Word: powering
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Dates: during 1940-1940
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...Prentis Jr., of Armstrong Cork, bespoke the general uncertainty when he asked the Government to define the businessman's new role. A few at that Congress already understood that the best deal they could make with the Revolution was as men of skill and money, not of power. They sensed that their role in it was simply to make money-hard, sterile money, but money to which the world's only remnants of freedom were still attached. The Revolution frowned on challenges to its power. It smiled on men who still wanted to get rich...
...market with efficient plant, low overhead-may ease post-war adjustments. But the engine of industry did not speed up because of confidence burning within. It was sped up from without by the energy of wartime economy. Not moneymen but politicos had started it, and supplied the power to keep it going...
...They showed the rest of Business a way both to stay in business and to keep out of trouble. In making that deal, Business might or might not believe in the emergency; it did not care to say. It was of no moment, for Business was no longer in power...
...industry spent more money on new capacity ($580,000,000) than in any year since 1930 ($919,000,000), increasing its installed kilowatts by 1,380,000 net to 40,330,000. It also planned 6,076,000 new kilowatts for 1941 and 1942. The defense-conscious Federal Power Commission wanted them to up that by 1,500,000 kw. But the question was whether Westinghouse and General Electric, already swamped with defense business from a dozen other sources, could find enough skilled labor for such utility expansion...
...wiped the common out entirely. Last spring it worked out a plan for Erie. To placate the two major interests- which had been bickering since Erie fell into receivership-ICC effected a compromise. The interests: 1) the Erie bondholders; 2) the C. & O., which held 56% of the voting power. The compromise: capitalization would be slashed from $490,953,630 to $322,692,250, fixed charges from $14,368,842 to $7,000,000 (1937 net railway operating income: $13,614,008). With new bonds, common & preferred issues in exchange for their holdings, bondholders would gain voting control of Erie...