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Show THE al Why Maw a Decries Federal Encroachment We hate to waste good white paper discussing His Kixcelleney’s views concerning Federal encroachment on powers reserved to the State. But there may be people who take him seriously if they lack informati on on the question or if they fail to understan d the Governor’s motives. First, His Excellency made a few sec ond rate talks about centralization of pow er in Washington merely to browbeat Federa l authorities out of concessions on welfare questions. Dr. Maw wants to run the State Wel fare setup with a minimum of interference fro m Washington, and with his own crew, wit hout regard to merit systems or other flies in the Sidelights- (Continued from preceding page) Company peevishly referred to a Federal Power Commission representative as a ‘‘ca rpetbageger.”’ Of course the prize carpet-bagger in the history of Utah is none other than Bon d & Share and its dutiful servants. That con cern isn’t even. registered in this State. It does business surreptitiously through third part ies. It doesn’t dare make itself available for legal service in Utah. Moreover, it sent its own special out-ofstate attorney to attend the rate hearings as chief counsel. Several of its top executives, including the capable Dr. Gadsby were sent to Utah to act on behalf of Electrie Bond & Share Company and its affiliates. N othing in tne Old South ever surpassed Bond & Share as a carpet-bagger. Mindful of that condition, the Searchlight advises liouses stones larly Utah It ities SEARCHLIGHT counsel that outfits that live in glass should be eareful about throwing or parties at rate hearings—particu- so when the gentleman attacked came to on the special invitation of the State. ill-behooves counsel for predatory utilto affront welcome guests of the State of Utah. Bond & Share operates Utah Power & Light gubernatorial ointment. Once he obtains thos e concessions he will subside. The second motive was a matter of expediency utilized while he had the first consider ation on the fire. By accusing Washington of concentrating political power in its own do. main, he thought he might distract atte ntion from his own attempts to play the same oame via the discredited reorganization plan. The Governor’s reorganization plan was calculated to do one thing—put increased power into the hands of Herbert B. Maw. And that was its only accomplishment. But if he pointed an aceusing finger at Washington, the people might overlook the same thing in thei r own dooryard. Company almost entirely on borrowed money —bonds and preferred stocks. It hasn’t a thin dime in the enterprise and, with the exception of a little ‘‘front money’’ at the outset, never has had. But over the years it has collecte d millions of dollars in fees, and dividends on worthless common stock. If the Public Service Commission now allows Bond & Share to earn interest on the investment of borrowed money; depreciation, ora return of the borrowed money; and a profit or return on the borrowed money—all based on original acquisition costs—that should be enough. Bond & Share should not be permitted to collect additional earnmegs to service fake securities representing the water or inflation it has loaded into the fixed capitalization of Utah Power & Light Company. If Bond & Share would clean house and discard the excessive inflation in its system, it might be able to borrow money at the same rate Provo pays—1.98% per annum. And it would have no occasion to set up a ‘cost’? of procuring money. There wouldn’t be any. In 25 months the most important syllable in the word EXCELLENCY will be EX. It is the gluttony of predatory corporations —not the wild-eyed anties of theorists—that is forcing Socialism. the United States to turn to State |