UTILITIES: North American Bows

An investment trust with $180,000,000 cash to play bank with was forecast last week when Harrison Williams' North American Co. bowed to the Holding Company Act death sentence, announced plans to sell out all its utility holdings and use the proceeds to go into the investment business. This will make far & away the largest pot of capital in the U.S. unregulated by anything except SEC's truth-insecurities and anti-manipulation acts. It will leave North American 18 times as much capital as potent Morgan Stanley & Co.

As President Edward L. Shea said in announcing...

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