Word: public
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Dates: during 1930-1939
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This was old-fashioned fun. The public bought and Exchange members, who in the last week in June made 66% of all short sales, scrambled to buy the shares that they had sold but did not own. Four tangible factors were credited with causing the market excitement...
Triumph for Lilienthal was, on the face of it, defeat for Commonwealth & Southern's Wendell Lewis Willkie. It was defeat for Willkie because it was the end of his battle to keep a privately owned public utility on its feet in the Tennessee Valley...
...have fought tongue-tied and embarrassed before the Congressional committee, have sued in the courts and taken their licking. In the courts Willkie has taken his beating with the rest, but he has seldom come off second best in sparring before committees or in political debate. Resourceful, informed, more publicly articulate than any big U. S. businessman today, he turned committee hearings into promotion for his own political-economic doctrines. He emerged from his fights bigger in public stature than he went...
...other "vested intersts" (the Willkie Indiana pronunciation). He also mixed in politics: debated against the Ku Klux Klan, spoke for the progressive doctrines of Bob La Follette, the elder, fought the nomination of William Gibbs McAdoo at the 1924 Democratic convention because of the Klan issue. In 1926 aristocratic Public Utilitarian Bernard Capen Cobb wrote to an officer of his Northern Ohio Power & Light: "Do not let this young man get away from us. . . . He is a comer and we should keep...
Power Politics. Before the curtain still stands Willkie. All his maneuvers did not save the Tennessee Valley for Commonwealth & Southern (whose remaining operating companies still represent more than a billion dollars in assets). But he did something else. He took the case of the utilities to the public. He articulated the argument against public ownership, generating power regardless of cost, and the argument for private ownership, under regulation, selling power at low rates and making a decent profit on its capital invested...