Recurring in the Public Utility Act of 1935, which was aimed at eliminating holding companies not "demonstrably useful," is the phrase ''geographically and economically integrated." One idea of the Act is to encourage rearrangement of power properties in the best interests of the local population. Toward this end two big New England holding companies asked the Securities & Exchange Commission last week to approve a swap of various Massachusetts gas and electric properties. Of no national moment in itself, the deal was the first attempted under the Utility Act, may mark the start of...
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