UTILITIES: Wall Street Reds

Wall Street long ago got acclimated to the oratorical williwaws blowing north from Congress. But last week, even Wall Streeters' tough ears tingled. Oklahoma's bulldog-jawed Democrat Lyle Boren, head of a sub-committee probing the Holding Company Act, had unearthed an amazing "conspiracy" on the part of some of Wall Street's staidest investment bankers and financiers. The plot, said he, was to socialize the $18 billion U.S. electric utility industry and make "many billions" in the process.

Careful to speak before the House, so that he could not be sued for libel, Democrat Boren...

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