Word: centralization
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Dates: during 1930-1939
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Well into its second year is SEC's investment trust investigation, the specimen under the microscope last week being Harrison Williams' Central States Electric Corp. (see below). SEC's findings to date have not been precisely flattering to investment trust management-which was not surprising in view of the fact that the investigation's prime purpose was to find out why investors lost upwards of $5,000,000,000 in investment trust securities during Depression. But in 1936 the trust managers demonstrated that they had learned a lot since they took off with ceiling zero...
...enough of Elyria, sold out, headed for the cold shadows of Wall Street to begin his real career. In 1906 he took a hand in splicing a group of Midwest and Southern utilities into American Gas & Electric Co., six years later formed a higher and bigger holding company. Central States Electric, which eventually got working control of Great North American Co. (TIME...
...common phenomenon of holding company set-ups that each company on top goes a little faster than the one underneath." Phenomenal indeed was Mr. Williams' observance of this principle. By 1924 he had spent $2,072,000 to increase his holdings to 104,671 of Central States' 109,038 outstanding common shares, a 96% interest and complete voting control. As shares in the utilities at the base of his pyramid rose, the shares in companies above them rose a little faster. On the super-top holding companies the effect of this multiplying leverage was prodigious. Central States stock...
...yacht, the Warrior; his houses, his leisure for travels almost as continuous as those of his wife, his interest in oceanography which led him to help finance William Beebe's voyages to the Sargasso Sea. From 1929 to 1931 he sold down to a 51% interest in Central States, got between $27,000,000 and $28,000,000 for his stock. Of this, he told Attorney Smith last week, he lost $7,000,000 in North American Co. stock trades, paid $4,756,317 in income tax and loaned $3,000,000 to Central States...
...Central Alaska last week came an exciting story. The Black Rapids Glacier, long dying in its valley 125 miles south of Fairbanks, had come to life. Its mile-and-a-quarter face was shoving toward the Delta River and the Richardson Highway (sole motor road from Fairbanks to the coast), rearing ice crests to 500 ft., breaking off great land icebergs which tumbled thunderously ahead onto the mossy valley floor...