Word: icc
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Dates: during 1940-1949
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...Profits and the Losses. The court decisions raised hob. Hardest hit were junior bondholders and stockholders in receivership railroads. They have watched railroad profits soar skyward for months, had become convinced they could get the ICC-sponsored reorganization plans changed enough to make their holdings highly profitable. When the Court said no, receivership rail stocks on the New York Stock Exchange nose-dived 50 to 80%. Prices for junior bonds jumped the tracks. Western Pacific preferred stock flopped from $3 to 70?; Rock Island 7% preferred from...
...operate nearly 30% of U.S, railroad mileage. One has been in receivership for 38 years. With a clear precedent and no higher court of appeal, these railroads can now stop going to law and knuckle down to the job of reorganizing. But it will be a tough ride: before ICC and the courts get through, their combined capitalizations will be cut from the pre-depression $4,750,000,000 to $3,500,000,000 or less, and many a securityholder will suffer...
...Young set out to defeat the ICC plan and thus save his own hide. Campaigner Young's battle cry: the plan is based on the "Dust Bowl" earnings of 1933-it must be changed. Charged tough, senior Bondholder Spokesman John Weiss Stedman: the-arguments are wholly fallacious . . . the proposals "are a tax-avoidance scheme...
First break for Bob Young came when MOP security holders voted on the ICC plan and more than one-third of them turned it down. Meanwhile Young proposed four MOP directors and saw them elected. Then he convinced potent Massachusetts Investors Trust and some of the smaller insurance companies that his plan was best. Lastly he got the unexpected help of the war boom. MOP's net available for dividends soared from a loss of $9,564,000 in 1940 to a record $30,600,000 in 1942. Meanwhile, the once-rickety road was put in tiptop condition, with...
Biggest criticism of Bob Young's plan is that too much reliance may have been placed on present high-tide war earnings. If MOP profits fall drastically in peacetime, the road may find itself in worse shape than if the ICC plan had been followed to the letter. But this week Wall Streeters figured the Young plan was going through-in heavy trading the junior bonds hit $80 each v. last year...