Word: groesbeck
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...year of violent change for 63-year-old Boss Groesbeck. Its turning point was the Supreme Court's decision against Electric Bond & Share in its test case on the Public Utility Holding Company Act. Groesbeck saw the handwriting on the wall, quit beating his head against it. Promptly, Bond & Share registered with SEC. Holding company service subsidiaries had frequently been charged with bleeding operating companies. So Bond & Share forfeited all income (about $800,000 a year) from its management firm (Ebasco Services, Inc.), which began servicing the system's operating units at cost. Next, Groesbeck pulled...
...Three U. S. utility magnates, Floyd Carlisle (Niagara Hudson and Consolidated Edison) and Wendell Willkie (Commonwealth & Southern), are lawyers Only C. (for Clarence) E. (for Edward) Groesbeck (Electric Bond & Share) is an operating man, trained climbing poles instead of chasing commas. Hard-boiled Mr. Groesbeck, who goes his own way, is also different in another respect. He figures that the Administration has the money and the power, that there is more percentage in trading with the New Deal than in bucking it. Last week this notion of his began to pay dividends...
During this retreat Groesbeck was not thinking of winning victories. He was thinking of saving his army. All through the winter, as he shuttled back & forth between Washington and Manhattan, Groesbeck wondered how he could get out from under, how he could forestall public agencies from building competitive transmission lines to his customers' doors...
Last March, at annual sounding-off time, Groesbeck tossed out his idea. He said: ". . . The objectives of both Government and the utilities must be with the widest possible use of electric service at the lowest possible cost. . . . The achievement of this end and the solution of the existing problems of competition lie in ... the coordinated use of the existing generatmg and transmission facilities of both " Two months ago the New York Power Authority (planning exploitation of the St Lawrence Waterway, very close to former governor Franklin Roosevelt's heart) made its annual report. In presenting a copy of their...
...utility magnates and the Administration powers, was seen in various lights by the utility men. One said: "They wanted ballyhoo and we gave it to them." Chairman Floyd Carlisle of Consolidated Edison Co. would only say: "We are delighted to make the studies with the Government.'' Mr. Groesbeck declared: "The results of the meeting this morning afford an excellent demonstration of what can be accomplished when government and industry sit across the table in cooperation...