Word: icc
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Dates: during 1940-1949
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Railroader Robert R. Young was as happy as a bridegroom as he appeared before ICC in Washington last week. He wanted permission for himself and Robert J. Bowman, president of the Chesapeake & Ohio, to sit on the New York Central's board of directors. Thus he could vote his 400,000 shares (6%) of Central stock and exercise working control of the road. As Young had been invited in by Central, he looked for no opposition from...
...would also, he said, end "banker control" of Central. How? asked ICC. "Why," said Young in surprise, "our very presence would relieve it." If he liked the girl enough, after going with her eight or nine years, said Young, he might later marry her by unifying the two roads. He painted the sad plight of Central, "the finest railroad property in the richest country in the world . . . being kicked around in The Street for virtually 10? on the dollar...
Green Light. ICC allowed Railroader Robert R. Young to divest his Chesapeake & Ohio Railway of control of the New York, Chicago & St. Louis (Nickel Plate) road. He will distribute C. & O.'s 192,400 Nickel Plate shares to C. & O. stockholders as a stock dividend. In permitting Young to shed control of a road that competes with the New York Central, ICC removed one more obstacle to Young's aim to control the Central...
...after ICC granted the Pullman boosts, all U.S. railroads were at its door with a new request for freight increases- needed, they said, to make up for a 15½?-an-hour wage raise to 1,000,000 employees. The railroads, which had asked ICC in July to increase rates an average of 16.7%, now asked that this be raised to 27%. The proposed new rates would cost the nation's shippers...
...particularly those with routes between Chicago and California, deliberately slow down freight trains by mutual agreement to eliminate competition. Replied ODT: in the first half of 1947, all Western roads maintained faster freight-train speeds than Young's C. & O. Countered Young: "Statistical lies," inspired by the prejudiced ICC, of which ODT Director J. Monroe Johnson is a member...