About 21% of sprawling Cities Service Co.'s $241,000,000 annual gross revenue is derived not from oil operations but from selling electricity in 20 States from Connecticut to Washington. Because of its power & light subsidiaries, Cities Service falls under SEC jurisdiction via Section II of the Public Utility Holding Company Act, variously described as the "death," "health" or "life sentence" (TIME, Oct. 24), requiring utilities to reorganize into geographically integrated systems.
Last August Cities Service began negotiating to sell its Michigan subsidiary to equally sprawling Commonwealth & Southern Corp., which serves 60% of...
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