Word: icc
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Dates: during 1950-1959
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...railroad industry is sick, and its condition is becoming worse each year. With a series of confining regulations imposed by the ICC--rules far more effective at the turn of the century when the railroads were the only efficient means of transportation--the management must work under severe limitations. The ICC must approve changes in fares or in service; many a money-losing branch line still exists only through the grace of the Commission. And although the Transportation Act of 1958 supposedly gave the railroads a greater degree of freedom, the government still exercises a degree of control unparalleled...
Governor Robert B. Meyner of New Jersey visited Cambridge yesterday with his pretty wife and a prepared speech. Addressing the Harvard Democratic Leadership Forum, he struck at the large measure of abdication of regulatory authority by the so-called big six Federal commissions--FTC, FCC, FPC, FAA, SEC, and ICC. The Federal Trade Commission and the Federal Communications Commission were singled out for particular opprobrium because of the current television quiz show scandals...
While Government and industry spokesmen worried on about how to solve the crucial problems of the nation's railroads, the Interstate Commerce Commission last week took some levelheaded action. By unanimous vote, ICC approved the merger of two major Eastern seaboard soft-coal carriers, Norfolk & Western and the Virginian, allowed them to form a single system with assets of $970 million and 2,746 miles of track serving six states (see map). It was the biggest consolidation of two independent lines since ICC was formed in 1887, and one that President Stuart T. Saunders, who remains as boss...
...with records of solid profits all through the railroad-busting Depression, earned money in 1958 from the coal regions of Virginia and West Virginia ($11.6 million for the Virginian; $43.5 million for the N. & W.), they duplicated one another to the point where the two lines were not, in ICC's words, "in the public interest." Merged, they will economize by consolidating managements and by using the Virginian's better tracks eastward over the Allegheny and Blue Ridge Mountains. The Virginian's coal piers and marshaling yard adjacent to the Norfolk Navy Base will probably...
...ever-cautious ICC warned railroaders that the N. & W.-Virginian decision, which did not involve any opposition from competitors or stockholders, is not a green light for mergers as a way out of financial problems. But it is at least a yellow caution light. Next on ICC's docket is the proposed merger between the Erie and the Delaware, Lackawanna & Western, whose combined loss in 1959's first half is more than $2,000,000. A clear track for this second major combination would revive industrywide merger talks (e.g., between the Pennsylvania and the New York Central...