The Birmingham age-herald., 1924-04-27

rates Allowable for the service or com modity supplied. Furthermore, who knows what the situation will be 0U years from now any more than lOU years from now?4 Improvements are constantiy being made and within % years energy from the suns rays may supplant water power entirely.
 And it. is only by using long time sinking fund that electric power can be relieved of its capital charges for the benefit of future generations with. out appreciably affecting the cost of power to the present generation.
 But, suppose fifty-year lease would be some better than as1Do@year lease, the other consideration far out weigh that possible objection.
 The obstructionfsts firthef say that the lease should be issued under the fed eral water power act of June 10, 1920. and subject to the regulations there inn posed, claiming even that Ford would be. without regulation. On the contrary no license under that act was ever bur dened with such regulations and obli- cations as Mir. Ford in his offer. We have referred to his obligations in the matter of maintenance, manufacture of fertilizer and all that, with board created whose only duty is to watch him. The moment he sells power to a person or company in another state the interstate commerce commission regulates the price and distribution the moment he sells any within the state the Alabama public service commission regulates his prices and service Under Fords offer it can tax all khe land and Improvements now existing or here after made. x N Under that act, upon the expiration of the lease, the government or any proposed new lease, must buy the former lessee out, assume all contracts and pay severance damages. The lessee receives a two-year notice of intention not to renew the lease. What onerous, even bogus contracts could be saddled onto the new lessee? What entwining of property could be done to enhance the eseverance damages? Such obligation to buy out and to assume contracts and pay such damages and the certainty of interminable law suits, as the pow CT companies know, in practical effect extends the so-called 50-year lease into a lease in perpetuity. Besides all that, the water power act contemplate the use of water power for any ordinary commercial purpose wthih the desire | of the license; the national defense net under which the Ford offer was made, eontemplates tho special and primary objects of ammunition and fer tilizer r-na tionad defenae. in war and national sustenance in place. le It is not possible now tq iiscuss the merit demerit of any othef offer. Sui flee it to say that the payments of the nearest competitor, even if it be act ling in good faith, average $635, GOO per year less than Ford'sY the actual guarantee is to make only, 5000 tons of nitrogen per year as against his 40, GOO; the capital of their corporation is to be subscribed for---his paid in cash; their board advises" on the price of fertilizer, his fixes it; their board is political mere1y--his composed of users of fertilizer; they charge for maintenance of plant for war, Ford does it free; they ask for profit on cost of production and sale, Ford on fproduction only; they get severance damage making lease perpetual, Ford gets no severance damages and his lease has definite limitation they do moi amortize the investment. Ford does theirs a disappointment, his the fulfill