Word: postalized
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...Puerto-Rican adventure, had acquired most of the telephone business of South America, had obtained a complete monopoly in Spain from His Most Catholic Majesty Alfonso XIII, had rebuilt the telephones of Paris and Shanghai, had obtained the backing of J. P. Morgan & Co. With the acquisition of Mackay-Postal it became the second largest communication company in the world.* Last week Mr. Behn became a director of L. M. Ericsson Telephone Co., potent Swedish manufacturers of electrical equipment and operators of telephone systems in Sweden, Europe, Mexico, South America. And I. T. & T. increased its voting interest...
...public had never heard of him and even among bankers and industrialists his name meant little when, suddenly in 1928, Sosthenes Behn became master of Mackay-Postal telegraph system. When editors cried for a picture of the new successor to the late romantic silver-mining telegraph tycoon John William Mackay, all they could get was a fusty photograph of a man with a beard. This they printed only to be told that Sosthenes Behn had removed his beard some years before. But soon the public learned a lot about Sosthenes Behn...
Between the conquest of Mackay-Postal and last week's deal with Ericsson, lay four years of adversity. Bestriding the world, I. T. & T. was, in 1929, in excellent position to flounder and be lost in a violent world-wide storm. Interest charges on new capital seemed to be mounting faster than new profits. Revolutions and bloodshed in South America threatened not only I. T. & T.'s property but its contracts as well. The revolutionary government of Spain talked loudly of canceling the agreement which, five years before, had given I. T. & T. its first major boost...
...shrewd daring and persistent battling I. T. & T. owed its spectacular soar to success. He was now to prove himself a bad-weather pilot of extraordinary ability. He hacked expenses, pruned salaries, wrote down assets. With his able brother, Hernand, he worked furiously to increase the efficiency of Mackay-Postal, built five new radio stations on the Atlantic Coast alone. When the storm began to clear it was apparent that Sosthenes Behn had not only braced his towering electrical companies to stand it, but had actually increased the volume of his business. From across the sea came reports that...
...Passed a House bill to continue for another year the 1? per gal. gasoline tax, to reduce local postage from 3? to 2?, to authorize the President to adjust other postal rates as he sees fit; sent it to conference. The House bill transferred the 3% electricity tax from consumer to producer. The Senate bill put a 2% tax on the producer of commercial and domestic electricity, a i% tax on the industrial consumer...