Word: law
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Dates: during 1930-1939
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Married. Sally Poor Clark, 18, night-club-singing sister-in-law of John Aspinwall Roosevelt; and George Xavier McLanahan, 25, socialite; in Boston. John Roosevelt was one of 16 ushers...
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...
...would: 1) eliminate 112 companies; 2) juggle its properties into two "systems"-one 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...
...went on to say that it would sell or exchange 24 operating companies farther west, if SEC insisted, but would retain its Philippine properties as beyond the scope of the law. Ably playing to the hilt the new role of reformed penitent, the company announced: "While the changes . . . are of a sweeping character, obedience to the law, and a loyal respect for public opinion, demand that the task be performed in the best of faith...
After a brief career as a bond salesman in Baltimore a smart young man named Wallace Groves went to Washington in the early 1930s, entered Georgetown University law school. He had a brother in the small-loan business in Baltimore and a sister with some money. Soon Wallace Groves had small-loan companies scattered about the District of Columbia, nearby Virginia and Maryland. In 1931, having merged his companies with a Chicago concern, he sold out, decided to try his hand in Wall Street...