Word: icc
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Dates: during 1950-1959
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...Francisco last week, another big trucker was growing bigger. With ICC approval, Pacific Intermountain Express, whose $22 million volume in 1953 made it the West Coast's biggest trucker (ninth in the nation), wound up a deal to combine forces with Los Angeles' $18 million West Coast Fast Freight, Inc. Pacific Intermountain, which has just ordered $4,000,000 worth of new equipment, will pay Fast Freight's owners $3,270,000 and 60,000 shares of Pacific Intermountain stock, will then have a combined fleet of 2,642 tractors and trailers serving 25,000 Western...
...favor of Bob Young at the Central's annual meeting May 26. Last week New York Supreme Court Justice James B. McNally turned down the Central's plea for an injunction to block the Texans from voting the stock on the ground that the sale violated an ICC order. Unless the Central can find new legal objections, it looks as if the Texans will be able to vote the shares, which constitute about 12% of the total, and bring Young & Co.'s holdings to 1,300,000 shares...
...reorganization plans, Robert R. Young's Alleghany Corp. finally okayed a compromise worked out by MoPac Trustee Guy A. Thompson. Alleghany, which owns almost half of the old common, would get 5% or 10% of the road's voting stock under the new plan, depending on what ICC decides...
...Wall Street firm, commuting by ferry from a sprawling, century-old mansion on Staten Island, overlooking New York Harbor. Railroaders rate him as a top authority on financing, call his book (Guide to Railroad Reorganization) the best in the field. Sometimes he operates with eyebrow-raising methods. The ICC recently criticized his whopping expense accounts while he was boss of the Norfolk Southern (TIME, Feb. 22). He also had so many troubles with stockholders of the Central of Georgia after he won control of the road that he withdrew. But McGinnis argues that his heavy expenses paid heavy dividends...
...Goal. With a Greyhound System spread over the U.S., Caesar began to buy out the partially owned lines and his railroad partners. He is now ready to spend $25.8 million on such deals (in addition to the $82 million already spent postwar) when ICC approves...