Associated Gas and Electric Co. - 1924 dated Utility Stock Certificate

Stock printed by Security Bank Note Co., Phila. Howard Colwell Hopson (May 8, 1882 – December 22, 1949) was a prominent American businessman who was found guilty of defrauding the American public of over $20 million, equivalent to approximately $310 million in 2020. He established his enterprise, Associated Gas and Electric (AG&E), which became one of the largest electricity providers of its time. At its zenith, AG&E ranked as the third largest electricity supplier in the nation and the fifth largest holding company. Born in 1882, Hopson attended the University of Wisconsin and George Washington University. Following his employment with the Interstate Commerce Commission and the New York Public Service Commission, he ventured into entrepreneurship by founding a consulting firm.

In the late 1910s, he acquired a controlling stake in Associated Gas and Electric, transforming it into a multinational corporation that served two million customers. However, in the late 1930s, it was revealed that Hopson had embezzled $20 million from the company, leading to his imprisonment. He was released in 1943 and passed away in 1949. In partnership with John I. Mange, Hopson purchased the Associated Gas and Electric Company of New York for $298,318.19. At that time, the company catered to 44,000 clients and reported earnings of $3.5 million. American Gas and Electric, established in 1906, functioned as a holding company that owned several other gas enterprises.