Word: icc
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...Wall Street firm, commuting by ferry from a sprawling, century-old mansion on Staten Island, overlooking New York Harbor. Railroaders rate him as a top authority on financing, call his book (Guide to Railroad Reorganization) the best in the field. Sometimes he operates with eyebrow-raising methods. The ICC recently criticized his whopping expense accounts while he was boss of the Norfolk Southern (TIME, Feb. 22). He also had so many troubles with stockholders of the Central of Georgia after he won control of the road that he withdrew. But McGinnis argues that his heavy expenses paid heavy dividends...
...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...
...Goal. With a Greyhound System spread over the U.S., Caesar began to buy out the partially owned lines and his railroad partners. He is now ready to spend $25.8 million on such deals (in addition to the $82 million already spent postwar) when ICC approves...
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...
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...