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TABLE OF CONTENTS
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Discussion on yardstick rates.
Testimony of Charles W. Kellogg-resumed..
(A) Factors to be considered in establishing a yardstick of rates
for hydroelectric service..
1. Importance of accurate accounting for investment
and fixed charges.
2. Reasons for Tennessee Valley Authority's low yard-
stick rates__
(B) Witness' estimate of Tennessee Valley Authority's costs
and earnings during 1937-
1. Witness' failure to allow for depreciation in value of
Wilson Dam prior to 1933__.
4109-4194
4109
4110-4112
4113-4117
4117
(C) Contention that Tennessee Valley Authority's entire invest-
ment should be allocated to power, with no allocation to
flood control or navigation___ 4118-4126, 4135-4137, 4159-4160
1. Allocation to navigation recommended by Major
General Brown, Chief of Army Engineers..
(D) Estimate of cost to private utilities of development of power
after investment similar to that of Tennessee Valley
Authority...
4135
4126-4127
(E) Comparative costs of power development by hydroelectric
plants and steam plants----
4127-4135
1. Comparative costs of natural gas and coal for fuel in
steam plants...
(F) Service offered to rural areas by private utilities__
(G) Government credit to private power companies for costs of
navigation improvements.--
4132-4133
4137-4141
4141-4142
(H) Inclusion in Tennessee Valley Authority rates of taxes similar
to those paid by private utilities..........
4143-4150
1. Witness' claim that Tennessee Valley Authority did
not include adequate interest charges and taxes.
(I) Tennessee Valley Authority's retail yardstick.
4147-4150
4150-4159
1. Reduction in retail rates charged by private utilities
before passage of Tennessee Valley Authority Act. 4150-4151
2. Effect of yardstick on private industry.
3. Charge of subsidies in Tennessee Valley Authority's
retail operations__
(a) Comparison of investment and other costs
of municipal electric systems in Tupelo,
Miss., and Las Cruces, N. Mex...
4160-4168
4. Cross-examination on comparison of systems in
Tupelo and Las Cruces..
4168-4176
(a) Relative mileages of distribution lines_
(b) Relative mileages of transmission lines_
(c) Relative total wire mileages...
4169-4171
4171-4172
4172-4173
(d) Relative customer densities per mile of line-- 4173-4174
(e) Other bases of comparison---
4174-4176
(J) Cross-examination on witness' estimates of Tennessee Valley
Authority's costs and revenues_
4. Failure of witness to distinguish between sales of
prime power, and sales of secondary and dump
power...
5. Charges made for promotional expenses..
(K) Attitude of private utilities toward rate reductions....
4187-4189
4189-4190
4190-4194
V
Testimony of Bernard F. Weadock_
(A) Dissolution of the National Electric Light Association_
(B) Organization, purposes, and policies of the Edison Electric
Institute..
4195-4224
4196
4196, 4199-4201
(C) Organization, activities, and policies of the National Electric
Light Association__
4197, 4198-4199
4197-4198, 4201-4202
(D) Contrast between the National Electric Light Association and
the Edison Electric Institute__
(E) Edison Electric Institute's "Comments on T. V. A.'s alloca-
tion of investment of Norris, Wheeler, and Wilson Dams,
submitted June 9, 1938"-
(F) Summary of information requested by committee__
1. Fees and payments made by the Edison Electric In-
stitute; especially in the Ashwander case _ .
2. Statements issued re Tennessee Valley Authority...
3. Identification and actions of directors_-_
(G) Amount and basis of assessment of dues paid to Edison Elec-
tric Institute during 1937..........
(H) Amounts spent by the Edison Electric Institute in assisting
conduct of litigation directed against constitutionality of
Tennessee Valley Authority..
1. Ashwander case-
4203-4205
4205
4205, 4206
4207-4208
4208-4216
2. P. W. A. test cases.
4210-4211, 4215
4212-4216
(I) Content of articles published by the Edison Electric Institute
attacking the Tennessee Valley Authority.
4216-4223
1. Tennessee Valley Authority rates termed "political
rates".
