OCR Text |
Show THE OGDEN 6 mm STANDARD-EXAMINE- What is the name of that com pany In Colorado? A. The Western Colorado Power company. O. Inviting vour attemon to me figures there the' gross earnings you see, they are larger than the figures In vnni' Vrhiblt A: uuxn A. Th earnings rrom me Q. ' WEDNESDAY EVENING, DECEMBER 14, 1921. R. iv$mm : power !system? o it in utan ' A. ' Yes it represents the same basis ps iiart in the nrevlous case. Q. And that is the wnoie system.. A. Yes. Q. Mr. Inch, when did the advance schedule of rate you speak of, when did that take effect? A. That became effective March, ' $17.50 $17,50 T un i i uu u u u-- u u A. Yes sir. (Continued from Pago One) . Q. How old a man are you? 1921 sixty days $2,000,000 in bonds were, I am forty-threA. That did not relate back at Q. soldi in New "Eork at a cost to the at all? took Q. And. you your degree company of slightly in excess of 7 per vH-s-P A. No. sir. XXVI cent. It was also brought out that this some advanced engineering school I receive now. Well. didn't you Q figure was a favorable one to the com, any benefit from the setting aside of pany under present financial condi- suppose? where in studied I O, England the special contracts? contions, and that this issue was in A. Yes, sir. obdld'not nection with note degrees. give of the they refunding ' Q. , When did that take effect? such ligations incurred inthe original Q. You at least went through A. That took effect In November, of the company, which a school. 1920 would not have become due until 1922. , A. Yes sir. Q. What benefit did you derive ' VALUATION FIGURES. Q. How many years have you spent from that? this of in the financial department Mr. Inch admitted on A. You mean to say what financial 9 that the valuation figures given company? benefit? of genin I its been A. have charge in exhibits presented by the power eral commercial business Q. Yes. since 1913, A. Put on the basis of the 1919 ba company's witnesses upon which they the first of the year. "wish to base their rates are tentative, have received some Have you had the floating of sis we should and not actual valuation values. He theQ. bonds a year. Of course the $800,000.00 to attend to? also admitted that while for, the purnot business been equivalent to the has A. not No. have I the floating 1919 pose of fixing rates, a valuation of of their bonds to, attendgotto now, so the results secured business, but I over $42,000,000 had been allowed that have the financial of this have been much less. the value-placeupon the entire prop- y company to meet. obligations" Q. What benefit did you receive erty of the Utah Power. & Light'C.om-panhostohry: the schedules? float- from the advance-Ito not You the do attend Q. - a. for the year, 1921, by the Equal r ing of the bonds, do you? is difficult to say what it Again, lzation Board of ther state of Utah, , A. Well, if I can't show the earn- we received; but we should have- re was only $15,000,000 in. round numto some hundred ceived four to the perhaps float ings, Judge, necessary bers. four hundred fifty thousand dollars a bonds, they are floated. HEYWOOD QUESTIONS Q. Do you claim that your com- year. We must close out this stock before January 1, so we Commissioner Heywood: I cannot Whereupon the following examina- panies do not ' show the necessary tion was conducted by Commissioner earnings? get you on this special contract abroare giving the public the benefit of the doubt, by reduc . A. 1 claim they will not if our gation. I will read from page eight of Heywood: ideal-winte- r the typewritten copy of the Supreme Q. Mr. Inch, is the item on p'age rates are reduced. e four of Exhibit 1, which Judge ing our entire stock. Values up to $40. Your choice-Q. You have made representations, court case. Case number 230. not called your attention to, in his haven't you, in the bond is "1 as to Judge Heywood, reading: oven; . next to the last cjuestion a few min- the' bonds, and you do somarket under the special continual- in dispute utes ago, notes payable August 1, 1922, ly? contracts involved in the hearing to $4,819,718.33, is the amount you menI assume "so. Of course, we put which we have referred amounted to tioned in your examination in chief as theA, best foot forward when we have 78 per cent of its total sales." In other to. our being due next August? words