Word: icc
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Before the Interstate Commerce Commission last week was a plan for the biggest railroad merger ever proposed. Three major Western roads, the Great Northern, the Northern Pacific, and the Chicago, Burlington & Quincy (98% owned by the G.N. and the N.P.), petitioned the ICC to allow them to merge into a single, vast new system to be called the Great Northern Pacific & Burlington. In addition, the short (936 miles) Spokane, Portland & Seattle Railway, built and wholly owned by the N.P. and the G.N., would be operated after the merger under a ten-year lease, presumably would then be absorbed...
...have tried to get together three times previously-in 1893, 1901 and 1930-but were blocked each time by antitrust laws or ICC rulings. Thanks to ICC's recent change of heart toward encouragement of railroad mergers, the new proposal seems to have a good chance...
Saving $43 Million. If ICC and stockholders approve, the lines are ready to begin merging within three months, estimate that within four years they will be saving through the integrated operations some $43 million before taxes-and be providing faster, more economical service. The ICC will receive statements next month from those who want to offer another side of the story...
After the conference, the case was recessed until the formal hearings begin in San Francisco, possibly this summer. On grounds of preserving competition, it looked as if the Santa Fe had the better chance of winning ICC's O.K., since it would cooperate with the Western to compete against the Southern Pacific. If ICC allowed the Southern Pacific to take over the Western, the northern California area would be left with a one-company rail system-just as it was 52 years ago, before the Western Pacific was built to break the Southern Pacific's monopoly...
...ICC put its okay on a new 4,700 mile rail network made up by merging the Minneapolis, St. Paul & Sault Ste. Marie (Soo Line) Railroad. Wisconsin Central, and Duluth, South Shore & Atlantic. All are subsidiaries of the Canadian Pacific Railway. The merger calls for formation of a new company to be called the Soo Line Railroad...