Word: canyon
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FAST TAX WRITE-OFF for Idaho Power Co.'s Hells Canyon Darn (TIME, April 15 et seq.) will be canceled if Congress passes bill by Oregon Congressman Charles O. Porter to wipe out all fast write-offs, except for new weapons, retroactive...
STOCK TIP-OFF is stirring more trouble in Washington, this time over Office of Defense Mobilization's decision to award Idaho Power Co. a fast tax write-off for Hells Canyon dams (TIME, April 15). Senator Estes Kefauver's antimonopoly subcommittee is investigating to find out why trading in Idaho Power jumped from 800 shares to 4,300 shares on April 17, the day ODM acted, though no public announcement was made until April 25. Maximum gain for those who bought early: about $3.50 per share...
...Colorado's Parachute Canyon not far from Grand Junction, the seed of an oil revolution was planted. Union Oil Co. of California last week fired up a $7,000,000 prototype retort to produce oil from shale rock, the biggest such attempt by private enterprise. As 400 top oilmen and Government officials gathered for the dedication, Colorado's Governor Steve McNichols put their dream into words: "All around us is one of the greatest potential sources of energy materials ever to be found on this earth...
...conservative Democrat Harry F. Byrd, whose Finance Committee quickly began hearings on his bill to limit all federal fast-amortization plans to defense, AEC and research projects. "A shocking political theft," added Oregon's liberal Democrat Wayne Morse, whose bill calling for a public power dam at Hells Canyon was defeated in Congress last July 51 to 41. It was promptly reported out of the Senate Interior Committee by Montana's Democratic Chairman James E. Murray as "our answer to the Administration's action...
...Willis Robertson, chairman of the Joint Defense Production Committee, had asked ODM not to grant the write-off until the committee investigated. In granting the award, ODM Director Gordon Gray said that no commitment had been made to the committee, attributed the delay to the fact that the Hells Canyon case was bogged down in litigation until the Supreme Court ruling. But since Idaho Power had already gone ahead with construction to the extent of $19.5 million, that explanation seemed tenuous at best. Whatever the reasons for the delay, it had effectively eliminated a fast tax write...