the general consumers would to to' continue money get try A. Approximately four and ' one-ha- lf business. take 22 per cent of your output. ') million of .A. That very likely was right at Judge Heywood, Q. ' Wasn't a seven per cent basis a (Va fov Tzi, rrrervai ions or any other is all due next Aug- pretty favorable floating that is to say, itthat, in these days? that time. I don't know whether that ust, but approximately fourand one-ha- lf A. It was, yes. refers to 1918 or 1919. J. J. DEVEREUX Sc?rvicc million dollars of it represents Q. And they wounld pay therefore Q. You are also floating bonds on General Agent, that which is in the hands of the 61 revenue. an eight per cent basis, cent total of aren't you? your per lie. A- & S. F. RY. CO, A. A. Well, they had' special rates for Not at, this time, no. We did T. mwlff-o- p Q. What you spoke of this morning have t6 sell some at even a worse than a larger amount of power, which al508 Cllft Bldg. is included in this? eight per cent basis to us; but the lows them to pay less in proportion to Salt Lake City, Utah A. Yes eir. money market has improved some- their bills. Phone Wasatch 2740 as Q. And I understand you to answer what. Judge Heywood, you know, ' Q. What wag.your total revenue? -Sale commences tomorrow at 9 a. rru Come early and to Judge Maclane that that had beenland we are telling now the story as the A. The total revenue for power most of favorable. to course that refers power only. provided for, the retirement of that? A. No, that is not the fact, Judge. Q. I was a good deal surprised, I Q. . Oh. you must have had a lot of interest charges' during the year endget your pick. have connection with this This is the situation: Some weeks ago will admit, this morning, when I heard special contracts as to light you cer- ing June 30, 1921, and $43,637,000 par They have never received a company.''. penny of we had property qualifications suffi- you talking abdut ta receivership for tainly had one with the Utah Hotel value capital stock.. This company and dividend. cient for the issuance of .two million the Utah Power & Light Company. 1 company. one of the large Its subsidiaries from ALL-WOO- L A. The customers there referred to hydro electric power systems of the Commissioner Heywood: I think I PANTS AT $3.50 A PAIR dollars additional bonds. We arrang- will ask you again, do you seriously ed for their sale, at least our Nevf say. to this Commission that a receiver- are all power customers. There were country and serve a territory rich in can follow the financial part of this j York office arranged for their sale and ship is ih sight for the Utah Power & a few contracts involving power and agricultural and mineral resources in company very well. Company? they were sold. They were six per Light Colorado and Idaho. light, but practically all the lighting Commissioner llpvwnorl: N'ow thf A. I do not think it is; but I do contracts were standardized, either Utah, cent bonds sold at eighty-eigwhich an will issue The replace present say it is if we cannot be allowed to long before .or shortly before. represents on the basis of their amount of underlying bonds and one of the companies affiliated with earn the necessary money to meet to maturity, a little over seven yield Was not there a contract for equal Q. pei not will therefore Increase the capital you? X' our as us bond as cost interest payments of that money. the in the Utah Hotel case? cent, to they light ization of the system in the hands of mature and provide our sinking fund A million and a half of that issue A. Yes for light and. power. the Q. And that company conducts public. you see they only bring in a little over requirements, because the, market itQ. Is that the only one? most of Co. of has & Traction The Utah operations one million seven hundred thousand self provides that shall be done. Light A. Well, there wan one with Walkthirty-yea- r your company? $12,471,300 dollars in cash to us but a million and Q. In spite of your never asking for er Brothers; no I mean Auerbach outstanding (Ul A. Yes, Mr. per an increase in rates, you have alwayjS Brothers, but that was not strictly a first and refunding mortgage rive col was to be used a half of that issue In wns it y. and the instituted which fact, to cent. Gold bonds, to retire done that, haven't you? I presume has