Word: hopson
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...turn of the year Howard Colwell Hopson. dominant figure in Associated Gas & Electric Co., found himself in a tight fix. During the next twelve months he faced $42,000,000 of bond and note maturities. Failure to refund or pay off any of them would send one or more of its multitudinous subsidiaries toppling into the hands of receivers, might pull down the parent company. A sharp accountant with a salesman's slant, Mr. Hopson proceeded to pull many a rabbit from his fecund hat. Though Wall Street has long ceased to be astonished at the complex securities...
During the process shrewd, paunchy Mr. Hopson lost only one property, Rochester Gas & Electric, long coveted by Floyd Leslie Carlisle's Niagara Hudson Power Corp., and lost only voting control of that (TIME, July 25). To reimburse the banks which had financed its purchase by a group of Rochester business men, an $8,500,000 bond issue is contemplated. Though the New York Public Service Commission lashed Mr. Hopson for "milking" Staten Island Edison and refused to sanction the sale of $8,500,000 long-term bonds to pay off notes, he promptly offered to exchange the notes...
Other steps taken by Mr. Hopson to pull himself out of his fix: 1) as with Staten Island Edison, offering to exchange new bonds for those falling due; 2) borrowing $3.500,000 last week from a group headed by Chase Harris Forbes and Halsey, Stuart & Co. to pay off holders who turned down his offers; 3) starting an intensive campaign to sell strong mortgage bonds of his operating subsidiaries to his customers and his security holders...
Quick to attempt to cash in on the brisker bond market last week was Howard Colwell Hopson, dominating figure in Associated Gas & Electric Co., who surprised his bankers last spring when he offered a "baby bond" issue just as the U. S. was selling "baby bonds" to combat hoarding (TIME, March 7). Not selling many baby bonds, not exchanging all of its new 364-day Staten Island Edison notes for maturing old ones (TIME, June 20), Mr. Hopson has lately been in a tight fix. His company must raise $18,556,000 to meet early bond maturities. Last week...
...Busy Mr. Hopson was also bothered last week by a receivership suit against General Gas & Electric, a $129,000,000-in-assets affiliate of A. G. & E., and by a plea made by minority stockholders in Metropolitan Edison Co. that the Pennsylvania Public Service Commission investigate its financial structure and transactions with A. G. & E. Last week's bond-selling came on the heels of a long, substantial rally in bonds which carried the Dow-Jones averages from 65.78 on June 1 to 71.37 last week. It was on June 3 that a group of powerful Manhattan bankers, under...