Business & Finance: Utility Merger

In spite of dull 2,000,000-share stock market days last week some specialty stocks remained buoyantly active. Utilities, congenitally defiant of the financial laws of gravity, were particularly strong. In addition to the general potency of such words "as "superpower," "giant power," they were inspired by rumor of mergers in New York State utility companies. Over-the-counter houses were selling shares in the new company before its formation was officially announced. Parties to the merger, described as a Morgan-Schoellkopf-Carlisle union, were:

Buffalo, Niagara & Eastern Power Corp.: Schoellkopf property, largest U. S. power system,...

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