Word: icc
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...Pacific Railroad. The Mopac went bankrupt in 1933, and four times the Interstate Commerce Commission has drawn up reorganization plans for it. Young, whose Alleghany Corp. owns 49% (396,000 shares) of Mopac's common stock, has helped to have the plans overturned every time, either before the ICC or in court. The reason: while the plans called for bailing out the system's bondholders (and the fourth even offered something for the preferred stock), they left nothing for the common. Last week, two ICC examiners recommended a fifth plan, under which bondholders and preferred stockholders would...
...driving President Malcom McLean, 40, who built his company up from a secondhand dump truck, has already bought the S.C. Loveland shipping company for its franchise rights to operate coastal routes, is negotiating a $24 million contract with Bethlehem Steel for four 6,000-ton trailer transports. With the ICC's blessing, McLean hopes to have his ships ready by late...
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...