Word: icc
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...Interstate Commerce Commission, ordinarily a pretty lethargic outfit, loudly cried crisis a couple of weeks ago. There was such a severe shortage of plain railroad boxcars that the ICC felt it necessary to issue emergency orders in an attempt to get produce and products moving again...
...Rent Imprimatur. The Interstate Commerce Commission, well aware of the perennial boxcar shortages, has long fought the low-rental rules laid down by the Association of American Railroads' imprimatur. Indeed, a bill giving the ICC greater rate-setting leeway last year passed the Senate, now is stalled in the House. Still undaunted, the ICC ordered that all railroads receiving boxcars from the Great Northern or the Northern Pacific promptly unload them and return them to their corporate owners within 24 hours. If the receiving rail lines ignore this order, the ICC will probably have to go into the courts...
...ninth and final ICC hearing is scheduled for January 31 in Washington (there is one in Boston on January 17). Chances are considered fair to good that the New Haven's application will be approved, providing the railroad with an ultimatum that the states can no longer afford to ignore. Relieved of any legal obligation to provide an unprofitable service, the New Haven will be unmistakeably recognizable for what railroads in this country--although not in Europe--still are, a private enterprise. It would be surprising if bailing out the New Haven did not become a top priority issue...
...agreement with the Pennsy finally came in 1962, Central stockholders were assigned 1.3 shares of the new line, Pennsy stockholders only one. Advantageous though the delay was to Central, it has already cost, by conservative estimate, $240 million in potential savings-and will cost a lot more before the ICC makes its final decision, expected in early 1966. The ICC has on several occasions overruled Justice Department objections to approve rail mergers...
Ponderous Deliberations. Railroad men tend to blame lengthy merger proceedings on the ponderous deliberations of the ICC and the federal courts, a process that can take upwards of five years. In its defense, the ICC cites the enormous complications of amalgamation. ICC Commissioner Kenneth H. Tuggle points out that railroad mergers involve hundreds of millions of dollars and can determine the economic development of a region for decades to come. Says he: "It takes time to listen to the grain people, the milling companies, the commuters, the mayors of cities, the Governors...