OCR Text |
Show Friday, UTAH VALLEY SEWS Pate Two SeptomU-- r 9, 19 of Utah million was committed by the all of the common atock common stockholders, bow was Power and Light Co. thoughout this inceased capitalization of over the period 1915 to 193U without any actual outlay of cash. $15,000,000 financed? Question: Notwithstanding that Answer: Except fur earnings left In the business as a surplus fact, have dividends been paid on cost to the amount of $4,T08,578, the that common stock which Hah Power and Light Co.s them nothing, beginning with growth since 1915 has been fi- 1925? Answer: Yes, sir. nanced by tbe sale of bonds and In what amounts? Question: preferred stock. In 1925, $600,000; Answer: does what Question: Briefly, 1927, $1,050.-00the showing that the common, 1926, (9110, U00; 1928, $1,200,000; 1929, stock was negative, taken in connection with ths fact that the $1,200,000; 1930, $1,200,000. Making a total to Question: company has been financed largely through the eale of notes the end of 1980, beginning with and preferred stock, mean re- 1935? Of $ 4 . 1 5 0,0 0 0." Answer: specting the coat of the common stock to Utah Securities Corpor- (Ibid, pp. Six million one hundred fifty ation and Its successor. Electric Power and Light Corporation? thousand dollars in six years on i Utah Valiev News Succ Mao' to Public Opinion Journal Publlxiad every Friday morning br If North Plral UTAH VALLEY Waat PUBLISHING CO. Provo, Utah. matter November It, HIT at tho poat Batnrnd aa at Provo, Utah, under tbe Act of March 8, 1879. aaeond-ela- A CUBED le loved and to love mankind smile when things may hurt you most speak ito word of scorn of men praise all good but never boast. listen another's story through measure faults with liberal rule told you so," never say, Or judge the other man a fool To say the things youd like to hear Remembering that praise is sweet to measure. That deeds, like doves, return to roost That a friend is life's most hallowed treasure. To live To To To To To To "I My Prayer Contributed to the Utah Valley News by a Subscriber) Teach mo, 0 God, to think straight. When issues are confused, help me to see things as they are, not attempting to bend circumstances to my purpose, tat not my own desires so muddy the waters that I cannot sec clearly what course I should pursue. Let me understand how unsatisfactory is subis. all defeat of truth-Iterfuge, how clear, quiet moments I know that whatever is thus gained cannot be enjoyed. Hut when there is turmoil about me and 1 must think quickly let me not fail. Teach me to lie the kind of person whom other people will trust instinctively. Let me never fall short of the confidence that has been given me. Known to me, as it is, how easily one slips into unfairness and dishonesty, let me not judge harshly the persons who fail in their trust. Let me not think them different from myself, nor beneath mo in standards, for in their circumstances 1 might have been weaker than they. Let me forgive as I am forgiven. Let me so do my work this day that I can face each person squarely and without fear. Let me not look back upon this day through the long vista of years with regret. Let me keep myself free to think and to live. short-sighte- d Amen. Seeks Two-Ye- ar Utah Power & Light Co. And Its Inflations Ry hr. l'niley A Christensen I designated the Utah Power and time Light Company its llie lieu that lays the golden eggs for the holding eonipuiiics. Thu money of us ordinary patinas ami loekliolders is, of course, the food that feeds the lien. The aptness of the comparison becomes more and more apparent. We have seen how the holding company inflated the pnqierties held by the Utah Power and Light eompaiiy to the extent of more than $34,000,-IDand that, as a result, the people pay electric rates on u capital investment that includes that inflation. .Sunn ii.i-- o 0; O And I have Intimated that bjr mi ana of that Inflation the bolding company came Into poaaeaalon of nhinil $34,buu.ilii worth of I'lah 1owcr ami Light atoclt without any material coat to Itaelf. If thla la true. It meana that the ordinary outride" atuckholdera, whose money hue gone Into the company, are sharing the earn-Ing- a of the company with the extraordinary Inaide" atockhold-era- , who got their atock for g. The evldeuce on thla point la clear and complete. I hope It la not unbecoming to Chrlatlan to wlah that every citizen in Provo could be made to read and reread the material to follow antll he la fully aware of Ita moral Implication. Me might at leaat understand why some of ua are that Provo get rid of a vast parasitic syndicate that has made foola of us all. And Incidentally he might understand why the t'ttth Power afld Light Company