Business & Finance: Portent Approved

A onetime Rhodes scholar whose first big job was assistant to famed Criminal Lawyer Clarence Darrow in 1910, Charles D. Mahaffie was appointed to the Interstate Commerce Commission eight years ago. Since then he has been ICC's chief dissenter — notably on railroad reorganizations which, he said in 1936, "have not been sufficiently drastic." Last week, with Commissioner Mahaffie alone dissenting, ICC approved a reorganization plan as drastic as any ever devised for a major U.S. railroad. Under this plan, portentous for an industry snowed under by its bonded debt, Chicago Great Western Railroad's capitalization will be cut from $139,247,313 to...

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