Word: icc
(lookup in dictionary)
(lookup stats)
Dates: during 1940-1949
Sort By: most recent first
(reverse)
There were two reasons why that plan did not go through. One was Senator Wheeler's muckraking railroad finance investigation, which had meanwhile brought the Vans' C. & E. I. shenanigans to light. Although the Vans were by then out (dead, in fact), the revelations left ICC in no friendly mood toward Mr. Steere. The other reason was Jesse Jones, who did not share Mr. Steere's optimism about the plan. By then RFC had become a big creditor...
...Sweringens, who wanted it as a feeder for their rich Chesapeake & Ohio. Although C. & E. I. had paid no dividends for 17 years, the Vans caused the C. & O. to pay $8.000,000 for just over 50% of its common ($2,000,000 above the market price). Fearing ICC disapproval, they used a dummy, kept their own and C. & O.'s name out of the deal. The dummy: brokerage house Paine, Webber & Co., whose partner Kenneth Steere soon after became chairman of the C. & E. I. board...
...years later, to repay $700,000 it owed to the C. & O. System, C. & E. I. got a loan from RFC. To keep the loan's purpose from ICC eyes, the Van Sweringens had to resort to further camouflage. At length, in 1933, C. & O. let its secret ward drift into the courts...
Then Transport went to ICC for approval of the merger, tried to show that its plan was in the public interest. In 1939 the firms made a profit...
...become operative, ICC's plan must first be approved in Federal court, then be ratified by 67% of the company's security holders. Last week Judge Robert N. Wilkin gave tacit approval to the plan, by overruling objections to it. Tired of fighting, C. & O. indicated it would put no obstacle in the way of ratification...