Business: Registration Without Surrender

For 14 months over $11,000,000,000 worth of U. S. utilitarians only glared whenever the Securities & Exchange Commission made its stock appeal to their better selves—that by hushing their high-priced lawyers and registering under the Public Utility Act they could take advantage of the easy money market. Last month SEC's old argument gained new point with Judge Mack's decision in the Electric Bond & Share case (TIME, Feb. 8), which enabled a utility to register with SEC without thereby admitting the constitutionality of the Act's more dreaded provisions. Not slow to...