Word: dealings
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Dates: during 1930-1939
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Fortnight ago Walla Wallans gave a party for Publisher Kelly, now president and chief stockholder. On a month's vacation last fall Mr. Kelly went East, called at the head offices of the big can companies, finally made a deal with Continental...
When the New Deal was putting over its "Death Sentence" Public Utility Holding Company Act, Associated Gas and Electric's Howard Hopson spent $1,000,000 lobbying against it. With his roly-poly body and ear-to-ear smile, he became the utility industry's "mystery man" and lone wolf. Last week Hopson was hopelessly ill with heart disease, and Associated (a $1,000,000,000 system) was in financial trouble such as never caught up with it when he was at the helm...
Associated evidently believed that after this its RFC loan had been arranged. To New York banks, on the alert for good loans; to other utilitarians, who would like various pieces of Associated; to non-RFC New Deal utility watch dogs, Associated seemed overoptimistic about what the loan could accomplish...
...reason for this is that in September 1935 Standard failed to finance repayment of a $24,650,000 note issue, landed in a reorganization proceeding in a Delaware Federal District Court. Charges (among others) by Senator Robert Wagner's Law Partner Simon H. Rifkind that: a stock deal with Standard netted Byllesby $5,000,000 on a $500 investment; an operating company purchase by Byllesby for $845,000 was sold four days later to Standard for $1.365,000, caused the court to appoint special counsel to investigate the Byllesby management. Result: a recommendation for a $100,000,000 stockholders...
Victor Emmanuel, unlike the Byllesby interests, believes that butter is better than cannon in dealing with the New Deal. Fortnight ago, he hired a new president for Standard, white-haired, McNuttish-looking Leo Thomas Crowley, since 1934 chairman of FDIC. He hired Mr. Crowley through Washington's No. i Big Money employment office, Jesse Jones's RFC, the same office which placed Mr. Crowley's FDIC predecessor, Jones Protege Walter Cummings (TIME, Nov. 27), who heads Chicago's huge Continental Illinois Bank...