Word: confiscatorv
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...injunction was obtained against the securities order. The rate controversy went before a three-judge Federal Court. Last week the court gave a 2-to-1 ruling that the Public Service Commission has the right to fix rates-but that the 30? rate was confiscatorv. It also set the assets of the companies involved midway between the Doherty figure of $93,000,000 and the Commission figure of $73,000,000. It upheld the right of Henry L. Doherty & Co. to charge management fees (of prime importance to all utility pyramids) but said that the fees would have...
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