4218-4222
(J) Attitude of Wendell L. Willkie toward participation of Edison
Electric Institute in the Ashwander case_.
4223-4224
Testimony of Wendell L. Willkie_
4225-4280
(A) Statement of witness to the committee_.
(B) Security ownership in and territory served by Common-
wealth and Southern Corporation in the South.......
4225-4231
4231-4235
1. Operations in the Tennessee Valley...
(C) Depreciation policy of the Tennessee Electric Power Co...
(D) Alleged interrelation of the Tennessee Valley Authority and
the Public Works Administration__-
1. P. W. A. grants to cities for distribution systems.
(a) Grants in the Tennessee Valley.
2. Effect of P. W. A. grants on private companies. -
---
(E) Possible bases for acquisition of Tennessee Electric Power Co.
properties by Tennessee Valley Authority, and elements to
be considered in arriving at valuation..
4234-4235
4235-4243
4243-4246
4244
4244-4246
4246-4260
1. Condemnation..
4246-4248
2. Depreciation_
4248-4252
3. Power of Tennessee Valley Authority to enter into
arbitration to determine value---
4252-4256
4256-4260
4. Bases for valuation suggested by witness_
(F) Course of negotiations between Commonwealth and Southern
and the Tennessee Valley Authority-
1. Witness' suggestions on arbitration.......
4260-4267, 4272-4273
4266-4267
2. Witness' recommendations for procedure to follow in
negotiations__
4271-4272
(G) Views of witness on general philosophy of the Federal Gov-
ernment and of the Tennessee Valley Authority Act 4267-4271
(H) Relationship of Chattanooga developments to negotiations
for sale of Tennessee Electric Power Co. as a whole. 4273-4278
1. Chattanooga Power Board cooperates with the
Tennessee Valley Authority.
2. Effect of P. W. A. grants. -
(I) Commonwealth and Southern Corporation unwilling to buy
power from Tennessee Valley Authority for resale to
municipalities at rates fixed by existing contracts between
municipalities and Tennessee Valley Authority..
4274-4275
4277-4278
4278-4280
Testimony of Wendell L. Willkie-resumed.
(A) Correspondence during fall of 1938 between witness and the
Electric Power Board of Chattanooga....
4281-4289
4281-4287, 4291-4295
1. Board's activities re construction of electric power
system...
2. Willkie's request for arbitration_..
3. Refusal of Commonwealth and Southern Corporation to negotiate with city of Chattanooga..
4281-4284
4285-4287
4291-4295
(B) Depreciation taken by Tennessee Electric Power Co., as
shown by audit of Lybrand, Ross Bros. & Montgomery-- 4287-4289
Testimony of Granville H. Bourne...
(A) Total amount paid into the retirement and reserve fund by
Commonwealth and Southern Corporation....
Testimony of Wendell L. Willkie-resumed..
(A) Investors' costs as an element of valuation.........
1. Cost of acquisition--.
4289
4290-4319
4295-4300
4295-4296
2. Costs of sales promotion.
4296
3. Operating costs..
4296-4297
(B) Witness' estimate of value of Tennessee Electric Power Co.'s
property..
4301-4302
(C) Purchase of power by Alabama Power Co. from Wilson Dam
prior to Tennessee Valley Authority Act__.
4304-4305, 4311-4316
4305-4311
4316-4318
4319-4341
(D) Witness' views as to basis for retail yardstick_
(E) Wholesale rates charged by the Alabama Power Co..
Testimony of W. D. Ketchum..
(A) Commonwealth and Southern Corporation's analysis of
Tennessee Valley Authority's annual report for the fiscal
year 1936
Testimony of Wendell L. Willkie-resumed_
(A) Effect of rate reductions on utility profits..
(B) Legal fees paid by Commonwealth and Southern Corpora-
tion and its operating companies in the 18 Power Com-
panies case..
4341-4356
4341-4342
4342-4343
(C) Cost to Commonwealth and Southern Corporation of certain
advertisements__
4343-4344
(D) Legal authority of Tennessee Valley Authority to enter into
arbitral agreements - -
4344-4351
(E) Amount of taxes paid by Commonwealth and Southern
Corporation system__-
4351-4352
(F) General views on yardstick question..
