Word: sec
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Dates: during 1930-1939
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Broker Meehan had plenty of time to brood upon his case before the SEC's hearing got under way. Then last spring in the middle of the proceedings his attorney had to announce: "It is unfortunate that Mr. Meehan cannot take the stand in his own defense . . . his doctors inform me . . . that the state of his health is such that it is impossible for him to appear. I understand that the Commission's doctor ... is of similar opinion." Broker Meehan dropped from the news, and the Meehan case, still undecided, dragged on without...
Last week it was belatedly discovered that Mr. Meehan, far from recovering after his preliminary bout with SEC, had been confined since last August to Bloomingdale Hospital, a sanatorium near Manhattan for the treatment of nervous and mental disorders. On the application of his wife and the advice of two alienists, the 42-year-old broker had been committed by New York Supreme Court Justice William F. Bleakley just before that jurist accepted the Republican nomination for Governor of New York...
Among Broker Meehan's friends it was said that the SEC challenge had been a "heartbreaking" experience...
...utility counsel who came primed, after nearly a year of preparation, to convince Judge Mack that the Public Utility Act was unconstitutional, or at least to obtain a ruling on that point in order to appeal it, SEC's smart Attorney Robert Houghwout Jackson immediately opened a tricky gambit. He suggested that since Electric Bond & Share had never registered with SEC as the Utility Act required, the point at issue was not the constitutionality of the Act as a whole but that of its registration provisions. Electric Bond & Share, argued Attorney Jackson, was on an illegal spot. It could...
...broader question of SEC's grant of power, Attorney Jackson went into detail on the evils of holding company pyramids discovered in the Federal Trade Commission's survey of 2,300 utilities, on which the Utility Act was based. Conceding that Electric Bond & Share was not necessarily guilty of these evils, he observed that the Bond & Share texture was similar to those in which corporate bubbles had been known to form. He trotted out charts to show that 48% of the gas and 28% of the electricity distributed by Bond & Share's multitudinous subsidiaries were conducted across...