american
power
light
securities
exchange
commission
argued
decided
november
exchange
commission
arthur
ballantine
new
york
city
american
power
light
daniel
james
new
york
city
electric
power
light
corporation
roger
foster
philadelphia
respondent
justice
murphy
delivered
opinion
concerned
constitutionality
public
utility
holding
company
act
application
petitioners
american
power
light
company
electric
power
light
corporation
american
electric
two
subholding
companies
electric
bond
share
company
holding
company
system
certain
aspects
considered
electric
bond
share
system
structure
bond
share
constitutes
apex
five
subholding
companies
including
american
electric
create
intermediate
approximately
direct
indirect
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latter
form
base
standpoint
book
capitalization
assets
number
customers
areas
served
operating
companies
quantity
electricity
generated
gas
sold
bond
nd
share
system
constitutes
largest
single
public
utility
holding
company
system
registered
act
proceeding
review
instituted
securities
exchange
commission
act
appropriate
notice
hearing
commission
found
corporate
structure
continued
existence
american
electric
unduly
unnecessarily
complicated
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share
system
unfairly
inequitably
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voting
power
among
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holders
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violation
standards
orders
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electric
requiring
submit
plans
effectuation
orders
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circuit
appeals
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orders
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consider
certain
contentions
american
electric
raised
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granted
certiorari
obvious
public
importance
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outset
reject
claim
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directs
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exchange
commission
soon
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require
order
notice
opportunity
hearing
registered
holding
company
subsidiary
company
thereof
shall
take
steps
commission
shall
find
necessary
ensure
corporate
structure
continued
existence
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company
system
unduly
unnecessarily
complicate
structure
unfairly
inequitably
distribute
voting
power
among
security
holders
system
except
purpose
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equitably
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power
among
security
holders
company
nothing
paragraph
shall
authorize
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require
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existence
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holding
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whose
principal
business
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utility
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companion
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registered
holding
companies
subsidiaries
noted
north
american
making
certain
interstate
transactions
unlawful
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holding
company
registers
commission
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registered
holding
companies
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companies
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observations
made
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companies
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share
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including
american
electric
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embraces
utility
properties
fewer
new
jersey
oregon
minnesota
florida
well
foreign
countries
bond
share
dominates
controls
system
headquarters
new
york
city
situation
north
american
case
proper
control
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network
corporations
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continuous
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mails
instrumentalities
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bond
share
subholding
companies
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distribute
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control
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operating
companies
negotiate
loans
acquire
exchange
property
perform
service
contracts
reap
benefits
stock
ownership
see
see
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international
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moreover
many
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companies
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sell
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share
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evils
north
american
supra
darby
brooks
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companies
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broad
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nation
north
american
supra
ii
likewise
reject
claim
constitutes
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exchange
commission
alleged
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new
york
central
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yakus
cases
cited
judicial
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reflection
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modern
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american
case
negative
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electric
admittedly
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electric
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title
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three
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foreign
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gas
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