Word: icc
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Dates: during 1950-1959
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Recently, Young informed the ICC of his intentions towards the Central. Then he told Director Harold Vanderbilt, his Palm Beach neighbor, that he wanted to be named chairman of the board at next month's meeting of the Central directors. He also asked for a place on the 15-man board for Kirby. If he and Young get on the board, Young plans to get a majority by gradually replacing present directors with his own men. After that, he will try to turn into reality his own grandiose schemes for American railroading: a flashy advertising and promotion campaign...
...week, President Eisenhower found time to see his old friend Governor Thomas Dewey, who came down from New York to protest the "unprecedented interference" of the Interstate Commerce Commission with Dewey's efforts to reorganize the bankrupt Long Island Rail Road. The Pennsylvania Railroad had applied to the ICC for a 25% rate increase on the Long Island, which it owns. Dewey felt that, since the Long Island lies wholly within the State of New York, the ICC had no jurisdiction -especially no jurisdiction to raise commuter fares on the residents of two heavily Republican counties. Ike promised...
...Into the Interstate Commerce Commission's new $14,800 post of managing director stepped Edward Frederick "Pete") Hamm Jr., 45, a Chicago-born Dartmouth man and publisher of such transportation trade papers as Traffic World Daily and Traffic Bulletin. The new ICC post, created at the suggestion of a management engineering firm, is a strictly administrative job. Explained Chairman J. Monroe Johnson: "The commissioners are engaged in determining the output of the ICC machine. Hamm's job is to keep the machine running...
...indictment was based on charges that on several occasions in 1943 the B. & O. filed statements with the RFC and the ICC reporting cash balances considerably lower than the actual balances. Presumably, the smaller balances minimized the road's ability to repay the loan (now reduced to about $68 million). The evidence seemed none too strong, and railroad experts explained the discrepancies by saying that the bookkeepers had merely reported, in advance, transfers of funds which the B. & O.'s funding contracts required them to make later...
...short, it looked as if even ICC was beginning to agree with critics who have charged that the commission has badly underestimated the earning power of railroads, and needlessly wiped out common stockholders in reorganization plans. When the Supreme Court refused to review the MoPac case, Justice Felix Frankfurter charged ICC with a "uniformity of erroneous guessing...