Word: icc
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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...
...light some boilers under the ICC, the Administration is backing a "time-lag" bill requiring that rate cases before the ICC be decided within 60 days. It is also trying to streamline the ICC by eliminating some of its 15 scattered bureaus. To this end. three bureaus were merged into one last week. And it is pressing for the resignation of Democratic Chairman J. Monroe ("Steamboat") Johnson. 75, both for patronage reasons and to put in a younger chairman. So far, Johnson refuses to budge. Actually, Johson is one of the most vigorous and effective men at ICC, within...
...They have been doing the same thing the same way for so long that they resist efforts toward a speedup. A 1952 analysis showed that 27.5% of the staff were 60 or older and 37.8% were between 50 and 60. Says a veteran staffer: "Nobody ever retires from the ICC. Departure is only by death...
...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...