Word: groesbeck
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...Nashville, Tenn. and President Pat Neff of Baylor University, Waco, onetime Governor of Texas. Governor Eugene Black of the Atlanta Federal Reserve Bank, now the President's official "liaison officer" between the Administration and the bankers, was there to drawl his endless funny stories. Board Chairman Clarence Edward Groesbeck of Electric Bond & Share went down from Manhattan. An old friend, he controls the utility companies of which Mr. Couch is president. Charles Peter ("Pete") Couch, the host's brother, brought more utility men from Shreveport, La. Most of the guests were already settled before Owen D. Young...
Last week T. V. A. Director David E. Lilienthal published his correspondence with Bond & Share's Chairman Groesbeck. Mr. Lilienthal had offered $5,250,000 for Mr. Groesbeck's Knoxville Electric properties. This Mr. Groesbeck flatly refused, declaring: "Entirely aside from its adequacy, the offer will not pay off the bonds. . . . The company is not a willing seller and if the Federal Government desires to have its agencies serve the area ... it should in all fairness return to investors the money which they have invested...
...Lilienthal replied that he did not like Mr. Groesbeck's attitude. Nevertheless he upped his offer $1,300,000 on condition that Mr. Groesbeck throw in an important transmission line, gave him until this week to take it or leave it. Admitting that investors deserved a break, Mr. Lilienthal tartly observed: "You refer to the activities of the T. V. A. ... and P. W. A. very much as if those two agencies were outside interests plotting the destruction of your business. You seem to forget that both ... are instrumentalities of the people of the United States." If Mr. Groesbeck...
...past two years Utilitarian Mitchell, now 71, has been in ill health, and it was this that he gave last week as his reason for retiring. He announced that he would soon sever all business connections including directorships in some 35 companies. Clarence Edward Groesbeck, his president, was picked to succeed him. And for Chairman Groesbeck the job will not be easy, for Bond & Share's four big affiliated holding companies, American Power & Light, National Power & Light, Electric Power & Light, American Gas & Electric, must deal with a louder demand for rate reductions than ever reached Chairman Mitchell...
...chosen to head it. He was Earle Bailie, who abandoned a promising law career in 1919 to enter finance and proved his astuteness so quickly in 1923 he was made a Seligman partner. The Tri-Continental directorship includes such important "outsiders" as Albert Henry Wiggin and Clarence Edward Groesbeck, president of Electric Bond & Share, but its management is distinctly from within. Its research staff is large and skilled, and Mr. Bailie places great faith in the "field trips" which his men take to survey business throughout the U. S. at first hand. TriContinental takes great pride in being the first...