Vast United Corp. owns an agglomeration of investments in power properties scattered all over the East. Formed by the Morgan-Bonbright-Drexel interests in 1929, it marked the return of J. P. Morgan & Co. from pure banking to promotional activities. Because United Corp. does not attempt to influence the operating policies of its affiliated power companies, it is a favorite of utility operating men. But this makes no difference to SEC. For, though power companies require heavy capitalizations that make financiers their logical bosses, SEC believes that systems of operating companies pyramided to a...
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