The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-19

Union office at Warren, Pa.
The two stand at the to
plicated system of utility hold
and Electric.
Their names have never b
of insult and Owen ID. YOUNG
and sensational. Neither their
hundred-Odd thousand stock
holders nor their million and
half customers nor the pub
lie generally has found out
much about them.
Until 1929 neither name was in
cluded in Who's Who" Mr.. Hop
son broke in that year. The latest
issue has a two-line notice stating
that Mango is chairman of the
board and president of Associated
Gas and Electric Co., but nothing
further
The Senate Banking Committee
was tempted to think. at one time,
that Mr.. HopSon was a mythical in
stead OF a real character. Process
servers chased him for six weeks
with a subpoena issued for. him in
connection with the committees in
vestigation of banks and holding
companies.
Gave iffIe VnfOrmaf finn
First he was ill" then he was
travelling -Four different attor-
neys interceded for him with the
committee. Finally he appeared
with the last of the four Patrick
Hurley. former Secretary of War. the
committee got little information
from him.
This much is known. Mr.. Mango
was formerly an employee of the j.
c. White Co. or one of its affiliateS
engaged in furnishing management
service to utilities. He worked up
through the ranks. eventually took
over his company's controlling in
terest in the properties that came to
be known as Associated Gas and
Electric. and made his old employees
his employees.
Mr. HOpSOn was a Wisconsin GER
titled public accountant who came
to Washington in his early 20s to
work for the Interstate Commerce
Commission. A little later he be-
came head of the division of capt.
talization of the Public Service
Commission Of New York.
Gain Control in Two Years.
After nine years in public service
he started a financial organization"
of his own in New York City, doing
accounting work and giving finan-
cial advice to different companies,
particularly utilities.
1t was in March, 1922, that he
and Mango emerged as public utility
men themselves, top men in ASSo-
GIFTED Gas and Electric. BY 1924
they had complete control of the
system.
Associated had its beginning in
1852 in the Ithaca Gas Light Co.
This company and others were
merged as Associated Gas and Elec-
trio in 1906, controlled by J. G..
White & Co. and Montgomery,
Clothier 81 Tyler, Philadelphia
bankers.
During the World War and i'm
mediately thereafter its financial
position was weak. but from the
time in 1922 when Mr. Mango and
Mr.. Hopson clambered to the seats
of power. it shot forward
Mango Is Management
At the beginning of that year its
assets were $4,651 400. BY the end
of 1929 its assets were S641. 800 040
Mr. Mango has devoted himself to
management: Mr.. HopSon to finan-
Ces. Mr. Hopson's original account
ing and financial organization still
operates as the H. c. HopSon Co,
and renders bills for financing, &C
counting. supervision. auditing. le-
gal. income tax and other services to
the vast utility organization of
which Mr. Hopson is vice president
and treasurer.
Such ref1nancing as that of 1888,
where debenture holders were asked
to exchange their securities for new
ones of so per cent less principal
value with the same interest rate. or
of the same principal value with
lower rate. IS in his province.
Nearing Top of Pyramid
In calling U. E. Beach of Utili-
ties Investing Corp. today. the
Black committee is advancing far
up the pyramid toward Hopson and
Mango
Mr.. Beach's company is one of the
ajor holding companies in the
Associated system. only three layers
removed from the top. His head
quarters are in Ithaca.
I was Mr.. Beach who called rep
reSentativeS of Associated companies
in 20 states to Ithaca TO plan the
fight against the Wheeler-Rayburn
bill It was he who phoned E. w.
O'Brien of Erie about clearing out
his files" when the Senate inveStiga-
ton started. and II was he who &C
companied r. P. Heron, Warren'S
enterpriSing dictator of kilograms