Salt Lake Telegram | 1934-05-24 | Page 3 | Utilities Book Values Viewed

UTILITIES BOOK VALUES VIEWED Testimony Charges Write ups Retained to Increase Income WASHINGTON May 24 Tes IP P limony that Cities Service company although writing down valuations in ints its ts public financial al statement as ac of December 31 1930 retained such totaling on the books of the company was presented today oday in the trade commissions commission's utility utility util util- ity inquiry A. A E. E Lundvall commission investigator investigator investigator gator who previously had hid reported this his total pointed out that of it was eliminated from irom published financial statements but that hat the original were maintained maintained main main- on the books At the same time Robert Burns Cities Service counsel issued a statement state ment saying the Investment costs thus hus recorded corded on the books of the operating utilities were placed there under the order and direction of the thc public utility commissions under whose jurisdiction the companies op crated Lundvall Lund said the shown on the financial statement left a het net of equal to approximately 7 per cent of the company's company's com com- pany's plant and investment account The effect of or valuation tends to increase commission experts have often said the amount of income income in in- come a utility company may obtain since its rates are based on total valuation of a property SEEK SUSPECTS SUSPECT'S RETURN OKLAHOMA CITY May 24 JP- JP Grant county officers were ready today today today to to- day to seek return of Joe Newton from rom Tucson Ariz to stand trial for forthe forthe the First National b bank robbery robbery rob rob- bery at Medford in l 1932 32