When President Howard Aller of American Power & Light Co. recently decided to sell one of American's subsidiaries, the Washington Water Power Co., to three Public Utility Districts, he thought the deal was all settled (TIME, Jan. 14). But he reckoned without American Power's directors. A majority of them protested the sale after stockholders opposed it before the SEC. The directors took the position that the Washington Water Power stock, which American Power must get rid of under the Public Utilities Holding Company Act, should not be sold to the P.U.D.s, but...
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