Word: icc
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Dates: during 1950-1959
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...legal strategy. The Central had asked the Interstate Commerce Commission to investigate some of Young's stock deals (his sale to Cyrus Eaton of control of the Chesapeake & Ohio Railway, and the C. & O.'s sale of its New York Central holdings to Murchison-Richardson). But the ICC last week turned down the request. The Central filed another petition asking whether Young's slate could be lawfully seated if elected, but chances for a favorable ruling on that seemed slim, too. From another quarter, the Central gained an ally. An Alleghany Corp. stockholder, Mrs. Sadie Zenn, owner...
High Profits? Why hadn't Young simply bought the Central stock himself instead of just putting up most of the money for it? His explanation was that the ICC has not officially recognized that Alleghany has divorced itself from the C. & O. But the net result of the deal was that Millionaires Murchison and Richardson are now in a position to make millions without taking a penny out of their own pockets. With the option of selling back the stock in six months at $25 a share (the price they paid for it), they cannot lose if it goes...
...area, the railroaders feel that the ICC should have more power; it should be able to overrule state rail way commissions on whether a money-losing rail run should be eliminated. A study, made in 1951, showed that 1,200 passenger runs were falling short, by $84 million a year, of even paying their direct operating costs (without counting company overhead). In the next two years, 314 runs were abandoned, but the railroads were unable to drop many others because the state railway commissions had overruled the ICC's recommendations...
When confronted with railroaders' complaints on the commission's shortcomings, the ICC has a stock answer: insufficient appropriations and too small a staff. Actually, appropriations have gone up over the years, though not as fast as salaries. Thus, the number of employees has dropped. What the ICC needs is not just more employees, but up-to-date laws and rules, fresh ideas and an overhaul of its administrative machinery...
Wall Street v. New England. The battle was over control of the New York, New Haven & Hartford Railroad. The man Buck Dumaine wanted to "give it to" was Patrick B. McGinnis, the Wall Street railroad juggler who recently collided with the ICC over his expense accounts while boss of the Norfolk Southern (TIME, Feb. 22). In 1948 McGinnis helped old Frederic Dumaine grab control of the New Haven, bought 75,000 shares of stock, largely for clients. But now McGinnis doesn't like the way Buck Dumaine runs the road, and is waging a proxy fight to take over...