▁British ▁stock hold ers ▁of ▁the ▁C & M V , ▁even ▁though ▁income ▁from ▁the ▁line ▁had ▁fallen ▁far ▁below ▁that . ▁Er ie ▁officials ▁learned ▁that ▁the ▁stock hold ers , ▁many ▁of ▁whom ▁needed ▁c ash ▁to ▁help ▁them ▁get ▁through ▁the ▁de pression , ▁would ▁be ▁willing ▁to ▁sell . ▁The ▁Er ie ▁needed ▁a ▁loan ▁to ▁pay ▁for ▁the ▁transactions . ▁It ▁approached ▁the ▁Re const ruction ▁Fin ance ▁Corporation , ▁which ▁in ▁mid - Oct ober ▁ 1 9 3 9 ▁approved ▁the ▁loan . ▁The ▁Inter state ▁Com merce ▁Commission ▁( IC C ) ▁approved ▁the ▁$ 7 . 9 ▁million ▁($ ▁in ▁ ▁dollars ) ▁purchase ▁on ▁November ▁ 1 6 . ▁ ▁This ▁left ▁only ▁the ▁N yp ano ▁( the ▁C & M V ' s ▁le ase - holder ) ▁and ▁the ▁C & M V ' s ▁bond hold ers ▁as ▁the ▁only ▁obst acle ▁to ▁the ▁Er ie ' s ▁complete ▁ownership ▁of ▁the ▁Cleveland ▁and ▁Mah oning ▁Valley ▁Rail road . ▁In ▁ 1 9 4 1 , ▁the ▁Er ie ▁sought ▁appro val ▁from ▁the ▁I CC ▁to ▁sell ▁$ 1 8 ▁million ▁($ ▁in ▁ ▁dollars ) ▁in ▁b onds . ▁This ▁would ▁allow ▁the ▁Er ie ▁to ▁purchase ▁the ▁N yp ano ▁and ▁pay ▁off ▁the ▁C & M V ' s ▁existing ▁b onds . ▁The ▁I CC ▁approved ▁the ▁bond ▁sale ▁on ▁September ▁ 1 5 , ▁ 1 9 4 1 , ▁and