Word: icc
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Dates: during 1950-1959
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...ICC, which polices U.S. railroads, had no jurisdiction over the intracity deal. But a Senate investigations subcommittee, meeting in executive session, heard allegations that Chairman Cross went out of his way to present himself to the railroads as a character witness on behalf of Bidder Keeshin. Also discussed was an alleged job offer by Keeshin to Cross, who admitted that he helped Keeshin but flatly denied that his motive was anything more than friendship...
Warren Lee Pierson, 58, succeeded Belgium's Camille Gutt as president of the International Chamber of Commerce. Globe-hopping board chairman of Trans World Airlines since 1947, Pierson has been an effective advocate of lower tariffs and reciprocal trade as head of the ICC's United States Council. He was a World War I artillery lieutenant in France, graduated from Harvard Law School in 1922, served the Government as RFC counsel (1933)) president of the Export-Import Bank (1936-44), and U.S. delegate to the 1951-52 conference on Germany's $6 billion foreign debt. As 17th...
...reward, he was named a B. & M. director. At an early meeting of the new board, McGinnis expects to be named president of the B. & M. If he is, he can count on trouble from the Interstate Commerce Commission. No one at the ICC could remember that the agency had ever let one man serve as chief executive of two major roads. Furthermore, the ICC last week started an investigation to determine if it should permit the McGinnis group even to control the B.& M. In a preliminary opinion, an ICC official held that McGinnis and friends are al ready...
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...
...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...