Word: sec
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Dates: during 1930-1939
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About 21% of sprawling Cities Service Co.'s $241,000,000 annual gross revenue is derived not from oil operations but from selling electricity in 20 States from Connecticut to Washington. Because of its power & light subsidiaries, Cities Service falls under SEC jurisdiction via Section II of the Public Utility Holding Company Act, variously described as the "death," "health" or "life sentence" (TIME, Oct. 24), requiring utilities to reorganize into geographically integrated systems...
Last August Cities Service began negotiating to sell its Michigan subsidiary to equally sprawling Commonwealth & Southern Corp., which serves 60% of Michigan (and some ten other States). Last week, providing SEC and the Michigan Public Utilities Commission approve, the deal was closed for $3,200,000 in cash...
...When the President quipped that Electric Bond & Share's long-awaited acquiescence to SEC's holding company regulations showed that the utilities' "death sentence" was really a "health sentence" (see p. 56) a newshawk asked: "You wouldn't call it a life sentence...
...Share Co., which led the fight against the Public Utility Holding Company Act ("death sentence") requiring that utility empires be reorganized into geographically integrated systems with no more than one intermediary holding company between the operating companies and the top. But last spring the Supreme Court ended a long SEC-E.B. & S. court fight by deciding that the clause of the act requiring all the holding companies to register with SEC was constitutional...
...soon as all were registered, SEC Chairman William O. Douglas ordered them to file tentative plans for integration by December 1. The bulk of the industry then sat back to see what E.B. & S. would do. Last week E.B. & S. gave in and announced it would file on December 1 an integration plan, declaring-in direct antithesis to previous statements-that filing was the "realistic approach to a difficult and highly controversial problem...