The state of Massachusetts had decreed that Boston Edison was worth just $215 a share. It had closed the day before at $375. Boston Edison and all the utilities saw their stock punished. Boston Edison lost 4.0 percent that day, to close at $360. The next day it opened at $330, down another 8.3 percent, and closed at $325 after trading as low as $299. American Power and Light fell 14.7 percent from October 10, before the board’s decision was made public, to October 16. American Superpower fell 12.0 percent, and Electric Bond and Share, the company supplying so much capital to the call loan
...more
