Word: gist
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Dates: during 1930-1939
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...preferred stock which carried a vote with every share. Through United States Electric Power Corp., a utility investment company organized by Harris, Forbes and its associates, the Harris, Forbes group had secured large holdings in Standard's common, but the Byllesby voting preferred still carried the control. The gist of the reorganization agreed to last week (subject to stockholders' ratification) was the retirement of the Byllesby voting preferred, leaving control of the directorate in the hands of the Harris, Forbes interests. Under this arrangement, Standard Power & Light, at present a subsidiary to Standard Gas & Electric, will become the parent company...