Word: icc
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Dates: during 1950-1959
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...last week an ICC board of examiners, which has been studying the reorganization plan for three months, surprised everyone by recommending a review. It raised the question of whether MoPac's common stock should, after all, be wiped out, agreed with Young that MoPac's earnings had improved enough since the plan was first approved in 1949 to warrant a review by the full commission. Though ICC had not yet made up its mind, railroaders thought that it was sure to follow the board's recommendation...
...long and complicated race for control of the bankrupt Missouri Pacific, Railroad Juggler Robert R. Young has had the throttle wide open, but so far has gotten nowhere. Young has been battling an ICC plan which would turn over the now profitable road to the bondholders and wipe out MoPac's 828,395 shares of common stock, more than half of which are owned by Young's Alleghany Corp. (TIME, Dec. 10). Last week Young lost his fourth attempt to block the ICC plan, when the U.S. Supreme Court turned down requests by him and four others...
...decision put Young down but not out. ICC now has a panel at work deciding whether its reorganization plan should be reconsidered to see if MoPac's earnings were bigger than the 1949 plan allowed for. If the panel decides yes, the whole MoPac receivership battle, already 19 years old, may begin all over again...
...twelfth time in six years, the ICC last week granted U.S. railroads a freight-rate increase. The latest 6% to 9% hike puts rates about 75% above prewar levels, and will give the railroads $618 million in new revenue this year-making it harder than ever for them to compete with trucks...
...paid out $825,000 in dividends and more than, $2,000,000 in income, inheritance and other taxes. At the news, McNear estate executors decided that their job was done. They voted to turn over the railroad to estate trustees, and ask the ICC for permission to split T.P. & W.'s 50 shares of stock outstanding, now 82% owned by the McNear estate...