Word: sec
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Dates: during 1940-1949
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...foot, 18-year-old Otto Jaretz of Chicago: the 220-yd. free style, opening race of the National A. A. U. swimming championships; in 2 min., 13 1/10 sec.; to break the U. S. record set by Johnny Weissmuller in 1927; at the seaside Coral Casino pool, Santa Barbara, Calif...
...administering the Public Utility Act of 1935, SEC has been fairly consistent on one score: its power over capital structures (Section 10 of the Act) has been used to keep down utilities' debt, prevent them from over-bonding themselves in railroad fashion. But another major SEC objective is the integration of utility systems-breaking down scattered systems into their regional components under the "death sentence" (Section 11). Last week SEC settled a case which brought its Section 10 principles into collision with its Section 11 goal. Main casualty: New Deal Commissioner Edward Clayton Eicher, who was jolted into delivering...
...fascistic administration of SEC...
This was one man's opinion. Cities Service and the industry nevertheless guessed that SEC's would not be very different. The view drew weight from the condition of Cities Service preferred and preference stock, on which are owed $30,937,338 in back dividends. Except by selling isolated properties, Cities Service might well have trouble raising new money for expansion in case its industrial customers need many more kilowatts for rearmament...
Meanwhile Standard Gas, a $766,345,000 system scattered from San Diego to Pittsburgh, took the initiative from SEC, last week filed a fairly drastic integration plan of its own. It proposed to boil itself down to two regional systems: one based on Pittsburgh, the other in Wisconsin and the prairie States. Six properties located on the West Coast, in the Rockies, Oklahoma and Kentucky would be sold by trading their common stock to Standard's own bondholders. These bondholders would thus own equities close to the meterboxes, while Standard would rid itself of perhaps...