Word: allers
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When President Howard Aller of American Power & Light Co. recently decided to sell one of American's subsidiaries, the Washington Water Power Co., to three Public Utility Districts, he thought the deal was all settled (TIME, Jan. 14). But he reckoned without American Power's directors. A majority of them protested the sale after stockholders opposed it before the SEC. The directors took the position that the Washington Water Power stock, which American Power must get rid of under the Public Utilities Holding Company Act, should not be sold to the P.U.D.s, but distributed to American Power...
Faced with this ultimatum, Aller gave in last week. Announced the board of directors: the sale of Washington Water Power to the P.U.D.s is off. Instead, the stock will be distributed to American Power stockholders, and Washington Water Power will remain in private hands. The reversal was a signal victory for Washington Water Power's President Kinsey Robinson, who had opposed the sale right along. And it was the first big victory in years that private power has won in the Northwest...
Like the Tune. Hardly had Aller time to snort "ridiculous" before irate Nebraskans rose up to smack down Democrat Boren. The sale price of Nebraska Power, said the Omaha Committee, was set after months of negotiations, valuations by two private firms. Since the sale, the Committee has paid off $600,000 on the purchase. It hopes to save another $324,000 yearly by calling in the $7,452,300 in preferred stock, which pays dividends of 6% and 7%, replace it with bonds paying 2½% interest. Committeemen were sure that Boren had been needled into his blast...
...Fiddler. The swindle, said Boren, consists in selling utilities at inflated prices to cities which want to own their own. A prime example: sale of Nebraska Power Co., a subsidiary of American Power, to a citizen's committee of Omaha by Promoter Myers and Aller (TIME, Jan. 8). As part of the deal, Boren said that the Omaha Electric Committee "deliberately" paid $14,400,000 for "stock that cost the American Power $815,000," and whose earning power "might possibly justify a price...
...Committee set the pattern for 'Swindle, Inc.' Aller's company received three times the rightful price. . . . Aller and his pal, Flash, are cooking up even more ambitious deals ... in Seattle, Portland, Ore., Spokane. . . . Louisville [is] listed on the bankers' books. Some of the blue chip banking outfits of the country are involved: Blyth & Co., Nuveen & Co., First Boston, Dillon, Read and others...