Word: icc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...ICC's 8-to-3 decision cheered most other Eastern railroad chiefs, who are pushing merger schemes of their own, all designed to cut costs by eliminating overlapping lines, yards, offices and work forces. "This is a great forward step." said Chairman James M. Symes of the Pennsylvania, which is driving toward merger with the New York Central. Stuart Saunders, president of the moneymaking Norfolk & Western, which is cooking up a merger with the Nickel Plate, said he was "very much encouraged...
...over a threat from the nation's railroads, which whenever they run parallel to barge traffic are required by federal law to charge 6% more for freight than the barges. Arguing that federal maintenance of the waterways amounts to a subsidy to barge operators, the railroads have asked ICC permission to match barge prices on bulk shipment...
Several proposals now before the ICC would bring together relatively strong lines hoping to protect their health. The natural impulse among the railroads-weak and strong alike-is to create a series of big regional groupings. The lineup...
East. Next week the ICC will begin hearings on a merger that would form the country's largest transportation company, with assets of $4.2 billion. The 9,867-mile PENNSYLVANIA RAILROAD and the 10,264-mile NEW YORK CENTRAL have a compelling plea: each is losing money. But combined, they figure to cut 7,800 jobs and save $75 million a year. The ICC, which moves slower than freight, will take about two years to decide on that application. But two other Eastern mergers are likely to get the ICC's green light within the next year...
...lease the WABASH to form a 7,400-mile superfreight line with routes west into Missouri and north into Canada. The N. & W. proposal awaits an examiner's report; the C & O bid has won an examiner's approval. The final word is up to the ICC commissioners...