7 _v._ United States, 291 U.S. 293 (1934); Allen Bradley
Co. _v._ Union, 325 U.S. 797 (1945).

[430] 42 Stat. 159.

[431] Ibid. 998 (1922).

[432] 258 U.S. 495 (1922).

[433] Ibid. 514.

[434] Ibid. 515-516. _See also_ Lemke _v._ Farmers' Grain Co., 258 U.S.
50 (1922); Minnesota _v._ Blasius, 290 U.S. 1 (1933).

[435] 262 U.S. 1 (1923).

[436] Ibid. 35.

[437] Ibid. 40.

[438] 258 U.S. at 521; 262 U.S. at 37.

[439] 48 Stat. 881.

[440] 49 Stat. 803.

[441] Electric Bond Co. _v._ Comm'n., 303 U.S. 419 (1938); North
American Co. _v._ S.E.C., 327 U.S. 686 (1946); American Power & Light
Co. _v._ S.E.C., 329 U.S. 90 (1946).

[442] "The Bond and Share system, including American and Electric,
possesses an undeniable interstate character which makes it properly
subject, from the statutory standpoint, to the provisions of Sec. 11 (b)
(2). This vast system embraces utility properties in no fewer than 32
States, from New Jersey to Oregon and from Minnesota to Florida, as well
as in 12 foreign countries. Bond and Share dominates and controls this
system from its headquarters in New York City. * * * the proper control
and functioning of such an extensive multi-state network of corporations
necessitates continuous and substantial use of the mails and the
instrumentalities of interstate commerce. Only in that way can Bond and
Share, or its subholding companies or service subsidiary, market and
distribute securities, control and influence the various operating
companies, negotiate inter-system loans, acquire or exchange property,
perform service contracts, or reap the benefits of stock ownership. * *
* Moreover, many of the operating companies on the lower echelon sell
and transmit electric energy or gas in interstate commerce to an extent
that cannot be described as spasmodic or insignificant. * * * Congress,
of course, has undoubted power under the commerce clause to impose
relevant conditions and requirements on those who use the channels of
interstate commerce so that those channels will not be conduits for
promoting or perpetuating economic evils. * * * Thus to the extent that
corporate business is transacted through such channels, affecting
commerce in more States than one, Congress may act directly with respect
to that business to protect what it conceives to be the national
welfare. * * * It may compel changes in the voting rights and other
privileges of stockholders. It may order the divestment or rearrangem