Word: icc
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...answer to the railroads' problems is the merger. Since 1959, the Interstate Commerce Commission has authorized 18 railroad mergers involving 34 lines, is now considering another nine requests. Last week, in the biggest and most significant such case to date, two ICC examiners recommended joining the Pennsylvania Railroad, the nation's largest, and the New York Central, its third largest. The recommendation, which came after 14 months of hearings in 18 cities and testimony from 450 witnesses, must be approved by the full eleven-member ICC board; the odds are in favor of approval...
Heineman is already looking beyond creation of the Milwaukee & North Western. He is fighting the Union Pacific for control of the Rock Island, is awaiting ICC approval of his recent acquisition of the Chicago Great Western. His goal: a 30,000-mile railroad that would stretch from Lake Superior to the Gulf of Mexico and from Chicago to the Pacific Ocean. Such a road would be second in mileage only to the Soviet Union's state-owned, 79,000-mile system...
...saving sickly lines is merger with more prosperous, freight-heavy carriers. Lately the Interstate Commerce Commission has taken a more lenient attitude toward mergers, approving in July one of the greatest rail linkups in U.S. history-the Norfolk & Western's absorption of five other lines. Now the ICC is considering 13 railroad mergers. The biggest deal by far would...
Pennsy and the New York Central. Federal officials have been dropping hints that the long-sought merger will get approval if the two lines agree to take in the New Haven as well. An ICC examiner is expected to hand down a preliminary ruling on the merger this month, and railroaders expect the ruling to give the green light to the Pennsy-Central...
...full ICC must rule on the merger, and a decision will probably take about a year. The merger has been opposed by the Justice Department (though ICC decisions are immune from antitrust prosecution), by several states and by some stockholders, but the recent record shows that the ICC usually follows its examiners' recommendations. It has approved six other rail mergers in the last five years and rejected none, seems wisely determined to regroup competition-pressed U.S. roads into a hardier handful of regional superroads...