Abstract

Milking the Utilities
Hallgren, Matjritz A. | December 30, 1931 issue

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Several days ago controlling interest in the Green Mountain Power Corporation of Vermont was sold at public auction in New York City. The records show no other case of a utility company actually making a profit being knocked down to the highest bidder at a public sale. This extraordinary transaction was the sequel-though not necessarily the final consequence-of one of the most brazen attempts on the part of a holding company to milk an operating utility that has thus far been revealed. Vermont directors, Hill and Gleason, knew nothing about this loan from Green Mountain to Peoples until some time in August. These officials and their subordinates have worked loyally and efficiently for the petitioner.

See Also:

PUBLIC utilities; AUCTIONS; CORPORATE profits; HOLDING companies; NEW York (N.Y.); NEW York (State); UNITED States
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