Word: icc
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...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...
...Future? In ICC's Washington hearing room, Paul J. Neff, MoPac president and chief operating man for the road's court-appointed trustee, took the stand to answer the question. His answer: no. MoPac's net profit, he agreed, had hit $22 million last year, but this year it would be closer to $13 million. It would drop still more in the future, said Neff, as the business boom tapers off and Korean war shipments decline. As President Neff's damaging testimony continued, Bob Young held whispered conferences in the back of the hearing room with...
...companies, said Young, held only $20 million worth of MoPac bonds. Young's own cash investment is small; he acquired his MoPac stock when he and some friends bought Allegheny Corp. for $4,000,000. If the "New York Financial Group" has its way, said Young, and the ICC plan is accepted, holders of bonds worth $1,445 apiece would get only $158 in cash, $722 in fixed-interest bonds, and the rest in bonds bearing interest only if it is earned. Common stockholders would get nothing. Thompson, Young added, was siding with the bankers to put through this...
...till last week, Young had not seemed to be making much headway in his battle for the road. In the last vote on ICC's plan, the bondholders had heavily opposed him, were skeptical of his promises. But last week, there were signs of a shift. Word spread that MoPac bondholders had started buying MoPac common stock, just in case Young should...