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TABLE OF CONTENTS

Pago

Discussion on yardstick rates,

4109-4194

Testimony of Charles W. Kellogg-resumed.

4109-4194

(A) Factors to be considered in establishing a yardstick of rates

for hydroelectric service.---

4109

1. Importance of accurate accounting for investment

and fixed charges.

4109

2. Reasons for Tennessee Valley Authority's low yard-
stick rates.--

4110_4112

(B) Witness' estimate of Tennessee Valley Authority's costs

and earnings during 1937.-

4113-4117

1. Witness' failure to allow for depreciation in value of

Wilson Dam prior to 1933..

4117

(C) Contention that Tennessee Valley Authority's entire invest-

ment should be allocated to power, with no allocation to

food control or navigation -- 4118-4126, 4135–4137, 4159–4160

1. Allocation to navigation recommended by Major

General Brown, Chief of Army Engineers..-

4135

(D) Estimate of cost to private utilities of development of power

after investment similar to that of Tennessee Valley

Authority ---

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.--

4132-4133

(F) Service offered to rural areas by private utilities..

4137-4141

(G) Government credit to private power companies for costs of

navigation improvements.-

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.- 4147–4150

(I) Tennessee Valley Authority's retail yardstick -

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-

4150–4159

3. Charge of subsidies in Tennessee Valley Authority's

retail operations.-

4160-4168

(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.. 4169-4171

(b) Relative mileages of transmission lines.. 4171-4172

(c) Relative total wire mileages.-

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

4176-4190

1. Depreciation basis used by witness-

4177-4180

2. Interest rates used by witness.

4180-4184

3. Charge made for losses during construction.--- 4184-4187

4. Failure of witness to distinguish between sales of

prime power, and sales of secondary and dump

power.

4187-4189

5. Charges made for promotional expenses.-

4189-4190

(K) Attitude of private utilities toward rate reductions... 4190–4194

Page

Testimony of Bernard F. Weadock.

4195-4224

(A) Dissolution of the National Electric Light Association...

4196

(B) Organization, purposes, and policies of the Edison Electric

Institute...

4196, 4199-4201

(C) Organization, activities, and policies of the National Electric

Light Association..

4197, 4198-4199

(D) Contrast between the National Electric Light Association and

the Edison Electric Institute...

4197-4198, 4201-4202

(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”.

4203-4205

(F) Summary of information requested by committee.

4205

1. Fees and payments made by the Edison Electric In-

stitute; especially in the Ashwander case-

4205, 4206

2. Statements issued re Tennessee Valley Authority

4205

3. Identification and actions of directors.--

4205

(G) Amount and basis of assessment of dues paid to Edison Elec-

tric Institute during 1937.--

4207-4208

(H) Amounts spent by the Edison Electric Institute in assisting

conduct of litigation directed against constitutionality of

Tennessee Valley Authority-

4208-4216

1. Ashwander case.

4210-4211, 4215

2. P. W. A. test cases..

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-

4225-4231

(B) Security ownership in and territory served by Common-

wealth and Southern Corporation in the South.---

4231-4235

1. Operations in the Tennessee Valley -

4234-4235

(C) Depreciation policy of the Tennessee Electric Power Co.. 4235-4243

(D) Alleged interrelation of the Tennessee Valley Authority and

the Public Works Administration --

4243-4246

1. P. W. A. grants to cities for distribution systems.--- 4243-4246

(a) Grants in the Tennessee Valley -

4244

2. Effect of P. W. A. grants on private companies. 4244–4246

(E) Possible bases for acquisition of Tennessee Electric Power Co.

properties by Tennessee Valley Authority, and elements to

be considered in arriving at valuation..

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

4. Bases for valuation suggested by witness.-

4256-4260

(F) Course of negotiations between Commonwealth and Southern

and the Tennessee Valley Authority -

4260-4267, 4272-4273

1. Witness' suggestions on arbitration.--

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 -

4274-4275

2. Effect of P. W. A. grants.-

4277-4278

(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-

4278-4280
Page

Testimony of Wendell L. Willkie-resumed...

4281-4289

(A) Correspondence during fall of 1938 between witness and the

Electric Power Board of Chattanooga-- 4281-4287, 4291-4295

1. Board's activities reconstruction of electric power

system.

4281-4284

2. Willkie's request for arbitration..-

4285-4287

3. Refusal of Commonwealth and Southern Corporation
to negotiate with city of Chattanooga..

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.-

4289

(A) Total amount paid into the retirement and reserve fund by

Commonwealth and Southern Corporation.

4289

Testimony of Wendell L. Willkie--resumed..

4290–4319

(A) Investors' costs as an element of valuation..

4295-4300

1. Cost of acquisition.--

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

(D) Witness' views as to basis for retail yardstick..

4305-4311

(E) Wholesale rates charged by the Alabama Power Co.-- 4316-4318

Testimony of W. D. Ketchum..

4319-4341

(A) Commonwealth and Southern Corporation's analysis of

Tennessee Valley Authority's annual report for the fiscal

year 1936.

4319-4341

Testimony of Wendell L. Willkie-resumed.

4341-4356

(A) Effect of rate reductions on utility profits -

4341-4342

(B) Legal fees paid by Commonwealth and Southern Corpora-

tion and its operating companies in the 18 Power Com-

panies case.

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..

4357

(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 ---

4358–4361

4. Distribution of fertilizers.-

4361-4365

(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

(E) Manufacture and marketing of mixed fertilizers..

4375–4377

(F) Extent and location of American phosphate resources

4377-4380
(G) Cost of filler materials in mixed fertilizers.. 4380-4381, 4385–4386

(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

Page

Testimony of J. P. W. Brown...

4393-4405

(A) Official position of witness.

4393

(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..

4396-4397

Testimony of Stuart B. Tulloss.

4405-4474

(A) Official position of witness.

4405

(B) Law governing relations between Tennessee Valley Authority

and General Accounting Office..

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...

4416-4419

(E) General Accounting Office procedures..

4435-4443

1. Auditing done pursuant to laws.-

4435-4136

2. Voluntary nature of preauditing procedure.

4436-4437

3. Control over Treasury requisitions.--

4437-4438

4. Extent of control over departmental administration. 4438

5. Relationship of Comptroller General's opinions to

opinions of the Attorney General and to court

decisions.

4438-4443

(F) Powers of the General Accounting Office in relation to

Government corporations.--

4443-4446

(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 4446–4465

1. Effect of Tennessee Valley Authority Act of 1933. 4446-4448

2. Effect of Independent Offices Appropriation Act of

1934.

4448-4451

3. Effect of Second Deficiency Appropriation Act of

1935..

4451-4459

4. Effect of act of August 31, 1935, amendment to the

Tennessee Valley Authority Act of 1933..

4459-4462

5. General Accounting Office's suggestion of stopping

funds to the Tennessee Valley Authority.

4462

6. Tennessee Valley Authority's protests against Gen-

eral Accounting Office procedure.

4462-4465

(H) The General Accounting Office's report of the audit of Ten-

nessee Valley Authority transactions for the fiscal year

1934.

4465-4474

1. Meaning of exceptions contained in the report in

respect to possible frauds or shortages..

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

Testimony of Stuart B. Tulloss-resumed

4475-4546

(A) The General Accounting Office audit report for the fiscal year

1934..

4475-4500

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-

4476-4480

(a) Fertilizer expense.

4477-4478

(b) Temporary construction expense.

4478-4480

3. Location of Tennessee Valley Authority's principal

office..--

4480-4482

4. Status of exceptions noted in report.

4482-4485

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