Word: bond
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Dates: during 1930-1939
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...throughout the State. Last year, Guntersville citizens, having decided they wanted TVA power, authorized Mayor E. H. Couch and City Attorney C. D. Scruggs to try to buy out Alabama Power's local distributing plant. The company would not sell. Messrs. Couch and Scruggs floated a $130,000 bond issue, broke ground for a municipal plant to distribute TVA power. The company, in turn, announced in a newspaper ad that it had "no plans for discontinuing its service...
...just as set on its course. Although the city's rates are average for systems supplied by TVA (75? for 25 kilowatt-hours a month), 30% lower than Alabama Power's, Mayor Couch was sure that profits from the new plant would be sufficient to retire the bond issue. He claimed about 95% of the company's 800 customers were switching over -everybody except its stockholders and employes...
...long ago as 1934. National Power, an Electric Bond & Share affiliate, agreed to sell its Knoxville subsidiary, Tennessee Public Service Co. But fixing the price was no simple matter. Mr. Mynatt's first offer was $5,250,000; National Power turned it down. But Mr. Mynatt meant business. With a $3,225,000 bond issue and a PWTA loan, he started building a municipal power plant. National Power accepted the next offer-$6,000,000; Mr. Mynatt promptly stopped work on his plant. This time National Power's preferred stockholders thought the price was too low. Mr. Mynatt...
Note. Broker Paul Shields, pleased with his success in being "the man behind" the reform of the New York Stock Exchange (see p. 51), several weeks ago set out to do as much for the utilities. He invited Wendell Willkie, Chairman C. E. Groesbeck of Electric Bond & Share and President James F. Fogarty of North American Co. to lunch, proposed that a neutral board of tycoons act as umpires in the battle against the Holding Company Act. Wendell Willkie objected and there was something of a row. The utility magnates wound up by having a conference with SEC Chairman William...
Commented the New York Times: "Not in about ten months has there been a more imposing total of new bond issues in the offing...