Word: icc
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Approved by ICC last week was a reorganization plan for the second major railroad to fall victim to depression-the 2,409-mile Wabash, in the courts since 1931 (the Seaboard has been in since 1930). The Wabash, known as "the road that starts nowhere and ends nowhere," has defaulted four times in 66 years, spent 22 of them in receivership. It lacks seaport and gateway terminals, depends on other lines to feed it about two-thirds of its business. But its straight-sweeping main line from Buffalo to Kansas City avoids the congestion at Chicago and St. Louis...
...Pennsylvania wanted the Wabash so badly it paid $63,041,549 for 49% of its stock in 1927-28, much of it to the late, great, foxy Leonor Fresnel Loree. The next year ICC came out with its "final'' consolidation plan. Instead of the four systems expected by the Eastern railroads (New York Central, Pennsylvania, Baltimore & Ohio, Chesapeake & Ohio-Erie-Nickel Plate), ICC proposed five-the fifth being a looping road-to-nowhere based on the Wabash and Seaboard. And instead of approving the Pennsy's expensive purchase, ICC began anti-trust proceedings...
Pennsy fought ICC in the courts, finally won. ICC also gave up its fifth-system dream. Last week's decision, if approved by the Federal court, will clear the way for full control of Wabash by Pennsy. Its $63,041,549 investment, along with other common stockholders', is wiped out by the reorganization plan,* but Pennsy can buy up all of the new common-stock issue for $7,626,872 ($12.75 a share). The Pennsylvania System, which already has 10,841 miles of road, will thus become 20% bigger, bestriding not only the East but the Mississippi...
...Chicago last month, ICC Chairman Joseph Eastman urged a group of shippers to help ease the railroads' burden by using trucks and barges wherever possible. A.A.R.'s Michael J. Gormley cracked back: "Let me say to you, Mr. Eastman, that we don't want you to relieve us of any business by the trucks or any other methods. The railroads ... are still in the game of looking for more business." But if the roads do find themselves 135,000 cars short this fall, trucks (of which the U.S. now has about 5,000,000) will...
...ICC Chairman Joe Eastman, addressing the National Association of Shippers Advisory Boards in Chicago, urged shippers to use the railroads as sparingly as possible. "If a barge will do the trick, use the barge," cried he, "if a truck will do the trick, use the truck...