4352-4356
Testimony of Charles J. Brand___.
4356-4390
(A) Composition and activities of the National Fertilizer Asso-
ciation...
4357
1. Types of companies included..
(B) Fertilizer program of the Tennessee Valley Authority.
4357-4365
1. Effect on private companies..
4357-4358
2. Research program..
4358
3. Production of concentrated superphosphate by the
Tennessee Valley Authority and by private
industry--
4. Distribution of fertilizers...
(a) Concentration of areas in which Tennessee
Valley Authority's fertilizer is distributed- 4362-4364
(C) History of development of phosphate-production techniques- 4366-4370
(D) Types of mixed fertilizers and their effect on soil fer-
tility.
4370-4375, 4381-4384
4375-4377
4377-4380
4380-4381, 4385-4386
(E) Manufacture and marketing of mixed fertilizers..
(F) Extent and location of American phosphate resources-
(G) Cost of filler materials in mixed fertilizers..
(H) Denial that private industry has been unprogressive__ - 4386-4387
(I) Relative advantages of electric furnace and sulphuric acid
methods of producing triple superphosphate---
4389-4390
4358-4361
4361-4365
Testimony of J. P. W. Brown-
(A) Official position of witness.
(B) Circulation of card commenting adversely on negotiations for
purchase of municipal plant by city of Memphis, Tenn... 4393-4405
1. Purpose; inform citizens of Nashville, Tenn., about the
costs of Tennessee Valley Authority power. 4395-4396, 4398
2. Effect of card..
Testimony of Stuart B. Tulloss..
(A) Official position of witness_
(B) Law governing relations between Tennessee Valley Authority
and General Accounting Office.
4396-4397
4405-4474
4405
4405-4410
(C) Letter from the Acting Comptroller General to the committee
stating his position relative to the relationship between the
General Accounting Office and Tennessee Valley Authority. 4410-4435
(D) Difference between point of view of Tennessee Valley Au-
thority and the General Accounting Office..
(E) General Accounting Office procedures
1. Auditing done pursuant to laws..
2. Voluntary nature of preauditing procedure.
3. Control over Treasury requisitions---
4. Extent of control over departmental administration_
5. Relationship of Comptroller General's opinions to
opinions of the Attorney General and to court
decisions.
(F) Powers of the General Accounting Office in relation to
Government corporations...
4416-4419
4435-4443
4435-4436
4436-4437
4437-4438
4438
4438-4443
4443-4446
4446-4465
4446-4448
(G) Dispute between the General Accounting Office and the
Tennessee Valley Authority over statutes bearing on
former's right to settle and adjust latter's accounts
1. Effect of Tennessee Valley Authority Act of 1933.
2. Effect of Independent Offices Appropriation Act of 1934...
4448-4451
3. Effect of Second Deficiency Appropriation Act of 1935__
4. Effect of act of August 31, 1935, amendment to the
Tennessee Valley Authority Act of 1933-
5. General Accounting Office's suggestion of stopping
funds to the Tennessee Valley Authority..
6. Tennessee Valley Authority's protests against Gen-
eral Accounting Office procedure---
(H) The General Accounting Office's report of the audit of Ten-
nessee Valley Authority transactions for the fiscal year
1934
1. Meaning of exceptions contained in the report in
respect to possible frauds or shortages..
4451-4459
4459-4462
4462
4462-4465
4465-4474
4466-4467
2. Basis for General Accounting Office's criticism of
Tennessee Valley Authority's tentative valuation
and depreciation of Muscle Shoals properties... 4467-4472,
4473-4474
3. Basis for General Accounting Office's charge of Civil
Works Administration expenditures against Ten-
nessee Valley Authority.
4472-4473
4475-4546
(A) The General Accounting Office audit report for the fiscal year
1934_.
4475-4500
Testimony of Stuart B. Tulloss-resumed
1. Depreciation policy followed by Tennessee Valley
Authority in respect to Muscle Shoals properties. 4475-4476
2. Charge of costs of non-revenue-producing activities
and construction against operating expense..