Word: railroads
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Dates: during 1920-1929
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...Bostonian District Attorneys and a Federal District Attorney's assistant put the "age-old badger game on a big business basis." It cost disporting cinema tycoons $105,000 to hush up one party; $120,000 preserved the reputation of a famed tenor; $380,000 kept a New England railroad president's name unsullied...
...Before a railroad may build a new line, it must make application to its stern guardian, the Interstate Commerce Commission. The Commission may or may not look favorably on the petition of its ward. Last week for the first time the I.C.C., without waiting to be asked by a railroad, commanded the Union Pacific to build 185 miles of new line. This assumption that the Commission has positive as well as negative, executive as well as judicial power over the railroads of the land will probably be bitterly contested by the railroads...
...Union Pacific. The new line would connect Crane, Ore., on the Oregon Short Line (subsidiary of Union Pacific) with Crescent Lake, Ore., on the Southern Pacific. Its proponents declare that it will open up a potentially rich region in the foothills of the Cascade Mountains, while its railroad opponents see the new line as economically unsound. Cost of construction is estimated at $9,900,000. The fundamental principle involved?whether the I.C.C. can command as well as permit new railroad construction?will probably cause the Union Pacific to take the case into the courts. The Commission itself...
Cited by the Commission were two such holding companies: Alleghany Corp. controlled by the Van Sweringen interests (Nickel Plate, Erie, Pere Marquette. C. & O.) and Pennroad Corp., controlled under a voting trust by the president and two directors of the Pennsylvania Railroad...
Warned the Commission: "The Pennroad Co., by acquiring stock control of a railroad, can bring it under common control with the Pennsylvania without itself controlling or being controlled by the latter carrier as such. . . . Common control can be effected by a chain, one vital link in which is made up of the control exercised, directly or indirectly, over two or more corporations by individuals. . . . [This] may result in the suppression of competition...