The people's voice. [volume] (Helena, Mont.) 1939-1969, 1944-05-26
FROM EDITORIAL COLUMNS
The Power Hearing

For the past has been going on in the city
OF Butte OF the most important hearings in the history
Montana The Federal Power Commission seeking wiring
some yodd million dollars of the of the
Montana Power Company injected therein by the ingenious
manpuatons of the late John D. Ryan buying and then
selling the companies at Great Falls Thomp-
son Falls to the Montana Power Company of which he was
president 1t glazing of trading with ones self
although Con Kelly Of the Anaconda Copper Mining Company
declared evidence of the of
the possibilities of our power developments.
Unfortunately daily papers are not in sympathy with
this investigation and the public not the story
what favorable to the company by the way is
very little 1t IS too long to tell in detail but instance
illustrative of the other deals Ryan was director of the
Chicago Milwaukee ST. Paul railway persuaded
that railroad to sell him its Thompson plant $3.50 900
and the next day sold to the Company for
$4,000 shares of its stock of face value of 500 per
($5 O000OO testified in 1926 before the Interstate
Commerce Commission in its investigation the ST.
railroad that it worth only $40 share This testimony
is haunting the Montana Power Co., now claiming
the sites cost not $950,000 but SIS 100000
One of the udcrous features this hearing that the
preferred stockholders are putting good to employ
their interest difficult to how the
ton of fy-odd million dollars in hurt the
preferred stockholders 1t is like buying rope to hang
yourself.
The important thing the public that power rates will
necessarily be lowered by the elimination this stock
Tor rates are based upon the money actually invested The
situation would not be bad if the utility companies would
taxes these waered valuations but notorious
that they valuation for fixing purposes and
possibly half that valuation for taxation purposes hoped
this hearing will furnish Railroad Public Service Com
mission basis which to fix lower utility rates Heretofore
that commission has blindy accepted the power companys
valuation without any question investigations
Our Railroad and Public Service Commission conducting
his hearing in conjunction with examiner of the
Power Commission but while the railroad commission is
supposed the public interest showing very
title interest in this hearing The Federal Power Commission
represented by two attorneys who opposed by regular
battalion of attorneys of the Anaconda Copper
Montana Power company and the Electric Bond and Share
ompany and the American Power Light company
being utility holding companies and holders the
took the Montana Power company These attorneys
be enough and taking themselves we'll
hearing brings the forefront the heraded
amor of the vested interests for Free Enterprise We
II in favor of free enterprise provided is fair and honest
hese want free but
public In this instance which illustrative many
thers Federal Power Commission the only
heir designs Here clearly evidence
supervision When this
ubc should demand that Railroad and Public Service
duty fixing rates represent the
of the people, and that pledged to that
leced to that important commsson.-The Yellowstone