Word: sec
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Dates: during 1940-1949
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...siphoned off too much of the system's fat in better times. The Hopson lawyers, who had al ways kept one jump ahead of the Government in playing hide-&-seek among the hundreds of interlocking subsidiaries, got to the end of their legal inventions. When, in November, SEC ruled that registered holding companies and their subsidiaries could no longer draw dividends out of capital or unearned surplus without permission, must draw on earnings or go without, the writing was on the wall...
...time Associated called. He was hired at $10,000 a month, but it was not certain whether he would get more than one month's pay. Unless RFC granted a $26,500,000 loan to Associated's sub-subsidiary NY PA NJ Utilities Co. (Nypan), unless SEC allowed Associated's No. 1 subsidiary (Associated Gas & Electric Corp.) to pass $557,000 up to the top of the pyramid as dividends or as interest on a note for $71,800,000 Associated was headed for bankruptcy...
Last week RFC and SEC spoke out. The answer in both cases was no. RFC refused its loan. SEC ruled that the No. 1 subsidiary could not pay Associated the necessary sum because it had not been earned. This decision Mr. Whiteford had seen coming because he well knew that SEC was more concerned about Associated's operating and sub-holding companies (with outstanding securities of $539,139,000 in the hands of the public) than it was about Associated at the top of the heap...
...hours after SEC's decision Mr. Whiteford sent Associated to the wringer. Without cash to meet a Jan. 15 payment of $263,000 on its 1949 debentures ($11,686,500 in the hands of the public), it filed a petition in bankruptcy. Long had Associated been considered the most tangled of the utility systems. By putting on pressure where it did the most harm, SEC had maneuvered it into reorganization-where SEC and the courts will have a chance to make it over. Soon to lose his new job, Mr. Whiteford was being discussed last week for appointment...
...Church Street, Manhattan (home, too, of the New York Railroad Club, where U. S. heavy industrialists lunch in droves), smokes cigarets incessantly, machine-guns his words a few sentences at a time, knows that even if his multi-regioned top company, Electric Bond & Share, could eventually be forced by SEC to liquidate, American Gas's exceptional finance, low costs, chain hookups, should keep it intact in definitely...