Word: mellons
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Dates: during 1920-1929
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...Mellon-Controlled...
...quote from your issue of Sept. 23, at the top of p. 42: "United Gas Improvement and Public Service of New Jersey (its subsidiary) are both Mellon-controlled. . . ." The statements in this quotation are 100% erroneous. Public Service Corporation of New Jersey is not a subsidiary of the United Gas Improvement Company. It is true that the latter company has been for many years a substantial minority stockholders of Public Service-its proportion of voting strength at the present time amounting to 25.1%. Neither the United Gas Improvement Company nor Public Service Corporation of New Jersey are "Mellon-controlled...
...next press conference, Andrew William Mellon announced that this was news to the Secretary of the Treasury; it was premature, "wholly speculative." Under Secretary Mills protested he had been misinterpreted. The White House joined in the repudiation...
Last fortnight's news that Niagara-Hudson Power Corp. (J. P. Morgan & Co.) had acquired Frontier Power Corp. (Mellon interests) set Governor Franklin D. Roosevelt of New York agog (TIME, Sept. 23). The news meant that 80% of New York State would now be served by one hydro-electric company. While the headlines of Governor Roosevelt's announcement that waterpower must be saved for the public from the Power Trust were still streaming across the front pages of newspapers, reporters received a novel invitation. They were invited to assemble within the precincts of No. 23 Wall Street, the House...
Commentators saw in the St. Lawrence transaction a Mellon-Morgan alliance, quickly created a super-superpower project by linking the Mellon-Pennsylvania properties, the Morgan-New York properties, and adding Manhattan's New York Edison and Consolidated Gas for good measure. It was also rumored that Niagara-Hudson was negotiating with Stone & Webster for Eastern Utilities Associates, a group of light and power companies operating chiefly in New England. Out of all the rumors and rumbles, however, salient emerging points were: 1) That J. P. Morgan & Co. has undoubtedly become acutely interested in light and power; 2) That...