Word: power
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Dates: during 1920-1929
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Said Governor Roosevelt: "The huge mergers and consolidations . . . are challenging in their power the very government itself. The influence of huge trusts, with their almost unlimited resources, will be felt in this country. . . . Their power will have to be combated...
Stone & Webster, Inc., has built power stations representing 10% of the total central station capacity of the U. S., supplying 20 million U. S. inhabitants with light and power. It has also built many an office building, factory, hotel, and the present Massachusetts Institute of Technology building in Cambridge. Directorate of the new company will include Joseph P. Grace, Board Chairman of W. R. Grace & Co. ; Albert H. Wiggin, Board Chairman of Chase National Bank; Herbert L. Pratt, Board Chairman of Standard Oil of New York...
...next large Stone & Webster contract was a second job for Paperman Warren, to build a power plant that would carry 1,000 h.p. for seven miles at 1,000 volts. Such a plant seemed then a great project, though since that time Stone & Webster have constructed such power plants as that of Southern California Edison, which carries 250,000 h.p. for 250 miles at 250,000 volts...
Then he hired Stone & Webster to look over the properties acquired and report on their position and prospects. When Stone & Webster had completed their survey, Mr. Morgan offered them the Cumberland Light & Power Co. for the bargain price of $60,000. Borrowing the money, the partners bought the company, sold it some years later for $500,000. It was the profit on this operation that established Stone & Webster as a company of national scope...
...Last week Governor Roosevelt asked his Attorney-General to investigate at once and within two weeks report upon the new $665,000,000 Morgan merger of New York utility companies (TIME, June 24). Reason: It was "a matter of vital concern ... to every householder . . . who uses electric light or power in his home" if, through agreements with friendly companies, the Morgan merged companies would be in such a monopolistic position that "the monthly . . . bills of millions of people may perhaps be affected...