Ever since the Public Utility Holding Company Act passed Congress in 1935, utility financiers have focused their fears on its Section u, the so-called "death sentence." Question was just how literally this section would force "scatterated" holding companies to break up and reintegrate their properties. The Government postponed the issue by making its first court fight on a harmless clause. Then SEC postponed the integration problem, began asking the companies to submit plans only last year. Most of the plans submitted chose to interpret Section 11 the easiest way. Last week SEC...
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