Ever since roly-poly Howard Hopson was caught lobbying against the Public Utility Holding Company Act of 1935, nothing so delights official Washington as seeing his vast Associated Gas & Electric Co. caught off-base. SEC is trying to delist A. G. & E. stock from the New York Curb Exchange because of alleged "false and misleading" statements in its prospectus. Last week its investigation turned up a choice tidbit which SEC promptly speared.

In a list of its salaries submitted to SEC, A. G. & E. recorded paying one Ben Grey $55,000 for eleven months' work in 1937. Promptly SEC raised...

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