Word: pauls
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Dates: during 1920-1929
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Less popular still was the attitude taken by the Interstate Commerce Commission toward a famed railroad which, in 1925, became so weak that it crashed with one of the loudest crashes in U. S. railroad history, the Chicago, Milwaukee & St. Paul. Last week, the Interstate Commerce Commission finally decided the St. Paul case. But the Commissioners greatly grudged their decision and protested, even in their majority report, that they had decided against their will...
...railroaders and to the public, this grudging was significant because the questions at issue in the St. Paul case were not questions of rates, rebates, wages, schedules, porter's uniforms or any other question about the actual operation of a railroad. The questions were: 1) The St. Paul having crashed, who was to blame? 2) In putting the St. Paul together again, how should it be done...
...thousands of far-flung security holders to consent to another new plan would have taken the I. C. C. another two or three years, perhaps. Meantime, the St. Paul's service would have continued to be an uncertainty instead of an enterprise. But if the I. C. C. could have assembled the St. Paul security-holders at once for an executive session, it would have pressed its objections to the plan engineered by suave Jerome J. Hanauer of Kuhn, Loeb & Co., and associates of the National City Co., and Robert T. Swaine of the potent Manhattan law-firm of Cravath...
...ratio of bonds to stocks in the reorganized company is too large. The stockholders, not the bondholders, are responsible for a company's directors; and through them, for its officers; and through them for its management. By the adopted reorganization, many a former St. Paul stockholder became a bondholder, i. e. a creditor instead of a partner. The Commissioners felt this feature tended against public interest...
...vote of the I. C. C. on the St. Paul's conversion was 7 to 4. What the vote constituted was approval of a court order made last spring permitting the St. Paul's receivers to put the railroad up at auction and ceremoniously sell it to a new corporation called the Chicago, Milwaukee, St. Paul & Pacific R. R., through Lawyer Swaine. Before the new company could operate, the I.C.C. would still have to approve its choice of directors...