such matters. Our order will also reserve jurisdiction to approve whatever steps may be necessary to carry out the substantive provisions of the order.

An appropriate order will issue directing disposition of properties and interests in accordance with this opinion. In accordance with the provisions of subsection (c) of Section 11, respondents shall comply with our order within 1 year from the date of its entry, subject, of course, to the privilege given by that subsection to make appropriate application for a further time in which to comply (not exceeding 1 year), if they are unable in the exercise of due diligence to comply with our order within the 1-year period.

By the Commission: (Chairman Eicher and Commissioners Pike and Purcell) Commissioner Healy concurring except that as to the sections of the opinion dealing with the interests held by American Light & Traction Company, The United Light and Railways Company and The United Light and Power Company in The Detroit Edison Company and in International Paper and Power Company, he concurs only in the result; Commissioner Burke not participating.

9 S. E. C.

[No. 1371]

IN THE MATTER OF

WISCONSIN SECURITIES COMPANY OF DELAWARE

MARION FINANCE COMPANY

TERRACE FINANCE CORPORATION

COLUMBIA CONSTRUCTION COMPANY

File Nos. 30-190 to 30-193, incl. Promulgated August 5, 1941

(Public Utility Holding Company Act of 1935-Section 5 (d))

DECLARATION OF STATUS.

Holding Company Declared to have Ceased to be a Holding Company. Where four registered holding companies, pursuant to Section 11 (e) plans theretofore approved by the Commission, proceeded to divest themselves of securities pursuant to said plans with the result that three of them held no voting securities of the public utility companies with respect to which they had registered and one of them retained only 5.48 percent of the voting securities of one of said public utility companies, held that applications by them pursuant to Section 5 (d) of the Act should be granted, the Commission pointing out that the company retaining 5.48 percent of the voting securities of one public utility company would remain an affiliate in respect of such company and therein so far be subject to the duties and obligations imposed upon affiliates by the Act and by the rules and regulations now or hereafter promulgated thereunder.

APPEARANCES:

Harlow B. Lester, of the Public Utilities Division of the Commission.

Miller, Mack & Fairchild and Covington, Burling, Rublee, Acheson & Shorb, by Dwight Taylor, for the applicants.

FINDINGS AND OPINION OF THE COMMISSION

Wisconsin Securities Company of Delaware, Marion Finance Company, Terrace Finance Corporation, and Columbia Construction Company have each filed an application pursuant to Section 5 (d) of the Public Utility Holding Company Act of 1935 for findings and orders that they have ceased to be holding companies.

All four companies registered under the Act. Subsequently they filed, pursuant to Section 11 (e) of the Act, plans for the divestment

9 S. E. C.--35-2927

of control and of securities of Mississippi Valley Public Service Company and Eastern Oregon Light and Power Company, electric utility operating companies and the sole public utility subsidiaries of applicants. Madeleine Smith and the trustees under the will of George P. Miller, deceased, of trusts designated as the Alice Chester Trust and Isabelle Miller Trust (principal stockholders of applicants) joined in the plans and applications for approval thereof. We approved these plans and granted the incidental relief requested under Sections 10 and 12, on December 31, 1940 (Wisconsin Securities Company of Delaware, et al., 8 S. E. C. 401 (1940)).

The present applications show that the applicants have made the acquisitions, sales and exchanges outlined in the original plans with the result that Wisconsin Securities Company of Delaware, Marion Finance Company, and Columbia Construction Company no longer own any of the voting securities of either Mississippi Valley Public Service Company or Eastern Oregon Light and Power Company and Terrace Finance Corporation does not own any of the voting securities of the companies last named except 1,011 shares of the voting preferred stock of Eastern Oregon Light and Power Company, being 5.48 percent of the total voting securities of such company.

We therefore find that the applicants have ceased to be holding companies as defined in Section 2 (a) (7) (A) of the Act. Terrace Finance Corporation remains an affiliate in respect of Eastern Oregon Light and Power Company and as such affiliate therein so far remains subject to the duties and obligations imposed upon affiliates by the Act and the rules and regulations now or hereafter promulgated thereunder.

These findings are without prejudice to such action, if any, as the Commission may hereafter deem necessary for the purpose of determining whether or not applicants, Madeleine Smith, the trustees under the Chester and Miller trusts, or any of them, are to be considered holding companies under Section 2 (a) (7) (B) of the Act. An appropriate order will issue.

By the Commission: (Chairman Eicher and Commissioners Pike, Purcell and Burke) Commissioner Healy being absent and not participating.

9 S. E. C.