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Show THE SEARCHLIGHT Professional Mourning (Continued from page 1) he pointed out that if the Public Service mission failed to reverse its stand, the tions involved in the rate case to He the Supreme Court. Comques- would be taken added: “During the pendency of these matters no prediction can be made as to future dividends. You may rest assured, however, that your Directors and management will continue to take every step possible to preserve the interests of the preferred stockholders .. .” It is indeed remarkable how many friends the preferred stockholders have in 1943. EKyerybody wants to save them. The best people are in mourning. Apparently every man, woman, and kid in Utah—except, of course, the Public Service Commission—is solicitous to the point of a nervous breakdown about the sad plight of the preterred, as pictured by Utah Power & Light Company. But where were all those sympathetic AFL take heed in time. That 3rd. 4th. Ist. it from preceding We enumerate cannot with it deprives pressure 2nd. But now a few: continof That when voice their wage and vote on questions affecting own working conditions and structures it ceases to be a gen- of a uine labor union. That, after all, unions have no right to exist if they forget for an instant that they are organized to serve—not exploit—their members. That it cannot violate the American sense of fair play without injuring the standing and prestige of the entire labor movement in the eyes of American workers—to say nothing of the general public. Above —like all, it should never forget that Caesar’s wife—it must at all times be above suspicion. watered preferred group for occasions the puba strong like the present, to disorganize rate cuts. Paying $7,200,000 in unjustifiable “dividends” on worthless common stock, when they should have used the workers as much stock on their employees and lic as possible to build up page) impunity Unloading the money to strengthen the Company’s financial position, and increase ue to flout the basic principles democracy in this region. 2nd. Mr. Gadsby and his Directors, who now head the march of professional mourners, were on the job then. What of them? What were they doing for the preferred stockholders when active help would have averted the present mourning? They were doing two things: Abandons~ (Continued Ist. souls when the Power Company was unloading its badly watered preferred stock on its victims a few years ago? The banks then gave the preferred a fervent blessing. They were willing to lend good hard iron men on it. Not a single banker or high-minded Kilowatt Official gave the victims advance warning. It looked lke they enjoyed seeing everybody slip on the same banana peel. the value they preferred. of the preferred. mourn in public Maybe they have places .for repented. And maybe they haven’t. Perhaps they are organizing another song and dance, with music by the preferred. We don’t know. And since we’re biased, draw your own conclusions. However, for the information of the preferred stockholders, we insist that Mr. Gadsby and his Directors had no valid ground for refusing to pay the current dividend. 'The Company collected the money from its Utah rate payers. In its letter to the preferred stockholders the Company admits its earnings in 1941 were greater than in any previous year in its history, and that earnings were much oreater in 1942 and 1943. Therefore the only question that remains, concerning the Company’s ability to pay its *We don’t know per pint. the quid pro quo—or price |
