Word: edisonizing
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...blindly down the road to ruin. He built his tower of stock certificates so high that it cracked and crumbled. Bidding against Eaton. Insull's holding companies paid not only regular 1929 prices, but battle prices for the shares of his operating companies-$384 a share for Commonwealth Edison, $296 a share for Peoples' Gas. Then came the crash. Eaton backed off without control but Samuel Insull had not won. A good part of his fortune had disappeared in the fight. The rest disappeared in trying to keep his fantastic holding companies from tumbling. He had wrecked...
...holdings, resign the chairmanship of Katy. Last week his successor, Board Chairman & President Michael Harrison Cahill, also resigned, for personal reasons (wife's illness). Katy directors left the presidency vacant, elected as chairman bold, shrewd Matthew Scott Sloan who abruptly resigned from the presidency of New York Edison Co. in 1932. "Matt" Sloan, whose first job was removing dead bugs from street lamps and who was not above inspecting ash pits when he reached the top (see cut), was still a major executive without an executive post when he went on Katy's board of directors last year...
Among 19 officials indicted last year in the investigation of the bankrupt Insull holding company, Corporation Securities Co., was Edward J. Doyle, president of Commonwealth Edison Co. Believing that his indictment might "be considered by some Edison Company stockholders as detrimental to their interests," President Doyle last week resigned. The Board accepted his resignation, but voted its confidence in him by putting him back in office. He will perform the duties of president without official title. The position of president will remain vacant...
There's a light tonight that's shining-It's his light so bright that's shining-O'er the land of the free, And the lands o'er the sea, Oh he lights the way-Mister Thomas A.-Edison miracle...
Awarded. To Arthur Edwin Kennelly, 72, Harvard and M. I. T. professor of electrical engineering famed for his pioneer description of the Kennelly-Heaviside layer (ionosphere in the upper atmosphere which presumably reflects radio waves): the Edison Medal, top electrical engineering award; by the American Institute of Electrical Engineers, in Manhattan...