The Federal Trade Commission's three-year-old investigation of the electric light, gas, & power industry is now in its second, most politically explosive phase. The first phase was investigating the industry's propaganda in schools, colleges and the Press (TIME, July 16, 1928 et seq.). Then the investigators tackled the more difficult job of ascertaining the financial set-up of the industry, the relationship between holding and operating companies, stock ownership, management fees, interlocking directorates. After a year's secret work, the investigators are now ready to state their findings. Since this phase of the...