Word: shared
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Dates: during 1930-1939
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...behalf of the U. S. utility industry, Electric Bond & Share, largest utility holding company, last week presented a brief to the U. S. Supreme Court attacking the Utility Holding Company Act of 1935. On behalf of the U. S. Government, Messrs. Homer Cummings, Robert Jackson, Thomas Corcoran and Ben Cohen simultaneously filed a brief which asserted, among other things, that if Congress has the right to curb white slavery and bootleg liquor it "certainly is not without power to curb financial chicanery and abuses which have brought ruin to millions." Thus, after over two years of catch-as-catch...
...force simplification of any utility pyramid into a single geographically integrated system. Many utility holding companies not only refused to register but declared they would get injunctions against the whole Act. SEC then agreed to hold the Act in abeyance while it brought a test case against Electric Bond & Share. When it got to court, however, SEC attempted to limit the test only to the necessity for registration. E. B. & S. lost twice in lower courts. Said its brief last week: "The Government is seeking to avoid and the defendant holding companies to secure, a test of the substantive provisions...
Bill Douglas had reason to be pleased, for United has been almost as big a stumbling block in hi's program of utility simplification as Electric Bond & Share. United not only is one of the biggest utility holding companies but it is the utility operator's conception of a beneficent holding company. It exercises no control over the operations of its subsidiaries, its function is wholly financial. In an industry where it is necessary to invest about $6 to do $1 worth of business (U. S. utilities last year had total gross sales...
...Deal disapproves of this on the ground that the system of subsidiary operating companies, pyramided to a peak in Wall Street, provides an irresistible chance to overcapitalize at the expense of stockholder and consumer. Hence, while Electric Bond & Share"undertook a major court battle against the holding company "death sentence," United presented seven successive plans to SEC, all designed to enable it to continue to exist in the form of an investment trust. Having turned all the plans down, SEC anticipated few friendly overtures. When these suddenly came from Mr. Whitney about the time that Franklin Roosevelt declared a truce...
...examined with an understanding gained from Hemingway's studies of later desperadoes. They emerge as quick on the trigger as ever, but hard-up instead of heroic, dissatisfied, bewildered, trapped. Although they start shooting at the hint of an insult, they, too, eat dirt, have their human share of humiliations in the pursuit of women and wealth...