Fortnight ago SEC sent the sprawling, tangled Associated Gas & Electric system to the reorganization wringer by forbidding its subsidiaries to pay it unearned dividends (TIME, Jan. 22). Then it rolled up its sleeves to help the Federal court simplify and integrate the system built with 172 subsidiary corporations.
Last week, SEC did its own little bit toward complication. Approved by SEC was a 173rd subsidiary for lame Associated, authorized was a $32,000,000 issue of bonds, notes and stock to form Virginia Public Service Generating Co., seven layers below Associated's teetering top. SEC's apology for adding to an "already overly complicated"...
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