The people's voice., 1957-10-04
Editorial
Is There A Hidden Reason For NP's
Opposition To Paradise Dam?

During the 1851 Legislature bill (SB 81 passed per
mittng Washington Water Power Company to nundate
portion county with it's then
MISREPRESENTATION Cabinet Gorge Dam, just onehaf mile
the line No provision was made for any
the State result of this
nundaton brought about by outofae DAM At the time
efforts Montana Power lobby to steam roll bill
through to the Governors desk with minimum of debate
its ramificaons.
Today equal degree of puzzement the minds
of western Montana people the opposition of North
Pacific Railway officials to construction of the proposed
Paradise Dam the Clark Fork of the Columbia in Sanders
county They cannot understand that opposition in of
the fact that MP would have all rackage inundated replaced
by the federal government Further they know from the
past of other railroads. including Great Northern
that public dams producing owcos have brought
industry affected and have resulted much
freight business for the rails serving those
Possibly the both puzzler above the
underlying reason why Northern Pacc IS opposing Paradise
DAM lies in the nterockng control major
houses exercise the MP Montana Power and Washington
According to information THE VOICE has received from the
Library of Congress- the Securities Exchange Commission
and the Federal Power Commission quite evident that
control of the three companies does with
of stockholders that control and policy determination
cenrated major financial institutions headquartered for the
most part New York City, Boston and Wilmington DeI)
Five of the 10 largest stockholders of Montana Power and
Washington Water Power these federal show
Testimony before the Committee reveals
that both of these utilities which time controlled
by Electric Bond Share holding company, still
geria EBASCO That testimony
there excellent for believing that EBASCO through
its managerial services continues to control both utilities even
though divorce" supposed have been affected be-
tween the holding and the two operating companies
In the case of Northern Pacific the two largest stockhod
also two of the largest stockholders of Montana Power
and Washington Water Power
The major stockholders MPCo and have in COM
Merrill Lynch Pierce Fenner Beane, King Com
pany Cudd Company, and Shaw Company. Merrill Lynch
Pierce Fenner Beane and King Company also the two
largest stockholders of Northern Pacific Railway.
The stock these and other closely allied investment compa
nes hold represents actual control of each supposedly indie
pendent operating the much footed loca
ly-owned" Montana Power Company of New Jersey.
These federal reports also point to direct hook
and least two other private utilities in the Pacific Northwest
Idaho Power Company and Pacific Power Light Company
Idaho Power Pacific Power Light Washington Water
Power and Montana Power the private utility combine
which organized the Pacific Northwest Generating Corporation
about four The the generating
stop further development of low power
by public agencies by building runof he-rver dams which
will provide only partial development of
Because actual control of these private utilities and North
Pacific closely nterwned may be the
why MP officadom active in attempting fire UP wide
scale opposition the proposed Paradise Dam northwestern
Montana
Great Northern Railway the
seaboard financial takes much different public