Word: icc
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Dates: during 1950-1959
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...Interstate Commerce Commission, oldest of the Government's nine independent regulatory bodies. And yet its job is one of the most important. It rules over the destinies of 450 railroads, 20,000 truck lines. 300 freight haulers on inland and coastal waterways, pipelines, terminal companies, etc. Currently, the ICC is in the middle of the fight for the New York Central and has petitions from both sides charging skulduggery. Nobody would be more surprised than the petitioners if the ICC concluded its investigations before the issue is decided by the stockholders...
...York Central, both sides went looking for outside help. To the Interstate Commerce Commission, the Central's management last week sent a 17-page petition asking the Commission to check up on all of Robert R. Young's maneuvers since the fight began, charging that they violated ICC regulations...
Specifically, the Central charged that the sale by Young's Alleghany Corp. of its Chesapeake & Ohio stock holdings to Cleveland Financier Cyrus Eaton was just a trick to skirt the ICC rules, that Young and Alleghany still control the line. C. & 0. Board Chairman Eaton, said the Central, had obligingly sold the C. & O.'s 800,000 shares of Central stock, which had been held by a trustee, to Young's millionaire friends Sid Richardson...
...Pacific Railroad. The Mopac went bankrupt in 1933, and four times the Interstate Commerce Commission has drawn up reorganization plans for it. Young, whose Alleghany Corp. owns 49% (396,000 shares) of Mopac's common stock, has helped to have the plans overturned every time, either before the ICC or in court. The reason: while the plans called for bailing out the system's bondholders (and the fourth even offered something for the preferred stock), they left nothing for the common. Last week, two ICC examiners recommended a fifth plan, under which bondholders and preferred stockholders would...
...driving President Malcom McLean, 40, who built his company up from a secondhand dump truck, has already bought the S.C. Loveland shipping company for its franchise rights to operate coastal routes, is negotiating a $24 million contract with Bethlehem Steel for four 6,000-ton trailer transports. With the ICC's blessing, McLean hopes to have his ships ready by late...