Word: hopson
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Dates: during 1930-1939
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...Washington, SEC last week accused Associated Gas & Electric Co.-company of Howard Hopson, roly-poly bad boy of utilitarians-of deceiving the public by whopping accounting errors...
...more than a month Wall Street and Washington have heard that roly-poly Howard Hopson, kingpin of $1,038,000,000 Associated Gas & Electric Co., was so ill he was under an oxygen tent. Since Mr. Hopson has often been "ill" when the Government wanted him for hearings and investigations of his fabulous operations, many a cynic wondered whether the utility magnate's latest indisposition was a portent of further trouble...
This blast from quiet Senator Fred Her bert Brown of New Hampshire played its part in persuading Congress to pass the Public Utility Holding Company Act of 1935 ("death sentence"). Howard Hopson, lying low ever since he was spanked by the Black investigation for lobbying against the Act, has left to his more conventional brethren in utilities the job of fighting the death sentence. Last week that fight was apparently over. Having battled unavailingly up to the Supreme Court, all the major utilities submitted plans for slicing themselves up in accord with the death sentence. For the occasion it pleased...
With $900,000,000 worth of properties scattered from Staten Island to the Philippines and owned through a maze of 172 companies capped by Associated Gas & Electric, Mr. Hopson's problem was as tough as any. For all these 172 companies, the law allows Mr. Hopson only two corporate baskets, and all actual operating properties must be grouped in two geographic chunks...
...consisting of power properties in New York, Connecticut, Pennsylvania, New Jersey, Maryland, Virginia, Delaware and West Virginia; the other in the Carolinas, Georgia, Florida, Kentucky and Tennes see. The first "system" is already, as required by law, almost entirely "integrated" geographically, the second obviously cannot be. For this the Hopson lawyers had an "out" which will doubtless give SEC pause- they maintained that since each subsidiary was wholly located in a single State or adjoining States, the plan met the provisions...