC on specific bond issues...