Word: bonding
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Dates: during 1930-1939
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Last week when Norman C. Norman turned up at the Electric Bond & Share stockholders' meeting, it was obvious there would be more news than just a reading of the annual report. Nothing happened until after Chairman Clarence Edward Groesbeck had given an accounting of his 1935 stewardship. Then Stockholder Herbert Claiborne Pell proposed that the corporation make no effort to influence public opinion against the Public Utility Act of 1935. Stockholder Pell, onetime (1921-26) Democratic State Chairman for New York and onetime (1919-21) U. S. Representative, argued that the more the company protested against Government interference...
...first taste of publicity when he held out against the NRA jewelry code, refused to pay a $100 assessment for code administration, sought to go to Washington, make a test case. Next he demanded that Baltimore & Ohio Railroad pay him $39.10 in Roosevelt dollars on a $1,000 gold bond, instead of the $22.50 interest the company offered. This time he did make a test case. got his name and picture in the papers throughout the country as the U. S. Supreme Court pondered the "Gold Clause" (TIME, Jan. 21). Later he vainly tried to prevent Republic Steel Corp. from...
...holding company makes a better target for the Utility Act than Electric Bond & Share. Through five large intermediate holding companies it controls operating companies which supply electricity and natural gas to 4,800 U. S. and 900 foreign communities. It is up to its ears in the business of managing, financing, otherwise serving its subsidiaries. In 1928 almost half its income came from service fees, and, though the proportion has dwindled since Depression, the shrinkage came through no will of the parent company. There is nothing shaky about Bond & Share. It owes no money...
Chairman Groesbeck said little last week about the Public Utility Act, except that he did not see how his company could meet the provisions of Section 11.* Neither did he say much about Electric Bond & Share. He spoke of its operating companies, their health and prosperity. In the last year, and in the U. S. alone, they got 75,500 new customers for electricity, 17,900 new customers for gas. For the week ending Sept. 26, 1935, an electric output of 215,000,000 kilowatt hours marked an all-time peak for the system. Domestic gross...
...despite these encouraging statistics. Electric Bond & Share itself made only $9,264,973-hardly more than enough to cover its preferred dividend and poorest profit year of the entire Depression period...