haa failed In Ua report to Ua "outside" Htockhnldi-r- to dslcloae all the facta regarding ita Inflations. Ita earn Inga, and Ita distribution of divldnuda to Ita 'inaide'' stockholders. (See Senate Document 92, Part 45, p. 1859. First Seaalon, Congress, 1932.) Let ua now look at tne record, and in doing no let ne keep In mind that the evidence la given n by a distinguished accountant employed by the 70th Engllah-Amerl-ra- fedeal trade commission to study the record of the companies Involved. And let us also remember that a legal repreeentatlve of the Utah Power and Light Company was present throughout the hearing to challenge the evidence 895-89- submitted or to Interpret It where possible to the advantage of the power Interests. was the When 'Question: company's last issue of common alork made which brought the total book value of common stock outstanding up to the total carried on the hooka of the company in 1930? Answer: In 1915. Question: What haa been the book value of common atock outstanding since that yearT Answer: $20,000,000. Queation: Who has owned this common stock tniugnout theee (Holding Companies). Answer: Bonds and preferred stock were sold to n sufficient amount to more than reimburse Electric Bond and Share Co. and Utah Securities Corporation for for ths cash cost of properties and other assets acquired by Utah, Power and Light Co. Consequently, Utah Securities Corporation and Its successor, Electric Power and Llhgt Corporation, have held 'o an investment of exactly nothing, and every dollar ultimately from the pockets of the men, women, and children who pay the "light bills! And this is only one of the many golden eggs that have gone to the holding company from the Utah Power and Light hen which the people feed and which some of the "heat dtlaene in every community won Id have them continue to feed. COXCENTEATING He who would do some FORCES great thing in this short life must apply himself to work with such a concentration of his forces as, to idle spectators, who live only to amuse themselves, looks iike insanity Parkman. U(atchQuist funeral jf(onie LADY ATTENDANT yean? Answer: All common' atock outstanding since the . organic atlon of the company, except directin' qualifying shares, has been owned by Utah Securities successor, Corporation or it Electric Power and Light Corporation. (Holding companies of U. P. and L. Co.) Question: Have these com panies, aa holden of the common atock, committed any new funds to the buslnesa during the yean 1915 to 1930, Inclusive? Answer: The only additional funds committed by the holders of the common stock consisted of $4,708,575 of earnings left In the business aa surplus and surplus reserves. .Question: But the growth of haa the eopany'e capitalisation been much greater than that during the same period, haa It notf 'Answer: Yea, air. The com Inpany's total capitalisation creased from $57,881,988 In 1815 to $108,088,587 at the end of 1180, representing an increase of $45,648,(75. Queation: If lsaa than five Phone 532 160 N. University Avenue . ,, mmmsmsss: a- - -i- t's YoU i;U tQ hCtf , co-- l DOORWAYS to LEARNING... Term as County Commissioner are open to youth at Brigham Young University. As Utah Valleys greatest educational asset, the institution is prepared to serve this area by training finer citizens for its future. NOW! IS THE TIME TO PAINT THAT NEW ROOF It is estimated that roof wUl to prolong paint a new shingled its life 15 years. IT OFFERS Foundation Courses for All Professions and ESTIMATES CIIEEBFULLY GIVEN NO OBLIGATION Vocations- Utah Valley Glass & Paint Store 348 West Center IT IS ORGANIZED INTO Phone 403 FIVE COLLEGES: Applied Science, Arts and Sciences, Commerce, Education, and Fine Arts. There is also a Graduate School, Research Division, and Extension Division. Brigham Young University is accredited with the best institutions in the nation. Ask About Our Monthly Pay Plan I HANSENS Mffiri yvI lj ; RAISINS 297 REGISTRATION DATES September 23, 24, and 26 North First West per pkg. 6c X COCOMALT per can 37c 3 MALTED MILK, Thompsons 39c SHREDDED WIIAET . . . . per pkg. 11c A POST BRAN per pkg. 10c J CARNATION WHEAT 19c ROSEWARE OATS X 23c MIXED CAKES per lb. 23c CANNED VEGETABLES 3 for 25c 1 trrOMATO SOUP, Campbell's . . 3 for 25c '3 BRIGHAM YOUNG i f ! - UNIVERSITY Pbovo, i Utah "The Friendly School .... ? SUPER SUDS, (Red) SOAP, Crystal White OXYDOL 17c! ... 10 bars for 34c per pkg. 21c 0 Fresh Quality Meats All Meats are U. S. Inspected SHORTENING (white cloud) 21c SLICED BACON (mild flavor) . . lb. 23c VEAL ROAST per lb. 16c GROUND BEEF 2 lbs. for 29c 1 ' 2-l- bs. PLENTY OF PARKING SRACE - 9 DUKES MARKET - We are Proud of Our Delivery Service i 9 PHONES: 200 - 201 |