To the Rescue

Prentiss M. Brown, ex-OPA boss, ex-Senator from Michigan, got a new job last week. He was named chairman of Detroit Edison Co.—southeastern Michigan's great $390-million public utility.

Behind the appointment, yet to be confirmed by stockholders, lies a struggle by Chicago's American Light and Traction Co. to boost the price of Detroit Edison stock. A.L. & T. holds 1,289,205 shares of Detroit Edison, which it purchased for $53 million. SEC has ordered A.L. & T. to divest itself of its Edison holdings. But the present market value at 19⅞ is only a little over $25 million. A.L. & T. naturally dislikes...

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