Word: icc
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Dates: during 1940-1949
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Cold as a surgeon's amputation was ICC's plan, which needs only the approval of the Federal Court at St. Louis to become effective. Under the management of Trustee Guy Atwood Thompson, onetime American Bar Association president, MOP has turned in a net operating income of between five and eleven millions a year. ICC whittled down fixed interest charges to fit, from $24,770,052 to $7,286,804. The capitalization of the system was chopped down from...
...common and preferred stock is parceled out among former bondholders and other creditors, and will take a lot of combining and buying before any group can establish such control as Alleghany Corp. once had. Among the new stockholders ordered by ICC to change part of their loan money into risk money (in addition to RFC) : Metropolitan Life (present bond holdings: $20,627,000), Prudential ($19,761,000), Northwestern Mutual ($12,602,000), New York Life ($11,845,000), Equitable Life ($8,942,000), a J. P. Morgan & Co. syndicate (loans plus interest...
Since July 1938, when eastern U. S. railroads wangled from ICC an increase from 2? to 2½? a mile for basic (coach) passenger fares, the weatherbeaten nose of Daniel Willard of Baltimore & Ohio has been out of joint. During his 60 years in railroading and 30 years as president of B. & O., Dan Willard has been a competitive spirit, and when he fought the increase (which was forced on B. & O.) he protested loudly that it was playing squarely into the hands of the bus lines...
Last week the eastern roads went before ICCommissioner Claude Rodman Porter for a continuation of the 2½? fare for more "trial" after its expiration date (March 24). In the sumptuous hearing room of ICC in Washington they found only B. & O. fighting for return of the 2? fare. Leading the fight was Dan Willard, who will be 79 before the month...
...other roads were more than a little apprehensive that ICC in its decision next month would take Dan Willard's side...