Word: icc
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Every mile has been bitterly contested. Incorporated in 1960 by businessmen in and around Odessa, the Permian Basin petitioned the ICC in 1963 for approval to begin construction. Backers argued that their road would provide vital services for farmers and merchants in lonely West Texas. They argued that the line would show profits in only five years by hauling grain, sugar beets, iron ore, oil, castor beans, peaches, potatoes and cotton to Odessa and Seagraves for transshipment to major markets...
Romance Lost. The department raised six major objections to the merger, most notably that the. ICC had not fully considered the anti-competitive aspects of the consolidation. Last week's unanimous court decision rejected all those objections. In a somewhat lyrical burst of prose, Federal Appeals Judge Charles Fahy took the occasion to lament: "The romance of railroad building is all but lost in the welter of data before us. The merger will bring about changes in vast enterprises that took over from the pony express, the stagecoach and the covered wagon...
...chooses to be stubborn, the Justice Department can still carry the case to the Supreme Court, provided it files an appeal by next week. Still pending before the ICC are eleven other consolidation proposals. They date all the way back...
Practical Reason. Aside from image, there is an eminently practical reason for restructuring the corporation. Under Interstate Commerce Commission regulations, a railroad can issue securities only for new ventures connected with railroading. Moreover, it needs ICC permission for just about every kind of venture it undertakes. A holding company that happens to have a railroad as a subsidiary is freer from ICC control. Thus, when the name change takes place, accompanied by an exchange of A.T. & S.F. stock for equal shares in Santa Fe Industries, the railroad will be merely a portion of the bigger company. Chairman and Chief Executive...
There is still considerable irony in one 1958 episode in which the North Vietnamese and Poles opposed the dissolution of the Laotian ICC. The ICC claimed its job was finished, but the Communists disagreed. They were afraid a more effective supervisory force--namely the new Laotian government--would replace...