Word: powerfulness
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Dates: during 1930-1939
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From the Washington front, another gun began firing from an unsuspected emplacement. For probably the first time in his checkered career Cyrus Eaton found he had old, reforming Senator George Norris on his side. "The Power Trust." said the frail Senator in a prepared statement, "is caught at its old tricks. ... It happens again that the holding company is robbing its own subsidiaries, in order to enrich itself." Rejoined Willkie: "Completely and absolutely false." Back came George Norris with another blast to the effect that the cost of the stock deal would be reflected in electric rates paid by Michigan...
...longer as young as he once was, and his remarks made less than no sense. Electric rates are not based on per share stock prices; they are based on the total amount of money invested (or supposed to be invested) in the business. Nor could Commonwealth & Southern rob Consumers Power even by buying its stock at 1? a share: Commonwealth & Southern already owns 100% of the common stock of its subsidiary, and regardless of price will still own 100% after the transaction it proposes. For that matter, Commonwealth & Southern would lose nothing by paying $1,000,000 a share...
...object of the deal was to put $3,500,000 into Consumers Power, which recently dedicated a new 35,000-kilowatt plant at Kalamazoo, is constructing a new 70,000-kilowatt plant in Bay City. This will fatten up the equity in Consumers Power in preparation for issuance of $28,500,000 in bonds ($10,000,000 for new money, $18,500,000 for refunding...
...Wendell Willkie had already arranged to have the issue handled by conservative Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., who step out one door when competitive bidders step in at another, holding that both investor and issuer are best served by honest, astute, noncompetitive handling. Since the Consumers Power stock issue is small potatoes to any underwriter, there was a shrewd suspicion that Mr. Eaton was really aiming at the bond issue (on which the banking fee at 2% would be more than $500,000), rather than at making a raid on Commonwealth & Southern such as he made...
...Unto Seppänen's Sun and Storm (Bobbs-Merrill, $2.50) traces the rise of a Finnish peasant to wealth and power. Sombre, heavy, conscientious, its handicap is that too many sombre, heavy, conscientious peasant novels have preceded...