been-usecontract, for that very purpose." under this issue is formed these notes. Now it happens that 1 A. I don't get the question. Judge. Q. To what revenue would that ap- lateralindeposited A. not to finance the Utah No, lien. Q. You have always met your bond ply, taking Exhibit A or Exhibit 1, prior have been away and only got back & Ujfht Co. Power on with noon connection matters the interest I know don't and in Just Interest, your preferred which ever you 'think is the proper one Sunday Legal QThe Generul Electric company whether the notes have actually been stock, or dividends, rather, and your To what revenue would that 61 per this issue will be approved, by Messrs. have a great many subordinate com; & the for in from 2$75 Washington A venue this Thacher time' the public by everyday obligations? Bartlett, cent apply? Would it be. the $5,000,-000.0- 0 Simpson, bought ' panles. We or not;' but I do know that in setting A. have. or between three and four mil- bankers, and Messrs. Sullivan and A. I presume o. Q. And your running expenses? John V. , ti. i that as havup this , Cromwell for the company; lion dollars? figure we deducted k It is u. tremendously large cor-- I ' We .A. been $4,819,-000.0will so 0 have, by the that A. It would be to the power reve- Macntne, Esq., of Salt Lake City, provided for expedients ing nue. I was not a witness at that par- pass upon franchises and titles and the represents money which we which mentioned in this case. A. Yes. sir. m Q. Well, it has been met? must now provide before next August, ' I am not lien which the bonds will have as seticular and therefore' case, . And one is of Q. this suborthose offerod when, as dinate in addition to what has been done, and .A. It, has been met, yes. t familiar with the facts. curity. Bonds arereceiTed indicate that a receivership Is in instltutlon Was the fact that its chajcompanies? Q. A! receivership could-nobe very there is also, Judge, "if you. will notice if issued and and by us. is If Commissioner Q. 1 believe so. it Heywood: A. . ter runs out December 31. this year. lotwo other items one representing sight?, thought of under any ofs..1' true '22 per cent of the Juice provid I am mentioning these Q. a at A. smaller shows It things surplus could it?.. 99Vfc Henry A. Schneider, cashier of'the A .,!1 cal bank, loans $318,000.00, and some and interest. Price thu ravnna thetl yielding because I could not understand the the end of'the year than at the be- riattsmouth rf int State bank, made arA, other loans amounting to $220,000,00; perhaps, Jude you know would want to get more' than more than 8.jpt cent. . financial of to . assume all obligation. of this the your part year. rangements ginning so that actually in the next eight inat a gooa many puqnc uuuties4nave you testimony Is Commissioner Stoutnour: that revenue from additional jsoo.000.00 I ". Is thin co think to the are protected by who morning. urobably Into depositors, we to in the gone General months last few .have find, somehow, the financial condition of the receivership good deal more. bond issue to which you referred the state ' the bank fund. Thli or guaranty Mr. of Co. the somewhere, $5,357,000.00. Electric Heywood. Mr. MacLane: We will check up and yerir?' a'tstx ACT VIOLENT Is $89.00 will v share. FIRST This i per price the ue is depositors & permit Who "we"? having Q. v,Q"der anL"8UC5 ihwIn aaadd t)ie figures for you at the next Utah Power Light company. cent. their of per before the money A. The Utah Power & Light Comliquidation my the Of Commissioner such, dny Heywood: session. IN ST. LOUIS STRIKE Is completed. A. What are they called? . ' - '. ' . rr , l Tin-- - . General Electric Co. That does not pany. QSix oo stock. A. percent preferred & in fear (No answer). Q, Isn't the Utah Power Light ter of the finance part of Mr. Inch, I look very much as If you was A. No, that must be someone else's You comknow re. Utah Q. controlled another the Traction of AMBER into FIRST the the hands by of going FOUND Company EAST 8T.. LOUIS, 111.. Dec. 14. The at all. My name hap-jpe- ceivers. preferred itock. ' Company that is part of your sys- .cannotto follow In the pany? So , violence of act be serious first list the the of tn. people Q. Commissioner . IN Heywood: Yes, nackinr house workers' strike, here oc NORTH AMERICA far as the common stock is tem? A. with