Word: ravers
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...Northwest, where the public v. private power battle has raged for years, Bonneville Power Administrator Paul J. Raver has been right in the middle of many a skirmish. Last week Raver made a suggestion to the Bonneville Regional Advisory Council which, coming from the area's top federal power man, was startling indeed. Said he: the Federal Government ought to clear out of the power business in the Northwest, turn over the job to an "interstate" agency...
...case at issue was the proposed establishment of a Columbia Power Authority, to combine Bonneville and Grand Coulee Dam in the largest public power project on earth. Grand Coulee was built by Ickes' Reclamation Bureau, and both are being temporarily managed by Ickes' able, shrewd Dr. Paul Raver. To make this control permanent, Ickes got a bill introduced in Congress setting up CPA under the Interior Department, with a single administrator to be appointed (and removed) by him. To counter this move, the Norris forces introduced a bill setting up CPA like TVA-with a three-man board...
...weeks ago Dr. Raver took on his Biggest private adversary first. He was bald, thin-nosed Donald C. Barnes, president of Engineers Public Service, which owns Puget Sound Power & Light. No amateur fighter is Utilitycoon Barnes ; for 35 years his company has fought off purchase by Seattle City Light. But when Raver offered to buy out Puget Sound, Veteran Barnes (with Wendell Willkie's experience to guide him) knew the only real question would be price. Raver had another new weapon: SEC's tentative integration plan for E. P. S. (issued this month) implies that Puget Sound...
...price, nobody knows what figures (if any) have been mentioned in the Barnes-Raver tête-à-têtes. Puget Sound has total assets of $137,343,000, and E. P. S. (which owns 99.3% of the common) has sunk some $33,000,000 in the property. Before he can claim anything for his common, Mr. Barnes must get $70,000,000 for Puget Sound's bonds and prior preference stock, and satisfy the holders of $26,400,000 of preferred, who also, with the prior preference, are owed $16,224,000 in arrearages. That means...
Meanwhile ten other Northwest private utilities watched the Raver-Barnes negotiations, wondered how soon their turn would come and what the price would...