Word: mcninch
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Fortnight ago at the annual convention of the Investment Bankers Association of America, Frank R. McNinch, former chairman of the Federal Power Commission, argued that the New Deal's power policy had proven fair and constructive because "the power industry showed a record of the greatest production and consumption in its history for the year ended July 31, 1937." To that the I. B. A. delegates, whose prime interest in power is selling power securities, retorted: The New Deal's attitude had held up some $3,200,000,000 of private utility spending for needed expansion-money which...
...retiring I.B.A. President Edward B. Hall declared last week, "the immediate outlook for new capital financing is discouraging." To make it less so, the I.B.A. decided, is up to the Government. Though SECommissioner George C. Mathews cordially asked for co-operation and Chairman Frank R. McNinch of the Federal Communications Commission emphasized the orthodox New Deal point of view that business regulation is inevitable, the assembled bankers unanimously agreed with President Hall when he accused the undistributed profits tax and the capital gains tax of being the major hurdles in the path of future financing volume. Said he: "Something could...
...When able 64-year-old Frank Ramsay McNinch was appointed temporary chairman of the Federal Communications Commission last August (TIME, Aug. 30), told to set it in good order, observers who knew McNinch wondered how long it would be before feathers began to fly. Last week they flew. As organized heretofore, the FCC consisted of three principal departments-Telephone, Telegraph and Broadcast, each with its own $7,000-a-year director. In Washington last week, Chairman McNinch announced that henceforth the seven-man commission would function as a single unit. Said he: "It is a cause of regret...
...Republican Irvin Stewart for a full seven-year term was Commander Tunis Augustus MacDonough Craven, a 44-year-old Annapolis graduate who has been the Commission's Chief Engineer for two years. To replace Chairman Anning S. Prall, who died last July, the President temporarily transferred Frank Ramsay McNinch from the chairmanship of the Federal Power Commission. Able, sharp-faced Mr. McNinch, 64, twice mayor of Charlotte, N. C., is a close adviser of the President on power questions. He promptly announced that he knew nothing about the F. C. C. except what he reads in the papers. Last...
...Preston Arkwright, Hartford Electric's Samuel Ferguson, General Electric's Owen D. Young, J. P. Morgan's Thomas Lament, to discuss Government and Business joining in a power pool. With TVA's Arthur Morgan and David Lilienthal, Federal Power Commission's Frank R. McNinch and other officials they talked for 90 minutes in the President's office. Only report of the conference was a cautious joint statement by Messrs. Willkie and McNinch which committed neither side to anything but further discussion, suggested that meantime TVA and Commonwealth & Southern might agree to extend their current...