Word: icc
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...answer came last week as the Interstate Commerce Commission heard final arguments in Washington about the Penn-Central union. The Justice Department, which believes that the merger would create an unhealthy monopoly, asked the ICC to reject the proposal completely or, at the very least, to delay it for 18 months. Three smaller railroads, which would be left out of the merger, pleaded for a similar delay, complaining bitterly that an early marriage of the two goliaths would ruin their own bargaining attempts to join up with the Norfolk & Western...
...approval not only of the five little lines (most of which consider the offered price too low) but also of the Interstate Commerce Commission, whose deliberation may well take three years. The Pennsy and New York Central, though so far insisting that the proposed union only makes the expected ICC approval of their own merger more urgent than ever, may yet file objections. They stand to lose traffic to the other giant...
...plain fact is that the 13 struggling Eastern railroads can no longer survive without consolidation. Recognizing this, the ICC has already allowed the merger of the Chesapeake & Ohio with the Baltimore & Ohio, the Norfolk & Western with the Wabash and Nickel Plate. Even the bankrupt New Haven has found a partner. Two days after last week's Penn-Central finding, in accordance with the examiners' recommendation, the two roads agreed to take over the New Haven's red-ink freight business for $140 million in stock, bonds and cash. They want no part of its commuter business, which...
...million on its $733 million in revenues were 21 times those of 1963, largely because the Central has cut its debt by $256 million since 1957 and thus shaved its interest and service charges by $7,000,000. Nonetheless, single-year totals can be misleading, as the ICC examiners took pains to make clear. They found that over the last decade the Pennsy's return on invested capital had been a meager 1.28% and the Central's 1.84%-against 10.5% for mining and 7% for metal producers. The railroads' combined operating losses for the same period...
...Pennsy and Central are so sure that they will win ICC approval within a year or so that they have already begun to carry out major joint projects. Along with scheduling layoffs, they have altered 1,514 diesel locomotives so that those of each line will be able to couple electrically with those of the other. They have plans under way to alter freight yards, lay necessary connecting tracks and mesh services at major passenger stations. Few of the plans involve improvements in service for hapless passengers. The only solution there, as far as most railroadmen are concerned...