Word: icc
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Dates: during 1940-1949
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...upset price of some $11,000,000, the Mobile Federal Court ordered the properties of bankrupt Mobile & Ohio (St. Louis to Mobile) sold at foreclosure to G. M. & N., which already had ICC approval to absorb the larger road into a single, 2,007-mile system. First large railroad consolidation since 1934, it puts "Ike" Tigrett at the head of a new railroad named Gulf, Mobile & Ohio, which will start with a $31,870,000 funded debt and annual interest charges of $1,399,920 (about half the two roads' present fixed charges). An additional...
...Perused by ICC was the application of a new Delaware corporation named Trans port Co. for permission to consolidate over 20 Atlantic seaboard trucking firms (employes 30,000; total '39 gross, $40,000.000) into one $25.000,000 firm. The deal: Transport Co. to buy the truckers for about 75% cash, balance in common & preferred stock of the new company. ∧ Be-goggled Detroiter Emmett Francis ("Spike") Connely, head of First of Michigan Corp., became first paid president of conservative Investment Bankers Association. Rumored maximum salary: $40,000 a year. He authored and will promote...
Nearest thing to an ideal man for this thankless job was quiet, learned, earnest, long-laboring Coordinator (now ICC chairman) Joseph B. Eastman, whose honesty is honored by railroad men, railroad-baiters and shippers alike. Last week, after seven years' study, the Coordinator's subsidy report was published. It did not make pleasant reading for railroad...
...cost in public funds (1935) of the Mississippi, Warrior and Illinois River systems (said the Eastman report), barge routes saved shippers less than $7,000,000. Last week the Senate-House conference committee agreed to report out the Wheeler-Lea bill, which would put inland water transportation under ICC control...
...York, New Haven & Hartford (in the courts since 1935) will see its common and preferred stockholders wiped out entirely if ICC's plan goes through. Biggest common stockholders: Pennsylvania Railroad and its godchild Pennroad Corp. Curtailed by lCC's plan was P.R.R.'s long-mooted influence over New England traffic. Cut to $365,000,000 was New Haven's $464,833,806 capital structure, its fixed charges from...