Word: newe
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Dates: during 1930-1939
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This autumn, with a real war emergency at hand, Johnson tried again. Through his War Resources Board, he started honeymooning with New York's very unromantic powerboss, Floyd L. Carlisle (who would like in the process of integration to get a good piece of Howard Hopson's old Associated Gas & Electric system, which sticks into his New York organization at Rochester, Staten Island, elsewhere). Any chance that some arrangement could be made whereby Mr. Carlisle would become War II's No. 1 Dollar a Year man, and deliver the industry's cooperation in a big building...
Resources Board junked, then his National Defense Power Committee. In came an old body, the National Power Policy Committee, headed by New Deal Goalie Harold Ickes. The plans of this Committee are largely conceived in the fertile head of its General Counsel, scholarly, drawling Ben Cohen. It plans to study U. S.'regions in need of new generating capacity...
...new Committee's recommendations will undoubtedly favor such policies as those outlined two week, ago to the stockholders of the $3,000,000,000 Electric Bond and Share system by its chairman, C. E. Groesbeck, who in the last two years alone has hooked his system up to Government generators at twelve points, coordinating public generators with private transmission facilities. This would permit operating companies to go on financing new equipment by selling bonds, preferred stock...
...new operating company construction (forced by threatening power shortages)-without any holding company shakeup-may reach somewhere close to $600,000,000 (against perhaps $500,000,000 this year), but is not likely to go higher. Some plans already outlined: > Companies in the Electric Bond and Share system have budgeted $80,000,000 of new construction for 1940 ($66,000,000 authorized this year). > Wendell Willkie's Commonwealth & Southern system (which two weeks ago sold more property to TVA-at a loss of about one-third on book value) is spending an extra $22,000,000 over & above...
Principal surprise was that when gross operating revenue humped sharply (18.3%) since last year, expenses were kept down so well that nearly all of the increase in revenue was brought down to net operating income. Typical of this policy was New York Central, whose gross jumped $5,900,000 (from $25,800,000 to $31,700,000) compared with September 1938, while its net operating income jumped $4,100,000 (from $2,200,000 to $6,300,000). On the other hand Pennsylvania, which in September was already hard at work repairing down-at-heel freight cars (such repairs...