Word: mccarl
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This news raised Committee eyebrows to about the same extent as would have occurred if Mr. Mitchell had revealed that the Declaration of Independence was signed July 4, 1776 at Philadelphia. It had all been hashed out by Comptroller General McCarl, was an old story. Not even the Committee's Republican minority was free to get edited about the Leviathan subsidy, because Republican Kermit Roosevelt is an I. M. M. vice president...
...will be difficult for TVA to explain some things in the McCarl report: 1) TVA expenses were $12,438,000, TVA receipts $1,345,000; 2) the Government turned over to TVA dams, electric and nitrate plants and other property valued at $133,000,000 which reappeared on TVA's books valued at only $51,000,000, with no reason given; 3) TVA wrote off as depreciation 10% of gross sales, or a total of $82,618 whereas Mr. McCarl figured that, even if TVA's low valuation on plant and equipment were accepted, at least...
...equipment TVA can make a showing of breaking even on rates that a private company could offer only at loss. Similarly with depreciation, on the present 10%-of-gross basis, TVA will have to get more than ten times as much revenue to make an adequate depreciation allowance. Mr. McCarl commented: "There is very little basis for assuming that revenues will ever reach such a figure...
Representative Maury Maverick of Texas was incensed at these facts from Mr. Cassidy's summary of the McCarl report. Demanding that Mr. Cassidy be thrown out of the Committee room, he yelled: "An immense crooked lobby is trying to defeat TVA. It is rotten and disgraceful!" He charged that the summary was false: "If I weren't in Congress and it would not be undignified to say so, I would say it's lousy." David E. Lilienthal, TVA director, was called to the stand and declared the Cassidy summary "misleading." Comptroller McCarl, also called, said the summary...
...Appointed by President Harding, Comptroller General McCarl's term expires July...