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Updated: July 21, 2025
The Senate committee, in evident sympathy with the scheme for relief, reported a bill authorizing the issue of two million six-year eight-per-cent. bonds to be loaned to private citizens, limiting each loan to one thousand dollars, and restricting the notes to three years, with eight per cent. interest. The report of the House Committee was prepared by Robert Toombs.
Incidentally it may be noted here that during the same year the various manufacturing Edison lighting interests in America were brought together, under the leadership of Mr. Henry Villard, and consolidated in the Edison General Electric Company with a capital of no less than $12,000,000 on an eight-per-cent.-dividend basis.
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