Word: mellons
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Dates: during 1920-1929
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Upon one side Generalissimo Smoot led the myrmidons of high-tariff-for-the-manufacturer. Then came stout Republicans one and all. Lieutenant-General James Eli Watson (supposed leader of the Republican army) and Major-General David Aiken Reed of Pennsylvania, spokesman of Secretary Mellon, labored incessantly to bring their forces stout-hearted to the fray, casting side glances at stragglers (those Republicans who every now and then hinted some doubt as to the sacredness of their cause). Across the aisle, Field Marshal Furnifold McLendel Simmons of North Carolina urged on the troops of low-tariff-for-the-consumers. Behind...
News that the Niagara-Hudson Power Corp. "Morgan Combine," had bought Frontier Power Corp., "Mellon Company" (see p. 41), sent billows rolling across the political sea. Governor Franklin D. Roosevelt of New York (Democrat) declared that the fact that 80% of New York State is now served by one hydro-electric corporation made it necessary for him once again to urge the Legislature (Republican) to create a body of public trustees to develop St. Lawrence waterpower for the people. He called attention to the fact that although the power company may own the bank of the river, the state owns...
...capitalistic development, it is only within the present year that J. P. Morgan & Co., most potent embodiment of U. S. capital, has entered largely into the light and power field. Excited, last week, were U. S. newspapers and U. S. senators when the Morgan utility interests acquired from the Mellon utility interests a group of light and power companies along the St. Lawrence River. Significant indeed was this transaction, but in a larger sense it was only a milestone along the Morgan utility road. When the economic textbooks of the future are written, the year 1929 may well be famed...
...June 29 these holdings were valued at $287, 919,008. United Gas Improvement and Public Service of New Jersey (its subsidiary) are both Mellon-controlled, and are expansions of the original United Gas Improvement Company which supplied gas to Philadelphia. Commonwealth and Southern Corp. is a holding company for Commonwealth Power Corp., which in turn operates companies all the way from Michigan to Georgia. Its largest single holder is American Superpower which has some 10,000,000 shares. Allied Power & Light is also a holding company, operating chiefly in the middle west, its list of operating companies partly duplicating...
...Roosevelt is said to be dubious concerning the legality of this merger, although his Republican attorney-general has reported it as within the law. Last week's excitement also centred along the St. Lawrence. Niagara-Hudson bought control of Frontier Corp., a company owned by Aluminum Co. (Mellon), General Electric and the du Ponts. One asset of Frontier Corp. is a waterpower site at Long Sault, on the St. Lawrence. Frontier Corp. prepared to develop this site two years ago, was blocked by Governor Alfred E. Smith. It may now make a new attempt, or may postpone operations until...