Word: icc
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PIGGYBACK railroading, temporarily checked by an ICC order four weeks ago, now has the commission's O.K. Though truckers have complained about proposed rates of six railroads for carrying loaded trailers on flatcars, the ICC decided to give their new service a green light, while the rate discussion continues...
...mile run between New Haven and Boston last week, the New Haven's new president, Patrick B. McGinnis, who wooed stockholders with the promise of better passenger service, put on a demonstration of ACF's speedy train. With special ICC permission, the engineer disregarded the 60-m.p.h. speed limit on curves, went into the turns at 87 m.p.h. On the long straightaways, he pushed ACF's Talgo up to 102.8 m.p.h. and pulled into Boston in 150 minutes. Though it was a stop-and-start experimental run, the time was still ten minutes better than the best...
...Francisco last week, another big trucker was growing bigger. With ICC approval, Pacific Intermountain Express, whose $22 million volume in 1953 made it the West Coast's biggest trucker (ninth in the nation), wound up a deal to combine forces with Los Angeles' $18 million West Coast Fast Freight, Inc. Pacific Intermountain, which has just ordered $4,000,000 worth of new equipment, will pay Fast Freight's owners $3,270,000 and 60,000 shares of Pacific Intermountain stock, will then have a combined fleet of 2,642 tractors and trailers serving 25,000 Western...
...favor of Bob Young at the Central's annual meeting May 26. Last week New York Supreme Court Justice James B. McNally turned down the Central's plea for an injunction to block the Texans from voting the stock on the ground that the sale violated an ICC order. Unless the Central can find new legal objections, it looks as if the Texans will be able to vote the shares, which constitute about 12% of the total, and bring Young & Co.'s holdings to 1,300,000 shares...
...reorganization plans, Robert R. Young's Alleghany Corp. finally okayed a compromise worked out by MoPac Trustee Guy A. Thompson. Alleghany, which owns almost half of the old common, would get 5% or 10% of the road's voting stock under the new plan, depending on what ICC decides...