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Show SEARCHLIGHT Cr THE Sidelights On Rate Hearing Mr. Joseph in a moment of exasperation addressed Dr. Gadsby as follows: ‘The point of this inquiry has been, Mr. Gadsby, how is it that before eliminating the Copper Company, the cost of generating power is 2.17 mills—that is, the cost of all power —while after eliminating the high cost power (only), we come to a figure of 2.53 mulls.”’ The servicing charges on the total debt of Utah Power & Light Company in 1941 totaled $3,820,098—bonded debt, $2,115,337.57; preferred stock, $1,704,761.00—an average interest rate of well over 6 per cent. The facts brought Joseph inquiry ated in tendency of the Company to construe differently on different occasions the following rejoinder from Mr. when kilowatt counsel objected to an as to what was intended to be meorpora pending registration statement to the Securities & Exchange Commission: ‘May I suggest that an inquiry such as this cannot be conducted in a back room; that we must know what representations the Company are we on other makes attempting sentations made to occasions the appraise repre- to this Commission at this Kilowatt-~ from preceding page) terms were impossible of reconciliation with Dr. Even exhibits. and testimony other ‘Gadsby became bewildered when trying to explain Exhibit 31. In response to a question Mr. And he replied: ‘‘I am lost again.’”? Joseph responded to a suggestion for a recess with the following: ‘‘It might be sad to end this session at a point at which we are all ? On agreement by both sides the Comimission continued the hearing to Wednesday, January 6, 1943. The Commission is comprised of the and following: Donald members. George Hacking S. and Ballif, O. W. reference by Mr. structure tion in the corporate was delightfully Joseph to the infla- of the Company - sarcastic: ‘‘Now Mr. Gadsby if a holding company invested nothing in the common stock of a subsidiary, does the fluctuating value of the dollar (a la Ben Smith) serve to increase or decrease that investment?’’ Dr. Gadsby rose to the occasion with by ‘Well, nothing multiplied else produces nothing.’’ this: anything If Bond & Share came forward with a cleaneut program to eliminate the water in Utah Power & Light debtedness; social, cease and Company; its political reduce its in- in Civic, interference affairs; and otherwise conduct itself as an honorable business institution should, it might then be entitled to public consideration and leniency. But until Bond & Share learns that the Golden Rule must be practiced if it 1s to be offspring is certain to exploited, its Utah sink lower and lower in public dis-esteem. if time.”’ (Continued A chairman, Carlson, should Commission Power The Federal have the good will and_ the whole-hearted appreciation of thoughtful citizens of Utah. The Commission has loaned to the State the services of three of its highly trained experts: and Dunn, L. Curtis A. Hurley, Edward Samuel Joseph. inestimable rendered have men Those service to Utah in the investigation of kilowatt methods in this State and in the conduct of the current rate hearing. engineering and legal, accounting, The staffs of the Public Service Commission of Utah likewise deserve high praise and decent financial compensation at the hands of the State for their faithful and intelligent public service. The old legal standby: ‘‘If your case lacks merit, abuse opposing counsel,’’ came into play in the hearings. (Continued Counsel on page for the 6) Power |
