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Show , u PROVO (UTAH) EVENING HERALD, WEDNESDAY," JANUARY 17, 1934 PAGE FIVB EVILS RELATED BY LEGISLATOR (Continued from Page One) ed in amazement to the story. Must Have Monopoly Going into the history of the failure of ttie state utilities commission com-mission to do the regulating job which it was intended it should do, Senator Maw pointed out that all utilities, telephone, electric power and light, railroads and gas, must be given monopolies because of the inherent nature of the service which they render. In return re-turn for the privilege, the utilities utili-ties enjoying such monopolies, covenant with the people cf the state to charge rates which will enable them to give good service and insure a 'fair" return on the investment. 'The story of the purchase of the Utah and Idaho power industry indus-try by the Electric Bond and Share company and affiliated concerns con-cerns of the power trust dynasty, shows all too plainly that the utilities broke their covenant with the people right from the beginning begin-ning of their entrance in Uns state," said the speaker. I'm me Here In 1912 "In 1912 the Electric Bond and J Share company came into L tan to acquire the power fndustry. At the outset the Utah Securities company was organized to purchase pur-chase the property of the Utah Power and Light company for $2,975,000. "In less than a month after the purchase, the property was placed on the books at a value of .8,402.-100. .8,402.-100. In a few months other power pow-er properties in Utah and Idaho wire purchased at a recei. en-ship' sale for $6,400,000. This latter property was promptly entered on the books at a swollen value of $22,100,000. The total inflation by the' holding companies during this period reached the staggering sum of $34,000,000 This means," Said Senator Maw, "tftat the people of Htah have been paying electric power rates on $34,000,000 more than the actual value of the property investment used in supplying service. "At the present time the -Utah Power and Light company places the value of its property in Utah and Idaho at $84,000,000, of which $65,000,000 is in Utah. Taking awav the $34,000,000 of 'water' we get $50,000,000. Figuring the replacement value at 33 1-3 per cent less than -in 1929, we arrive at the value of $33,400,000, which '' ' . . . Mai v Kenneov. her nurst r.t the eomnanvs uionei Lies to- i Murder Suspect Carried to Trial i i i . . c f'mj j jib P7 , t' " l& J - iff ' !' it ml I - hw 1 m r LJ6 ft f ' - - - .1 Dr. Alice Wynekoop is brought daily in a wheel chair to the doorway of the Chicago courtroom where she is being tried on a charge of murdering her daughter-in-law. Kheta. Then she is placed in a chair as pictured here and carried to the front of the courtroom. Veiled, arefisen neaiiy in iaacK. sue watches impassively, under the eyes of and guarding officers. day." Bondholders Real Owners Going back to the story of frenzied Wall Street financing methods employed, Senator Maw told how the holding company "right off the bat" issued $30,000,- 300 worth of common stock ivhich was given away for noth- ng, "as a bonus" to the promotes promot-es in New York. The next step in the picture was the floating of $56,000,000 worth of first mort craere bonds, which were also de live red to the Electric Bond and Mortgage company. These consti tute a first lien on the property of the company which on their own figures can't be worth a cent over $34,000,000. said Senator Maw. "What does this mean?" he queried. "It means that if the power company fails, the bond holders in New York will get the proper tv and there will be nothing left for the local investors. . "The crowning achievement of the dizzy scheme was the sale of $25,000,000 six and seven per cent preferred stock to Utah people. This was done to plant the roots of " the system deep and insure the system against such adverse criticism criti-cism which is sweeping the country coun-try today," said the speaker. "It was cleverly designed to make each stockholder a champion for the company and protect its welfare wel-fare against an aroused public opinion." 