Word: hopsons
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John Isaac Mange is chairman and president of Associated Gas & Electric Co.. giant public utility system that has more security holders (190,000) than any utility except A. T. & T. and Cities Service. But the mainspring of the company is Howard Colwell Hopson, vice president and treasurer...
...Hopson does not believe in publicity and little has ever been written about him. Even were he as garrulous as man}7 a man of his stoutish build is apt to be, it is doubtful whether he would have much to tell of his life. He has no interest except business, and his business life has been a total immersion in figures. In 1922 he was given his present positions with A. G. & E. Before that he had done work for the Interstate Commerce Commission, had headed the Division of Capitalization in the New York Public Service Commission...
Associated Gas & Electric's progress has shown Mr. Hopson's deft accounting touches. Few in Wall Street except statisticians have ever mastered completely the complex A. G. & E. setup, yet Mr. Hopson is said to know off-hand every detail of its multitudinous preferred stocks and bonds and the issues of its subsidiary companies. He is the man who is thought to have worked towards one end recently: the substitution of A. G. & E. preferred stocks wherever possible in the place of subsidiaries' securities. Accomplishment of that end to a great degree has placed A. G. & E. in a stronger...
Last week A. G. & E. needed money. It had bank loans of $5,940,000 which it wished to pay and some $29,000,000 worth of maturities. To meet them Mr. Hopson offered no mortgage bonds but a special $40,000,000 issue of guaranteed bonds to mature in 1940. Wall Street, contemplating them, whooped with appreciation. Their nature showed Mr. Hopson's sharp accounting mind at its best...
...bond has a warrant entitling the owner to buy, from 1933-48, ten shares of common at $5 (current prices: $4). The bonds will be offered to A. G. & E. stockholders and bondholders. And this final detail caused the greatest part of Wall Street's whoop. For Mr. Hopson plans to go farther than anti-hoarding Col. Frank Knox with his baby bonds of $50 denomination. The A. G. & E. bonds, which can be paid for in three instalments, will be issued in denominations as low as $10, outdoing the babies of baby-bonds...