| Show GREAT COMBINATION IN ELECTRIC POWER Not ot long ago Gifford Cifford Pinchot writing to Senator Thomas J. J Walsh on the concentration in the control of ot electric power said Nothing like this gigantic mo too- monopoly has ever appeared In the history of oC the world Nothing has ever been imagined before that oven even remotely approaches it in the tho thorough thorough going going intimate unceasIng unceasIng unceasing Ing control it may exercise over the dally daily life of every human being within the tho web of its wires tires It is immeasurably the greatest Indus Indus- industrial trial rial fact of or our time lime If H uncontrolled uncontrolled trolled it will be a plague without previous example If H effectively Controlled in the public interest It t can be made mado incomparably the greatest material blessing In hu hu- human human hu- hu human man history At At once the electric interests disputed d these statements and have continued to dispute them ever since since During the past year a study of this question has been carried on under my direction my-direction direction by an expert in n whose ability and integrity I Ilave have lave full confidence one Forty corporations control four fifths of all the electric energy produced in Inthe inthe the he United States Out of or the tho 68 kilowatt hours of clec- clec produced in 1926 these for for- one yono corporations produced 51 54 These forty one forty one cor corporations corporations have a total capitalization Ion tion of ot ten thousand two hundred million dollars They monopolize all the sources of electric power for tor four four fifths fifths of or our people Eighty Eighty- five million seven hundred th u- u usand sand Americans must get electric electric- electricIty icy Ity ty from froze these forty ono one ono corpora lions ot or go without Of or these forty forty- one corporations twenty twenty nine nine or about three three quarters quarters are aro already Known to be dominated owned or controlled by five men or corpora corpora- corporations corporations corporations and their associates These five dominant electrical interests aro are the General Electric company of New York Doherty of or New York Morgan of ot New York Ryan of ot New NewYork NewYork York and Insull Insult of Chicago It U is altogether probable that most if not all of ot the remaining twelve also will be found round to be bo dominated owned or controlled In the same way Wa But if U the five e major Inter Inter- Interests Interests ests eats do In fact control only the twenty nine nine corporations still their assets are capitalized c at six aix s x thou thou- thousand thousand thousand sand million dollars and they produced in 1926 more than half halt of or all the electricity used in the United States |
