Word: groesbeck
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...utility industry it has lately become apparent that the New Deal handwriting is on the wall. Last month legalistic skirmishings ended when Chairman C. E. Groesbeck of Electric Bond & Share agreed to file integration plans in keeping with the holding company ''death sentence'' (TIME, Oct. 24). Last week the industry poked a hole in the dam that has held back some $3,000,000,000 worth of replacements and expansions in the last two years. On the face-saving excuse that the utilities must be geared for national defense, 16 potent utility financiers on the National...
Note. Broker Paul Shields, pleased with his success in being "the man behind" the reform of the New York Stock Exchange (see p. 51), several weeks ago set out to do as much for the utilities. He invited Wendell Willkie, Chairman C. E. Groesbeck of Electric Bond & Share and President James F. Fogarty of North American Co. to lunch, proposed that a neutral board of tycoons act as umpires in the battle against the Holding Company Act. Wendell Willkie objected and there was something of a row. The utility magnates wound up by having a conference with SEC Chairman William...
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...
...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...
...Groesbeck did make one reference to clouded horizons. He said that the Social Security Act would cost the Electric Bond & Share system $2,200,000 in 1938 and $3.200.000 in 1949-"if we are permitted to live that long...