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Show POWER MAGNATE, PRESIDENT TALK WASHINGTON, rec. 21 -Wil- liam H. Taylor,- preaident of the Philadelphia Electric company, aaid after a White Houee conference today to-day that he had diacusaed the "prudent "pru-dent investment" theory of utility property valuation with Preaident Roosevelt. Taylor expressed his conditional approval of the theory. With Taylor tn the conference were Frank R. Phillips, president Pittsburgh ; Chairman Frank R. Mc-Kinch Mc-Kinch of the federal communica- tions commission, a presidential adviser ad-viser on power, and Senator Guffey ID, Pa.). Taylor aaid that the group took up prudent investment theory with the president In the light of a decision deci-sion by Justice Brandeia made In the Southwestern Bell Telephone ease IS years ago. "If the theory ia applied now In the manner indicated by that Brandeia decision," he said, "we couldn't help but approve." He did not go into details as to the distinction he made between the Brandeia application of the theory and what generally la meant by "prudent investment." (Ordinarily that term la taken to mean evaluation of utilities' properties prop-erties for ratemaklng purposes on the basia of the actual investment In physical foldings without taking Into consideration the replacement cost of the properties.) The conferences) were the first scheduled since Wendell L. Willkle. . president of Commonwealth and Southern corporation, and Floyd L. Carlisle, chairman of Consolidated t Xdlson and Niagara Hudson Power company, called on the president a month ago. . An administration official said he ' understood the aeries of talka would continue until Mr. Rooaevelt had ' conferred with ezecutivea from all '. sections of the country. It is his r understanding, this official said, that the president wants to get a 'fair cross-section" of opinion from ' the industry's leadership. |