First electric utility to float new-money common stock since 1932 was Indianapolis Power & Light, whose $17,000,000 issue was oversubscribed in less than two hours (TIME, April 15). Last week came the second. The issuer: West Penn Power Co., biggest operating subsidiary of American Water Works & Electric. The amount: $4,000,000 (160,000 shares), coupled with $3,500,000 in bonds. The purpose: a new 60,000-kilowatt steam generator in Windsor, Ohio. As with the Indianapolis issue, the public gobbled it up.
The West Penn flotation reflected 1940's major change in utility financing. Two months ago, Water...
To continue reading:
or
Log-In
