A favorite New Deal complaint is that the public utilities are holding back on plant expansion and equipment modernization. Since 1933 the industry has spent some $600,000,000. Critics say potential needs totaled $3,000,000,000. The utilities' argument is that the New Deal's TVA, its Public Utility Holding Company Act, its generally belligerent attitude, have made it next to impossible for utilities to float new security issues. Last week there was evidence to the contrary: investors snapped up $53,000,000 worth of utility bonds, making the month's total more than $160,000,000. But since most of...
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