Word: niagara
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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...
These and other hotels in Hamilton, Ont., Erie, Toronto and Niagara Falls, which together can supply 10,351 people each with a room to sleep in, were linked financially by Dillon, Read & Co. into United International Hotels, Inc. Last year's combined receipts from sleepers and eaters in these hotels...
...Banks to be immediately acquired are: The Marine Trust Co. of Buffalo; Union Trust Co. of Rochester; Manufacturers National Bank of Troy; Cortlant Trust Co., Cortlant; Lackawanna National Bank, Lackawanna; Niagara Falls Trust Co., Niagara Falls; Niagara County National Bank and Trust Co., Lockport; State Trust Co., North Tonawanda; Workers Trust Co., Johnson City; The Bank of East Aurora, East Aurora; Bank of La Salle, Niagara Falls; First Trust Co., Tonawanda; Peoples Trust Co., Binghamton; Union Trust Co., Jamestown; Orleans County Trust Co., Albion; Bank of Snyder, Snyder...
...Improvement and General Electric. It functions throughout northeastern New York, with Albany its southern centre. In June (TIME, June 24) two other New York state utilities merged with Mohawk-Hudson, extended the Mohawk-Hudson territory west to Buffalo and northeast along the St. Lawrence. The merged company was christened Niagara-Hudson. New York's Governor Franklin D. 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...
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...