Word: icc
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...rising profits will continue to drop into the C. & N.W. pocket, where Heineman will undoubtedly put them to further use. "I have every expectation," says he, "that we will expand." Not the least promising expansion area is that old cyclical railroad business itself. The C. & N.W. already has ICC permission to merge with the smaller Chicago Great Western, and Heineman is dickering to include the Milwaukee Road and the Rock Island in his increasingly profitable network...
...Interstate Commerce Commission approved the historic merger of the Pennsylvania Railroad and the New York Central last year, only to see it tangled in legal challenges. Last week-a year later to the day-the ICC bestowed its blessing on a rail merger that it hopes will be consummated with minimum delay. Highballed to join on June 1 were the Chicago and North Western and the smaller Chicago Great Western, whose get-together could save the two lines $6,000,000 a year...
...ICC noted that the ailing Great Western's "limited traffic volume and capital" has prevented it from modernizing. By absorbing the line into the healthier North Western, that situation should be cured. The resulting line, retaining the name Chicago and North Western, would have 12,000 miles of track in eleven states. The merger would enable the two roads to discontinue several freight trains each and consolidate facilities at 28 points, including Chicago, Minneapolis-St. Paul and Des Moines. Not content with that, the North Western continues to hanker for control of both the Milwaukee Road and the Rock...
Unique & Flexible. The opinion was glumly received. Justice Abe Fortas, in an unusually strong dissent, praised the merger as "unique," applauded the ICC for "flexibility" in its approach to Eastern railroad problems, and criticized his colleagues for "a reversion to the days of judicial negation of governmental action in the economic sphere...
...part, the ICC was plainly worried. The commission has been trying to handle rail mergers one by one for the sake of speed and economy and Justice William Brennan, siding with the majority, wrote a strong opinion stating that it ought to go back to the old, laborious system of considering all regional mergers together. As for the railroads involved, they were, in the words of Pennsy Chairman Stuart Saunders, "disappointed but not disheartened." Though the Supreme Court spoke of a "very short delay," the complications it unraveled last week may well keep the merger hanging for two or three...