The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-11-08
BY RUTH FINNEY
Tirra. ynariaI Wrtfnr


WASHINGTON, Nov. 8-The
Securities and Exchange Commits
sion was as busy as ever today get
ting ready to administer the holding
company act.
The decision of Federal Judge
Coleman at Baltimore that the act
is unconstitutional didn't slow down
its activities.
Officially, the commission was
silent on the decision. 1t was not
a party to the Baltimore case and
thus has no way to appeal the de-
cision. 1t did, however, file a brief
charging collision among the three
corporations and individuals who
were parties, and it may have an
opportunity to press this charge If
appeal is not taken.
Burco, Inc, creditor of the
American States Public Service Co.
maintained in the suit that the
holding company act is constitu-
tiona.l If Burco does not now dis
pute Judge Coleman's decision, an
attempt may be made to construe
its silence as evidence that it was
giving only lip-service in defense of
the act.
All Experienced Men
Meanwhile SEC members are sit
ting in all-day sessions working on
forms for holding companies to use
in complying with various provisions
OF the law after registration. Dec. /
is the deadline for registration, and
after that date holding companies
must file declarations with the SEC
when they issue or sell securities or
acquire assets or securities of other
companies or perform any of numer-
Gus other acts.
The commission has 40 men at
work already in its utilities division
and expects to have four times that
number. None of it's men is a
''theorist" or brain trustar." Each
of them has been connected with
the utilities industry as an oper-
ating man or in engineering or
financial capacities.
At their head is w. c. Gilman.
sandy-haired young Csnadian-born
citizens who has been named chief
of the utilities finance section.
Familiar With Job
For seven and a half years he
has been in charge of the Equitable
Life Assurance Society's investments
in utilities, and in this post he has
become familiar with the properties
and financial condition of nearly
every operating utility company in
the United States.
Before that he was a utility op-
orator himself. with Central Hud
son Gas e. Electric Corp. and be-
fore that he was connected with
General Electric.
This is his first government post
and he is enthusiastic about it. So
are the men working with MIN, ne
saws He has had no trouble in
ducing utility men to leave private
employment for that of the govern
ment, even if it has in some cases
meant acceptance of a third as
much salary.
He Knows Utility Companies
Mr.. Gilman was educated at
McGill University before the war
and took degrees at Massachusetts
Institute of Technology after the
war From 1914 to 1919 he was an
officer N the British army.
When he was buying and selling
utility bonds for Equitable, he trav-
eled over properties in every part
of the United States and subjected
their affairs to searching scrutiny.
There isn't much about utility COM
panies that he doesn't know.
He has his staff at work. however.
compiling and bringing up to date
all the information available on
every utility holding company in the
country, and will have reports ready
for the commission as soon as en-
forcement of the act begins.