5000 Stockholders There were 5000 people in the state who purchased the stock, said Senator Maw, and $600,000 of it was purchased right around Provo "What value has it?" asked the speaker. "None on earth, except its ability abil-ity to earn 7 per cent a year," he said. Senator Maw further pointed out that the company never ceased ceas-ed to pay dividends on its $25,-000,000 $25,-000,000 block of common stock for which nothing was paid until the dividends on the preferred stock bought by unsuspecting Utahns were stopped a year ago. The speaker paid his respects to the personnel of the Utah Power Pow-er and Light company in the state. They are all honorable men, but they have nothing to say. Their orders come from , New York," he said. "What interest has the holding companies in your state? None whatever, except to the extent that you can keep on pouring millions mil-lions into their laps." Pointing out that 95 per cent of the wealth of the country is controlled by 10 per cent of the population, the senator declared that: "We have less to say abou,fc economic matters today than our forefathers did before the revolu- Salt Lake Stock Exchange Am Furnished By WKM.S L. BKIMHA1JL Broker WEDNESDAY, JAN. 17, 1934 Alta Tunnel $ .02 $ .02 V. Amag. Sugar Pref 53.00 5V.00 Big Hill .14M. .15 Bingham Metals .02 v. .02 ri Bristol Silver . .11 .12 3ullioji 00" 2 .01 Cardiff 10.- .13 Jen. Standard .. 01 V4 .02 Chief Con 72 .77 Colorado Con. . . .03 .03'i Con. Wagon 50 .60 Col. Rexall 01 , .01 2 Combined Metals .09 '.4 .09:S Crown Point 01'.. .023i Crescent Eagle . .01 1 1 .02 Dragon 02 Empire Mines . . .04 .05 East Crown - Pt. .02 .02i East Tintic Coal. .04 .08 East Tin. Con. . . .24 .26 East Utah 03 t .04 eureka Bullion . .20 .21 Eureka Lily ... .22 .25 Eureka Standard 1.30 1 37 M Great Western . .01 .03 Iron King 06 .09 tron King .07 .10 Indian Queen .. .00 :4 .014 Lehi Tintic .... .01 .01 Vi Little May 00 'i .01 V- Mt. City copper 1.05 1.07'v Mammoth 30 .40 Moscow 13 .15 New Quincy . . .02 .03 Xorth Lily .61 .63 - - - No. Standard .01 V. .02V-j Opohongo .... w 00 . .Ol Park Bingham . V02" .02M: Park City Con. V .33 .34 Park Utah 3.45 3.50 Park Nelson ... .02 .04 Park Premier . . .07 .08 Plutiis . .I 25 .39 Provo ....... .13 .20 Sacramento (to, 01 Schramm-Johrfson Pref 50.00 90.00 Sliver King Coal. 9.10 9.25 Silver King West .65 .70 So. Standard . . .07 .10 Tar Baby 01 .01 i Tintic Standard 5.65 5.85 Tintic Lead 38 .45 Tintic Standard 6.00 6.10 Utah Met. & Tim 95 1.10 U-I Sugar, com. 1.82 1.85 U-I Sugar, pref. 5.60 6.10 Utah Fire Clay 19.00 25.00 Utah Home Fire ins 50.00 70.00 Utah Power and Light Co., $6 pref. . . 17.00 29 00 Utah Power and Light Co., $7 pref. . . 21.0G 2t.00 Utah Power .and Light Co., Deb 47.00' 51.00 Victor Con 02 .04 Walker Mining . .81 .85 Yankee Con. . . .01 .03 West Toledo . . . .00 H .011, Z. C. M. I. 19.00 21.00 Zuma 06 .06V-: LET D-T-R CO. MAKE and HANG Your DRAPES & CURTAINS Special Low Labor Schedule During: Jan. and Feb. ion of 1776 which brought independence inde-pendence from England." In closing, Senator Maw appealed ap-pealed to the people to keep their eyes on the primaries where the candidates for the legislature are nominated, and work for men who are free and untrammeled in their outlook. The speaker was introduced by Dr. H. M. Woodward, president of the Citizens' Council, who pointed out in his introductory talk, the difference between Colorado, where much of the wealth of the state is invested, and Utah, where most of it goes to the eastern financial centers. The interest in the meeting- was 10 great that many people could find only standing room and many others were unable to crowd into the room and went away. $5.75- SALES Comb. Metals -2000 Ti 9M.