DELAWARE 1942 The Commonwealth & Southern Corporation Stock Certificate

Description

The certificate is dated
November 5
, 1942. The company was incorporated in Delaware.
The merger of three large holding companies into the Commonwealth & Southern Corporation in May 1929 created the nation’s largest utility holding company. Holding companies such as the Commonwealth & Southern Corporation were umbrella organizations linking together smaller electric companies into large and powerful organizations. Government regulators were alarmed by the ability of large holding companies to use their tremendous (often monopolistic) power to set high electricity rates. This abuse, coupled with some notorious cases of corruption caused many government and business leaders to become alarmed by what the merger created: a single corporation controlling 165 utility companies in 10 states ranging from Michigan to Florida. FDR eventually fored the breakup of this powerful holding company.
Wendell Willkie became president of the Commonwealth & Southern Corporation in early 1934. Once he assumed control of the financially weakened company, he immediately instituted a series of successful revenue-boosting plans and this success, combined with his superior speaking skills, lead Willkie to assume the role of chief spokesman for the electric utility industry. That leadership role positioned Willkie to become the most visible critic of FDR’s New Deal legislation, which in turn, more than any other factor, enabled Willkie to capture the 1940 GOP nomination...
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