Word: icc
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RAILROAD-GOUGING complaint by the Government, charging that 700 U.S. roads overcharged the U.S. as much as $3 billion for military shipments during World War II, has been thrown out by a unanimous ruling of the eleven-man Interstate Commerce Commission. The ICC ruled that all rate agreements were legally made before authorized agencies and, further, that charges were actually considerably lower than comparable civilian rates at the time...
RAILROAD MERGER between the New York, New Haven & Hartford and the Boston & Maine will be the subject of an ICC investigation if Massachusetts' Senators Leverett Saltonstall and John Kennedy have their way. They have sent ICC a letter stating that the merger may come about within 45 days through purchase of large blocks of B. & M. stock by the New Haven interests. The Senators want the ICC to hold hearings on the merger...
...reorganization (TIME, May 24). Last week a federal judge in St. Louis approved the compromise, directed bondholders, preferred and common stockholders to vote on it. But even after the tally is completed and MoPac is reorganized, Young still cannot vote his new shares. They must go into trusteeship, since ICC regulations bar him from voting stock in a competing railroad...
...changed until after a hearing and a finding [by the Interstate Commerce Commission]. Such a state suspension of interstate transportation . . . would conflict with the Federal Motor Carrier Act which is the supreme law of the land ..." The only thing a state may do, said the court, is appeal to ICC...
...many a state highway official knows that ponderous old ICC often takes years to act on anything. About all the states can do is slap on more fines, even though the truckers pay little attention to them. Most of them count fines as simply another routine cost of doing business...