To the Rescue

Prentiss M. Brown, ex-OPA boss, ex-Senator from Michigan, got a new job last week. He was named chairman of Detroit Edison Co.--southeastern Michigan's great $390-million public utility.

Behind the appointment, yet to be confirmed by stockholders, lies a struggle by Chicago's American Light and Traction Co. to boost the price of Detroit Edison stock. A.L. & T. holds 1,289,205 shares of Detroit Edison, which it purchased for $53 million. SEC has ordered A.L. & T. to divest itself of its Edison holdings. But the present market value at 19 7/8 is only a little over $25 million. A.L. & T. naturally dislikes to take the huge loss.

In the hope that the Edison market price would bounce up, A.L. & T. strategists looked around for a sound citizen to head the Edison setup. Their eye fell on tough, diplomatic Prentiss M. Brown, no stranger to Michigan public utilities. Before election to Congress in 1932, he spent seven years as counsel for northern Michigan's Edison Sault Electric Co.

But ex-Price Administrator Brown will be no puppet. An able administrator, well-versed in law and economics, he is a popular candidate with all concerned.

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