Business: Course Through Confusion

"I am frank to say," remarked Speaker Byrns of the House of Representatives just before the Utility Holding Company Bill was finally passed last fortnight, "that I do not know enough about the bill to discuss its merits." Last week equally bewildered utilitarians and their lawyers were almost wholly preoccupied with the context, meaning and constitutionality of the 297 page act which President Roosevelt described as "the fattest bill I ever signed."

Most lawyers thought the measure was unconstitutional in one or more respects. Utility...