UTILITIES: A. G. & E.-- Round III

In the post-Insull afterglow of U. S. high-financeering, No. 1 utility scandal was tubby Howard C. Hopson's rancid Associated Gas & Electric. Today Hopson is self-allegedly feebleminded; his goons are dead, broke and scattered; his insolvent empire has become the largest reorganization in the history of U. S. business (TIME, March 4). A. G. & E. is simultaneously a ward of the Federal courts, a debtor of the U. S. Treasury (for at least $5,000,000 of unpaid taxes), and a regulatee of SEC, which Hopson's 1935 utility lobby tried to keep out of...