Business: G. E.

2 minute read

To all stockholders, prior to their annual meeting last week, the General Electric Company sent a booklet consisting simply of photographs and “Who’s Who” write-ups of the company’s 20 directors. And well it might, for it was as potent and interesting a Board as exists in the U.S.

First: Its chairman is without doubt the best known Board Chairman in the U. S. Had a U. S. man-in-the-Street been called upon a year ago to name the chairman of any great U. S. corporation, he would most probably have snapped back “Gary—U. S. Steel.” This year, not quite so quickly, he would name “Owen D. Young—General Electric.”

Second: Of three U. S. businessmen called upon to be statesmen in the formation of the “Dawes Plan,” two were G. E. Directors—Mr. Young and Banker Henry M. Robinson, of Los Angeles, California.

Third: The 20 Directors of General Electric have such vastly ramifying interests that one or more of them sit on the Boards of 200 (mostly great) U. S. corporations, from the Adirondacks Power & Light Corp. alphabetically to the Workman’s Loan Association of Boston. And one of its Directors, George Fisher Baker Jr. 51, is the only man in the U. S. who sits on the Boards of four of the country’s eleven billion-dollar corporations. His are General Electric, General Motors, A. T. & T., U. S. Steel. In that bridge-like respect he is the most potent U.S. financier.*

Last week, without controversy, all 20 Directors were reelected, including five Harvard men who are Directors of the Old Colony Trust Co. of Boston, traditional financial friend of the company. A 21st was also elected: Henry C. McEldowney, President of the Union Trust Company of Pittsburgh, who added Mellon strength to the strength of Old Colony, Morgan, Baker, Bankers Trust and Lee Higginson.

Currently with the annual meeting G.E. stock continued strong and a great rumor circulated: that the company would undertake the complete electrification of the New York Central Railroad.

*His father, George Fisher Baker, sits on three billion-dollar boards—A.T.&T. New York Central, U. S. Steel. His father’s close financial associate, Myron Charles Taylor, is also on three, New York Central, U. S. Steel, Atchison Topeka & Santa Fe.

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