UTILITIES: C.& S. Divides

The eight-year fight between the New Deal and Commonwealth & Southern Corp ended last week. The $1,143,160,279 holding-company system threw in the towel, announced it would comply with SEC's interpretation of the "death sentence" by integrating its sprawling system. To those who wondered how big holding companies could unscramble without destroying stockholder equities, the C. & S. plan was soothingly simple: pay off the C. & S. preferred by giving it common stock in subsidiaries to be dropped.

There are four Northern subsidiaries, the cream of the system—Ohio Edison, Consumers Power, Central Illinois Light, Pennsylvania Power. They account for about $80,000,000...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

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