Word: morganized
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Dates: during 1930-1939
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...their critical remarks about power corporations is the TVA itself. Like RFC, FDIC, Commodity Credit Corp., TVA is Government corporation in business. In its buying and selling, making contracts, filing suits, its status as an incorporated concern relieves it of much red tape. Last week Dr. Arthur E. Morgan, who used to be top officer of TVA Corp., reminded his onetime colleagues, Directors Harcourt Morgan and David Lilienthal, that corporations have to take the bad along with the good, as Messrs. Harcourt Morgan and Lilienthal have often reminded the power corporations...
...Knoxville, Tenn., where Senator Vic Donahey's TVA investigating committee was assembling for an inspection tour, Dr. Morgan took advantage of TVA's corporate status to file a civil suit against it. He sued in a local chancery court instead of in U. S. District Court, where TVA would prefer to answer his demands for: 1) $2,916.66 back salary accrued since the President fired him March 23 for obstructing TVA affairs and contumacy; 2) recognition as TVA chairman, on the ground that the President had no authority to discharge...
...Remaining is the last pensioner from the War of 1812: Esther Ann Hill Morgan, 81, of Independence, Ore., daughter of the late Private John Hill of the New York Militia...
Vast United Corp. owns an agglomeration of investments in power properties scattered all over the East. Formed by the Morgan-Bonbright-Drexel interests in 1929, it marked the return of J. P. Morgan & Co. from pure banking to promotional activities. Because United Corp. does not attempt to influence the operating policies of its affiliated power companies, it is a favorite of utility operating men. But this makes no difference to SEC. For, though power companies require heavy capitalizations that make financiers their logical bosses, SEC believes that systems of operating companies pyramided to a peak in Wall Street offer...
...national defense. The 52% figure was arrived at by charging to power the $23,967,177 spent specifically for power development, plus 40% of the cost remaining when this and specific expenditures for flood control and navigation had been deducted. With rates based on this allocation, opined Chairman Harcourt Morgan, TVA's power sales "will be sufficient to cover all of the costs of operation, including depreciation and 3% interest on the investment allocated to power and, in addition, to return in 30 years the entire investment allocated to navigation and flood control...