-C Mt. City Copper- 450 fr $1.05. Park City Con. - 6050 ' 32-3B'-c Walker Mining 200 fir 85-84c. Eureka Bullion - 1000 n 21c. Park Bingham 1500 2c. Silver King Coal. -160 'u $9.25-$9.10. $9.25-$9.10. Tintic Lead - loO rn 38c. Tintic Standard 350 fit $5.60. Big Hill 1800 fit 15-14 Vie Col. Rexall 4000 ti iv.c E. Tin. Con. 500 di 24c. Eureka Lily 900 '.1 25c. Eureka Standard 100 $1.35. Moscow 2300 fit 14-14 '-c. New Quincy 1000 'h- 3e. North Lily 330 u 62-70c. Park Utah 100 fir $3.50. Zuma 2000 n 6VjC. OTHER SECURITIES Am. Smelting 44c. Am. T. & T. 117. Anaconda 15V4 . Kennecott 20 3-8. Safeway 49 3-8. E. Bond & Share 16. U. S. Steel 53. Silver 44 5-8. Home Loan Bonds 92. YOUR JHJ) MATTRESS and ... Is All You Need To Get A BEAUTIFUL NEW SPRINGFILLED MATTRESS AT ITayHoi? IBi?os. (. LIBRARY SERVES MORE PEOPLE (Continued from Page One) from $7000 to $6200. Fines netted $173.60 and rentals, $207.10. Expenditures were $3007.40 for library service, $402.50 for janitor jani-tor service; $1050.36 for books; $158.75 for periodicals; binding, $475.26; supplies, $138.36; printing: print-ing: and stationery, $25.75; heat, $245.52; light. $357.55; furniture. J(furnace) $346... repairs and yeaning, $163.97; paid citV $6580.65, balance on December 31, five cents. The library assistants and janii tor gave iwo weeHs' salary to thq city and the librarian gave one month. In February, Mrs? Delia B. Nut-tall Nut-tall was married and resigned hen position. The two girls having experience ex-perience were promoted and Mrs. Georgia H Forsyth was engaged to fill the vacancy. The library cleaning was done with R. F. C. labor with th library furnishing the materials, j Thft Central Hpfltino- r- Hia- .$125.65; sundries, $83.58; total ! continued its heating service and a gas furnace was installed in October. Alex Mortensen was tho contractor on a bid of $1038. BZook Week, November 12-18. was observed by an unusually at- j hfJ tractive display m the Utah Power and light show window, News flashes were run at the three theaters, and posters were displayed in store windows. Six civic clubs were asked to make yearly book donations to the library. The city commission, on December Decem-ber 30, 1933, agreed that the fines ana reniais money snouid be kept i get down to work the librarian, The records of re- proof conscience. the librarian, he records of re- ceipts and expenditures are to be audited.. H 1 - . c : 1 . wc nave iiinsnea tne year vmui erowtn in tne service we ve been able to render the community. We face 1934 full of hope for a year of happy contacts con-tacts and , increased usefulness," says Mrs. Thomson in concluding the report. Congress has legalized dunking dunk-ing in the District of Columbia, and now our representatives earl with a 100- "The nation is headed for disaster dis-aster unless the brakes are applied," ap-plied," cries Senator Robinson of Ulndiana. The senator s first namef is Arthur, and his middle name is "Rip Van Winkle." Help Kidneys 1 p.Kiriy t mu tiun 1. r KH-ny-t and oinouer makt: you btnirr fu.m Getti 1 Lp Night--. Nrvou.j-Tss. lCt-.fuin-i -Pains. Sti-fnesa, Burning. SmitrtirVr.' Kchinjr, or Acidity try the ruarunh-ed mj-vji a proscriptions ystr x(Siss-t. x AliSpy 7 Myt lix you up or money O O ..." - Jmmmmymmm ''"ii7'ii''''"'' '""ili'iTi' mm mMims J GaiDrtts . TTDniimPScfflaiy, Jam, SSttih? HERE IT IS! THE SEMI-ANNUAL CLEARANCE YOU HAVE BEEN WAITING FOR! DOLLAR-SAVING CHANCES! MORE THAN UK ELY THE VERY LAST OF THESE LOW PRICES! BUT ONLY DURING THIS CLEARANCE! .... ONLY WHILE QUANTITIES LAST! MEN'S 3 Season 16-lb. Rib Usuioim Short and Long- Sleeved Long Legs MEN S and BOYS "ROUGH RIDER d&hd $2.98 Pair Fellows! Here's Your Chance! W f Lf jp ' ''V t LADIES' AND GIRLS' WINTER COATS FUR TRIMMED tt Values That Carload Orders Made Deep Nap" IBILAEKISirS Pair Laugh at Jack Frost I with these warm, thick blankets on your bed! Rose, blue, green, old, and lavender plaid. 3-in. sateen bound! Weigh 354 lbs.! Aimy Ladies' Cosii Amy (SSu'Es'' Soatt Re-priced for Fast CLEARANCE! MEN'S L. D. S. RAYON GARMENTS 0 Pair Repriced to Clear 1 Lot BOYS' SWEATERS Boys Don't Miss This Wonder Buy! Re-priced to Clear at Pre-NRA LEVELS! GIRLS' UNION SUITS Rayon Striped Several Styles to Choose From MEN'S COTTON SUEDET JACKETS Button Front Cossack Style Heavy Weight LADIES' LADIES' HOUSE DRESSES IMPORTED GOWNS : 2 . COTTON COTTON SHEET BED SPREADS BLANKETS 80x105 70x 80 3 81x99 Linnen Weft ' 1 CASES, 42x31 17c N . 2 Lot MEN'S and BOYS' No. 3 Lot 4 RTTrT f CHILDREN'S OVERSHOES HOUSE SLIPPERS $fl.00Pair 4Pair While They Last Bio (Co ipmmmw p rovo Utah |