The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03

| tilSl1 OSluS Il WI htII DIS pr
president and general manager. Other
Butte men on the board of directors
are M. f. Buck, H. H. Cochrane and
w. II. Hoover. S. p. Hogan is secre-
tary and assistant treasurer and ]. R
Thomas is treasurer and assistant sec
rotary.
New Jersey Corporation
The Glacier Production Company is
New Jersey corporation with its
principal office at No. Is, Exchange
Place, Newark, and its registrar and
| transfer agent is also located there
No where in the report as filed, is
any mention made of its control by
the Montana Power Company. In its
report of operations it gives as part
of its expenses, the payment of $45,-
S3061 in interest which amounts to
somewhat less than so on the total
business transacted in Montana dur
ing the year, including an amount of
$263, 211.25 listed as depreciation and
amount, the report shows operating
expenses and taxes of 1921, 62771 and
the total interest reported paid is
slightly under so on the total of these
two amounts.
The company reports mo net pro-
fit for the year from its operations,
nor does the Montana Power Com
pany, while stating control of the COM
pany, report any income from its con-
troll. This situation needs clarifying,
and the people of the state of Mon
tana should be interested In seeing
that it is made clear.
If the Montana Power Company a
public utility, finances the operation
of a company which makes no profit,
then the loss in interest of funds so
expended, will of necessity be re-
Elected in the report of the power COM
pany as loss and in effect, strength.
en- it's stand for some future increase
in rates to that extent. If, on the
other hand, it loaned the money for
operation to this oil company which
it states it controls, and received the
interest on it, this should also be
made clear in its report.
1t should also be of interest to the
people of the state to get some idea
of the salaries of those who are on
the board or connected with the adj
of both companies. Do
they draw fat salary from both; or
is their connection with one of them,
Just tabor of love-?
What? No Profitl
The report of the Glacier Produc-
lion Company for the year ending
October 81, 1889, shows that it has
brought in IS producing oil wells, and |
our producing gas wells. The settled |
laily production of the IS oil wells |
.otals 1,24S barrels. The reported |
production of the gas wells is 41,93S,- |
100 cubic feet. Since the Montana |
Power Company also owns the natur-
II gas utility of the state, it has an |
outlet for the gas produced and can |
)uy it from itself Since the gas util- |
ty pays .0526 per cubic foot for the |
gas it distributes, this amounts to |
Iuite an item in a years operation, If |
t can buy all of the gas from itself.
But, of course, it does not have to |
ihow how negligible is the actual cost |
when produced by itself, under the |
,uise of another company.
1t will be interesting to analyze the |
eport of the Glacier Production Com
,any for 1889, when 1t is made. Dur
ng the year, it has constructed and
S now operating a 5000 barrel re-
inery in conjunction with the Socony
yacuum Oil Company, so it probably |
ees some profits possible in Mon
ana for the future, even though it
made none in 1898 according to it's
eport.
How Incorporated
AS stated before, the Glacier Pro-
uction Company is New Jersey cor
Grafton, and while, like the Montana
'ower Company, it boasts board of
irectors composed of Montana peo-
lie GA home controlled enterprise'),
he original incorporators were Wal
sr E. Beer, Jr., presumably Mon
ana man" who happens to live at 1896
'leeker street, New York City; Otto
Hess, another "Montanan" who
GEMS to prefer to live at 1892 Park
venue, New York City and third,
tephen p. Duggan, whose permanent ,
ddress is 100 Broadway, New York I
ity. The amount of capital stock is ,
900 shares of no par value. i,
epIeton
1t strikes the writer that the word t
depletion used in the report of the {
lacier Production Company has an {
minous implication for the people of {
Iontana With the high priced attor- S
eys which the Montana Power Com {
any and its subsidiary companies are
BILE to provide themselves, it may