regard to a receiv- that is the Electric Bond that sell bonds and I happen to take er The position and Share A. Yes. ' near be and men concerned, yes sir. very may very when today, this names. armed Here these that curred contain morning papei's company. A. Yrs.VANCOUVER. R. C. Dee. 14. HunQ. Do you pretend. Seriously, sir, to Is an extract from one of the papers: far away tomorrow. These bonds to boarded a car carrying employes to the dreds Commissioner I think Heywood: And of tons of despised culm from a comisn't Q. this there Colorado commission is to that are it any say taction bonds that is nil at this time, but I should packing houses and shot Solomon Tart, the Coaltnont General L,lectric company wljl pay which you refer collerles In the Fort Nl othof grave concern to you about, meeting pany? which represent a negro, through the left lung. security fixed dividend. New York, Aug. 28. be Inwill if, the you A. other cola glad of get British Columbia, has Yes, sir. these obligations at their maturity? Valley a been has bonds. There QC1 have asked General Electric company has is er formation for. on 2. out to conmere are just you The turned A ao,; yes sir. mat 5 is ail cent out. experimentation Issue bond l of per sued a circular to shareholders dealI Commissioner have Is This Heywood: tain amber. to be the believed Qj- - Is the financial department of three, in the one system? BANK NEBRASKA OLD we was tnat situation in? wkh the question of its stock The another one here which I cut from A. on first Yes. discovered amber North the this company in yowr charge? wo and could not at it that rate, busiget dividend policy and with genera.1 BUSINESS Bosthe financial of UP the GIVES 'American sent to department continent. Samples to start pay eight percent, and ness and financial aspects. Regarding: had ton Herald: and Ottawa New have been proYrk 90 cent. at it per stock dividends, it proposes for the "Financial Notes Utah Power & nounced good amber. Q. These bonds are in the hands of better protection of its small sharePLATTSMOUT1L Neb.. Deo. 14.- for 1920. The combined Income oo- Light more than underwriters yielding a 5.00 eight holders, a dividend of & Light The Bank of Cass County, organized OpTTPN" share, statement of the Utah Power is what the paper says. payable annually, in place of the 2 per percent miOULiJUliQ the Western Colorado Power com- in 1$3. was closed here late Tues- A. but the company does not Co., Yes, Accord dividend. ceiw K. & the J. Utah and Traotlon Hart, afternoon secretary pany by Light ESCAPE CITY day that amount, and no one knows lAard.' The ing to the circular, the business of the get com- company for 1920 shows surplus, after of the state banking the that better A (SOOoVfJLAJE TO TRAOS than yourself is and well maintained were DES MOINES. Iowa. Dec. 14. taxes and depreciation, of loans and discounts of the bank being corripany does not get anything like the charges, orders are being: received at a rate in pany which Seven prisoners In the city Jail escaped and of with with $440,000 $974,489.00. $1,012,152 $525,000 deposits compared The the public pays. excess of any year prior to 1917. TJie price proceeding year. Gross earn- - a capital of $50,000.' .The district last nlcht. It became known this morn- to be sold on the market In thetotalled company claims to have more than bonds havewho $8,591,206 against $7,- court appointed I K. Brody receiver. ing. They made their escape by sawdo nothing else but sell ings people $40,000,000.00 cash on hand and no by announced that onellng the bars of their cell on the first 1919." 330.052 in Secretary Hart causes the retail price current liabilities other than ordinary bonds. The public pays Does cf closing the floor of the new municipal building. Commissioner of the that Heywood; primary and we get wholesale monthly accounts and federal taxes." for the bonds, 99 was The general question, the General prices. We sold I think at got efor those bonds. Electric company owns the control of what we and a half? Q. Ninety-ninyour company. A. I think so. A. No, the control of our company Q. Are you sure of4hat. is owned by the Utah Securities corI can check It up and I will proA. poration. , Q. It gets around to the General duce the figures to you. as favorasell rate At Q. you any Electric company? ' bly as other