Business & Finance: Resignation to Revolt

Summoned for a special meeting in Philadelphia one day last week were the rich and conservative directors of United Gas Improvement Co., oldest public utility holding company in the U. S. (1882). They assembled to ponder a question which worried every other director, in every other utility holding company in the land: to register or not to register with the Securities & Exchange Commission under the Public Utility Act of 1935?

SEC cannot force a holding company to register but Title I of the Act states that "after Dec. 1, 1935, unless a holding...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!