Word: powermen
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...money built TVA and Bonneville. Government money has been pressed upon municipalities to buy or build their own local power systems. Government money has subsidized rural electrification. Meantime, in the past seven years, the value of U. S. utility securities has fallen some $7,000,000,000, and private powermen have brewed a peculiarly vitriolic fear and hatred of the New Deal and all its power works...
...fact has lately achieved singular importance in Washington, for a flood of new construction might help stem the ebbing business tide, a notion which also occurred to Herbert Hoover in 1929. What President Roosevelt now proposed was to end the New Deal's power advance-provided the private powermen would accept his theories of rate-making. Since utilities are usually monopolistic, it is universally accepted that for the best public interest their rates should be established and regulated by law. The general theory is that rates should be only high enough to yield enough profit to attract...
...states that "after Dec. 1, 1935, unless a holding company is registered . . . it shall be unlawful for such holding company, directly or indirectly" to transact normal business. Maximum fine for each violation: $200,000. SEChairman James McCauley Landis has made registration easy, insisting that filing will not impair the powermen's right to challenge the Act's constitutionality at a later date. Last week in a final effort to woo the industry under the wire Chairman Landis offered to accept "conditional" registration which would be null & void should the courts eventually find that the powermen had really surrendered...
...Until the Act is tested no criminal suits will be instituted against powermen or their companies...
...which date all holding companies must register with SEC. Then SEC may be confronted with mass rebellion on the part of big holding companies, can prosecute for noncompliance with the law, which to date has not been violated. Sensing the threatened revolt, SEChairman Landis called upon powermen to weigh their plans in the light of the penalties involved, should the Supreme Court eventually sustain the Act. Pointing out that they could reserve full right to challenge the Act while. filing the relatively simple registration, he cried over the powermen's heads to their stockholders: "There lies the simple path...