Word: prudently
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Dates: during 1930-1939
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...right of the Government to fix their rates, they argue lustily about the method used to value their properties for rate-making purposes. Instead of reproduction cost the New Deal would like to have valuations based on what the properties would have cost under a policy of ''prudent investment." For obvious reasons the utilities as a rule favor the former, upheld in a series of Supreme Court decisions since 1898. For reasons equally obvious the New Deal has been trying to get the utilities, either through persuasion or compulsion, to accept the theory of "prudent investment...
Last week the Court, in a 6-to-2 decision (Justice Sutherland again not voting) made prudent investment v. reproduction cost nearer to an open question than it has been for 40 years by remanding the case to District Court for further evidence. Chief Justice Hughes's majority opinion declared: "The main issue in this litigation is whether the rates as fixed by the commission's order are confiscatory." At what looked to him less like a decision than a flipflop of indecision, dissenting Justice Pierce Butler spoke a tart word: "Our decisions ought to be sufficiently definite...
Last week, almost penniless, onetime Champion Carnera was discovered sprawled out on two beds in a Budapest hospital, wistfully admiring a silk bathrobe he used to wear in the ring. He had suffered a kidney hemorrhage and was definitely through with fighting. One of his few prudent acts while in the money will save him from the fuddled penury of most prizefighters' declining years. He had given his mother a little hotel in Venice. The injured and obsolete giant plans to go there and retire...
Officially no record of the hour and three-quarter Willkie-Roosevelt conversation was made public. But it appeared that Mr. Willkie, speaking for himself, was willing to agree, for the future at least, to rate structures based on the President's favorite "prudent investment" basis, as opposed to the prevalent utility practice of weighting valuations of plants and equipment with replacement costs. He was willing to write-off all past write-ups discovered by the Federal Trade Commission in its six-year power investigation. As for Government competition, all he asked was a fair break-such things...
...cost of the property. Since the new rates would reduce P. G. & E.'s revenue some $2,000,000, the company got an injunction which the California Railroad Commission appealed. The Federal Power Commission then intervened in the case to attempt to convert the Supreme Court to the "prudent investment" concept. This week, while the Court will be pondering the case, President Roosevelt will discuss his rate-making ideas at the White House with a platoon of potent powermen, as did Mr. Hoover...