corporations? A. Yes. ' A. We sell better than some, but is an issue of the Utah so as not well others.. Traction company, August 24, Q. I suppose the bonds are perfectIs quoted in a financial pa ly good and safe bonds? A. Yea, I think so. but I would like No. C.) (Protestants'Exhibit to say that the General Electric com"Utah Light & Traction company. as far as it has any connection pany 8 cent First $1,401,000; per Mortgago with this. company has it only through collateral uoid iionas. Dated July l, the common stock of this company 1921. Due January 1, 1934. Not callable in. whole or in part be held by the Utah Securities Corporahas never fore January 1, 1927: thereafter re tion, and that common stock deemable as a whole or in part on thir received any dividends so that there no conceivable way in which the ty days, notice, as follows: During is 1927, at 106; during 1928, at 105; dur General Electric company can' ever : . . lng 1929, at 104; during 1930, at 1 ', e. Your Choice of Any Suit or Overcoat i S iksmwj . at p cross-examinati- 0Soxs yovt snt iattwn on mototmanfme to ads 4g and tHc comfotis or HoielGalve ala and LSMS Its only luxurious alittle trip over toHoustoTu d - , f - Has an Mac-Lan- climaf q all finp hotels and Kowrs thc?Tomancp ofold Spanish days. ... A i dta . i . COUtSP " j ! ' - . , , A -I- $17.50 $17.50 ht - i the-financia- l . n d I i HE! '8 f?T iill - ..--- . XS-poratlo- -- n. ; - - these-consideration- VV-c- s rp ll. -- - usa . - - - I ,1 1 - ns - - . 1; Tt-TLJS- G? semi-annual- Offdeo Head quarters JAIL ly 1 , COLGATE Pit ODUGTS !P . : I I SIl I I f !fioi QlrfetaM . I ! 103 1-- 2; 1932, LOS ANGELES Paradise of the western world, winter playsround of the American Continent. QheAmBassaiSor . last wocd In ultramodern hotel architecture, oders unexcelled service. .Here one may enjoy quiet restfulnes or indulge in the sparkling social life in its gayest and most refined atroo ' sphere. Within a few romutes ride of the hotel is the Ambassador Golf Course, conceded by professionals to be one of the fine .r - r in America. ' -- - ' . MODERATE RATES aad bath SJD0 fee ent penon r kvbUt toem Lafp ' -- for (Mint toon, na'vprad- t tad Lxx - Eurcpnn FW Wriw Sae S56 ad Sbx$tmai booklet AS fc&oastfcm mnteAt firaet f by ma& bom aoy Iwtdan thm AjdbMMifnrHcofc 8ywm Tht'AjtimMAx. Kcw Yak Tlw AmbtMador, Im-Ami- The TKr during: 1931 102 ilffs at 103; during during 1933. at 102; 1-- 2; Interest to the date of redemption toi be added In each case, interest pay- able, at option of the holder, In Chi cago, or New York, The company agrees to pay interest without deduction for normal federal Income tax up to 2 per cent, and on refund the appropriate request, to4 mills tax. state of Pennsylvania Authorized 31,401,000. Outstanding 11,401,000. & United States Mortgage Trust Co., New York, trustee unconditionally guaranteed as to principal and Interest by endorsement, by the Utah Power & Light Company.. The following has been summarized from a letter of D. P. McGee, vice president of the company: The Utah Light & Traction company owns electric power and light and street railway properties in Salt Lake City and immediate vicinity, and electric power and light and sraa an important and Integral part of tne Utah Power & Light system. This group Is under the management of the Electric Bond and Share Company, which in turn is controlled by the General Electric company. i The properties on which these bond will be a through collateral (of an aggregate lien of are conservatively valued at well over $10,000,000. In ' addition. they will have a lien, through the same collateral, on substantially all the remaining property of the company, subject only to $1,865,000 underlying bonds. The book value of all th4 properties' of the company is in excess of $21,000,000. The Utah Power & Light Co., which these bonds, has outst&nd-In- r guarantees "with the public $24,847,000 bonds on which it earned about 2.7 times Cby AkxHtd, Im Apim first-mortgage- J1 i ;.. nAfppv nAwnn'i' 1 if CAW M SAVE 25 to 35 on COLUMBIA RECORDS' and , 12,-886,00- 0), , anda II- 11 , . Aoimiat.t Atbadc at I Wake it a I j IMMBgwiEHP)) i 6RAF0N0LAS ; AT Browning Bros. Cc 2451 Hudson. Phone . yf M UUKHAM DUPLEX RAZOR COMPANY fA ' MJ? ; JraryiU.a,A.,Sblsld,Ecc. ' SS tpftMDfttfrN Paria,Frsnce .Toronto, Can. im ACT Cotmfn'ts . Ni-- tf7 K - t? Jy |