Word: hopson
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Dates: during 1940-1949
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Since heart disease retired Howard Hopson, many a public agency has sat up nights trying to trace his transactions among A.G.& E.'s 18 holding companies, its 154 operating units...
Through the malodorous mazes of the Associated Gas & Electric system now in reorganization (TIME, March 4) one man used to walk with a sure foot-moonfaced Howard C. Hopson, who put it together, kept the diagram under his fedora...
...Commission gravely looked over expense accounts which included such items as a 10? bone for an unidentified dog, other amounts for garters, suspenders, socks, flowers. Last week the New York Public Service Commission had another list, dug up by one of its exploring accountants. Examples: $410 for photographs (of Hopson), $956 for liquor, $337 for cigars, $1,218 for fruit, $49.50 for a bowl to put it in. An item reflecting the high cost of living away from home: $125 to install a $68.85 radio in a hotel room...
...boom-inflated U. S. utility holding companies, the most preposterous was not Howard Hopson's Associated Gas & Electric (TIME, March 4) but a smaller pyramid in which Hoppy once had a large voting interest. This was the $400,000,000 fantasy called Utilities Power & Light Corp., put together by a Chicago Christian Scientist and Shakespeare devotee, Harley Lyman Clarke. Crueler than death has been the fate of ex-tycoon Clarke: by 1938 his own lawyer officially admitted he was too poor to be sued. Unlike Hopson (who built up good operating utilities on the theory that fat cows give...
...Corp., put around $4,000,000 into U. P. & L. debentures, the next year sold the English assets over Clarke's opposition, won for Atlas a sweet paper profit, bought more bonds. In January 1937 U. P. & L. went into the courts under 77B, Clarke's and Hopson's common stock lost control, ended by being wiped out. Odlum, who went on buying, finally held 64% of the bonds outstanding (cost to Atlas: $18,000,000), was in the driver's seat for the reorganization. Calculating that he could-make the bonds...