The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-09-22
r. o n T | n u E ID
from page one
Roosevelt Outlines
Utilities Program

OF his remedies for the regulation
and control OF public utilities en-
gagged in the power business ane
companies and corporations relatin!
thereto" Roosevelt declared:
Full publicity of all capital
issues Of stocks, bonds, and other
securities: liabilities and in
debtedness capital investment:
and frequent information as to
gross and net earnings: in other
words, let's turn on the light.
2-Publicity on stock owner
ship of stocks and bonds and
other securities, and this is a
new one, the stock and other in
terests of all officers and direc-
tors.
3-Publicity with respect to all
inter-company contracts and
services and interchange of pow
err.
4-Regulation and control of
holding companies by federal
power commission and the same
publicity with regard to such
holding companies e as provided
for the operating companies.
5-COoperation of federal pow
er commission with public util-
tiles commissions of the several
states obtaining information and
data pertaining to the regulation
and control Of such public util-
tiles.
6-Regulatlon and control of
the issue of stocks and bonds
and other securities on the prln-
ciple of prudent investment only.
7-Abolishing by law the re-
production cost theory for rate
making and establishing in place
of it the actual money prudent
investment principle as the basis
for rate making.
8-Legislation making it a
crime to publish or circulate
false or deceptive matter relat-
ing to public utilities everywhere
and at any time.
L do not hold with those who ad
vocate complete and indiscriminat
government ownership or govern
ment operation of all utilities tn
Democratic nominee declared. Il STAT
TO you categorically that as a broa
rule the development of mos
OF our utilities should remain, witt
certain exceptions. a function 10
private initiative and private capi
tai.
Il lay down the following prin
ciple:
Is Government Function
That where community-a cit
or county or a districts not salts
fled with the service rendered or wit
the rates charged by the private util
lty unit. has the undeniaDie right a
one OF its functions of government
one of its functions of home rule. t
set up, after fair referendum ha
been taken, its own governmentally
owned and operated service.
"State-owned or federal-owne
power sites can and should properl
be developed by government itself
When Roosevelt asserted Il hav
spoken Of a new deal for the Ameri
can people" the crowd roared. H
added: Il believe that the new dea
can be applied to the relationship be
tween the electric utilities on one sid
and the consumer and investor on tn
other. True regulation is for tn
equal benefit of the consumer and tn
investor"
Referring to the collapse of til
utilities formed by Samuel insult, tx
former Chicago magnate, as reaso
for stricter utility regulation, Roost
welt said:
THE insult failure has done MOI
to open our eyes than anything tn;
has happened"
Calls It Monstrosity
The "Insull monstrosity," as
called it, grew during the years
prosperity until it reached a positie
where it was an important factor
the lives Of millions of people"
The investing public" he decla
ed: did not realize there had bet
initiation of vast capital accounts.
They did not realize that sour
subsidiaries had been MIXED al
MIXED again to keep alive the wea
er sisters Of the great chain.
"They did not realize that all the
conditions necessitated terrific owe
charges for services by these corpor
tionS."
Roosevelt said the next great hydr
electric development to be underta
en- by the federal government mu
b On the Columbia river.
After he left Portland, where