The defiance of the Holding Company Act by many utility firms in the United States does not seam to be the wisest of moves this juncture, As it at present the Act is the law of the Jan true that its validity has been strongly questioned by one of the Courts which heard an action in vol Ing its constitutionality, but until th decision has been passed upon by the Supreme Court the enactment just as soundly os if it were perfectly good Law. The utility companies in refusing to register are gambling on the decision which the highest tribunal may give. If the measure is upheld by that Court, which 1s possible, though, apparently, not very probable, all the companies who are refusing to obey the law would find themselves in a very bad position. As it is they have been. assured by the appropriate officials that registration, which has to be effected by December 1, will in ne way entail a sacrifice of' legal rights. The present situation arises as a natural sequel to the bitter fight. which was carried on in Congress Guring the consideration of the tire. Continuance of such re tance ig not likely to gain much in the long run. Should the Supreme Court uphold the constitutionality of the Act all those companies refusing. to register would be liable to suffer: the pains and penalties provided. Should the decision go the other way, the present unfortunate resistance is, more. than Ukely to spur the administration to proceed with fresh Tegislation designed to bring about the reforms which it has in mind. Om the whole, therefore, it would appear to be the counsel of wisdom te obey the law as it stands, and wait until the main question has been decided. As it is the companies are taking the law into their own hands, and that is always a dangerous thing to do,
Text read from the printed page and cleaned; old type leaves the occasional error.