HomeMy WebLinkAboutResolution No. 1848 /fir ;i 2
RESOLUTION NO .. /,l '`
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
SUPPORTING A MERGER OF THE CHICAGO, ROCK ISLAND AND
PACIFIC RAILROAD COMPANY INTO UNION PACIFIC RAILROAD
COMPANY
WHEREAS, this body has heretofore adopted a resolution in support of
both the application of Union Pacific Railroad Company for authority to merge
The Chicago, Rock Island and Pacific Railroad Company into Union Pacific
Railroad Company, pending before the Interstate Commerce Commission in Finance
Docket No. 23286, and the application of Southern Pacific Company for authority
to purchase from Union Pacific Railroad Company, in the event the foregoing
merger is authorized and consummated, the portion of the present lines of The
Chicago, Rock Island and Pacific Railroad Company, south and west of Kansas City,
which is pending before the Interstate Commerce Commission in Finance Docket
No. 23595; and
WHEREAS, there is also pending before the Interstate Commerce Commission in
Finance Docket No. 22688 a rival application of Chicago and North Western Railroad
Company for authority to acquire stock control of The Chicago, Rock Island and
Pacific Railroad Company, which does not contemplate the sale of the portion of
the lines of the latter railroad, south and west of Kansas City to Southern
Pacific Company; and
WHEREAS, Southern. Pacific Company has also petitioned the Interstate
Commerce Commission in Finance Docket No. 22688, requesting that the Commission
authorize it to purchase the portion of the present lines of The Chicago, Rock
Island and Pacific Railroad Company, south and west of Kansas City, in the event
the Commission ultimately approves the application of Chicago and North Western
Railroad Company to acquire stock control of Rock Island rather than the applica-
tion of Union. Pacific in Finance Docket No. 23286 to merge Rock Island into Union
Pacific; and
WHEREAS, the same reasons which moved this body to support Southern Pacific's
application in Finance Docket No. 23595 to purchase the southern portion of Rock
Island's lines from Union Pacific would also apply to Southern Pacific's petition
in Finance Docket 22688 to purchase the same portion of Rock Island's lines;
namely that such purchase, through elimination of interchange, would undoubtedly
result in improved and expedited through rail transportation service between .
points on the present lines of Southern. Pacific and points on the involved
southern portion of the present lines of Rock Island; would make available the
strong financial resources of Southern Pacific, which are greatly superior to
those of Rock Island, for the provision of necessary new capital to improve the
plant and car supply of Rock Island; and would thus be in the "public interest ";
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DOWNEY, AS
FOLLOWS:
SECTION 1. That purchase by Southern Pacific Company of the present lines
of The Chicago, Rock Island and Pacific Railroad Company, south and west of
Kansas City, in the event that the Commission should authorize the Chicago and
North Western Railway Company to control The Chicago, Rock Island and Pacific
Railroad Company, is approved, supported and sought by the undersigned body;
and that the appropriate officers of this body are hereby authorized and directed
to arrange for the filing of a copy of this resolution with the Interstate
Commerce Commission on behalf of this body, and if subsequently requested, to
furnish a witness at any hearing, in support of Southern Pacific Company's petition
for such purchase in Finance Docket No. 22688.
SECTION 2. The City Clerk shall certify to the adoption of this resolution.
APPROVED AND ADOPTED this 27th day of December,1966.
i
May.
ATTEST:
City ,lerk
27
I HEREBY CERTIFY that the foregoing resolution was adopted by the City
Council of the City of Downey at a regular meeting held thereof on the 27th
day of December, 1966, by the following vote:
AYES: Councilmen:'
`7
NOES: Councilmen:
ABSENT: Councilmen:
Cit y Clerk